Learn What Your Current Credit Rating Is!
According to Experian, one of the leading credit rating and credit score reporting agencies, the average credit score in the United States is 693. While a credit rating of 693 is by no means a bad credit score, it’s just short of a threshold which will make lenders look at you with a kinder eye. Click Here To Learn What Your Current Credit Rating Is!
The best rates are reserved for individuals with a credit score of over 700. Such scores are generally viewed by banks and lending institutions as a sign of a solid financial health, with a minimal risk on the loan repayment.
But even with a good credit rating of 700+, there’s no guarantee you’ll get your loan. Fair Isaac and the Consumer Federation of America (FICO) explains that credit scores are becoming more and more competitive to attain, and scrutiny is tighter. Blame it on the economy, but a credit rating of 760 is fast becoming the new 720.
So it’s very important to know where you stand with your credit score. This is fundamental if you are going to apply for a mortgage, where a higher rating will ensure your loan rates are much more favorable.
A good credit rating is extremely important also in securing a loan, be it a personal loan, signature loan, or payday loan. If your credit score is over 720, you are far more likely to be disbursed a loan in the first place.
Most people unfortunately find out their credit score only when they apply for a loan. There can be no worse surprise than finding out your credit rating doesn’t meet the requirements, at a time when that important loan you were counting on is denied.
So where do YOU stand with your credit rating? Are you in for a nasty surprise?
Learn What Your Current Credit Rating Is!
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Posted by Credit Specialist
on Jul 14 2010. Filed under Credit Reports.
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