WHAT IS A GOOD CREDIT SCORE. Credit

WHAT IS A GOOD CREDIT SCORE. Credit
WHAT IS A GOOD CREDIT SCOREWhat is a good Credit score?    Good credit score depends more importantly on where you shop, bank and who you ask. This is because there is no sure score that can strongly endure the current changing economic situations. A good credit score will enable a customer to save money through reduced interest rates and makes it easy to get credit when needed. Determining how good your credit score is will not take much it will just need you to visit the many credit bureaus which offer FICO credit scores to find your score. However it is not that easy with the credit score since there are many credit scoring systems since each lender use different methods and criteria.Good credit score comes with a variety of advantages and benefits. Let us say for instance access to a loan or a credit card anytime anyplace. Good interest rates most definitely lower ones that are pocket friendly and easy to pay. Moreover individual’s credit worthiness is never in doubt as one gets considered to have high contractual capacity.CREDIT SCORE RANGES  Credit score ranges from 300 to 850 with 300 being the lowest or absolute value and 850 the greatest or possibly unattainable value. Attaining that largest score is impossible as many factors limit the progress towards that level. We shall look at the score ranges and their implications to your credit worthiness and benefits received.BELOW 559 BAD CREDIT SCORE This implies that the chances for qualification for a loan or a cards are very narrow and limited. This is merely by the fact your credit score is below the 559 level. This group is usually characterized by people such as those who default their payments or associated with fraud issues.560-619 POOR CREDIT SCORE This group is not bad as your chance of getting a loan or credit card is almost average. This indicates a hard time when trying to acquire one. The prevalent people in this category are those, whose payment pattern is not consistent, their information is not well reflected or suspected to have committed financial crimes restricting them from getting a loan or credit card.620-679 AVARAGE CREDIT SCORE Individuals at this category have unlimited chances for qualifying for a loan but they will get a loan with a poor interest rate basically a high rate. Most people in this category are those who time to time delay in make their payments but their records are up to the required standards.690-739 GOOD CREDIT SCORE Most people are in this category actually merely all. There is no difficulty in getting a loan at this level or credit card and at a good interest rate. Most people in this category have a few challenges here and there but generally their records and information is well captured and they get considered as credible customers.740-850 EXCELLENT CREDIT SCORE Any person who may fall in this category by mere good chance qualifies for any loan or credit card at the best interest rate. Many people fall in this category and their credit worthiness is never doubted at all. This level is enjoyable but attaining the largest possible score of 850 is a major challenge that cannot be attained due to many influencing factors including economic forces.Achieving a good credit score is solely dependent on the efforts a person puts in place to meet the necessary requirements which if not met affect the credit score drastically. Factors to make sure are in good proportion and to the required level include a good payment history, the amount owed if it is much your credit score gets affected, credit history a longer history is accepted, application and approval rates and finally credit mix as to whether a person uses a variety of loans and credit cards this stimulates a good credit score.What is a good credit score is however not sufficient enough to guarantee one loan and credit benefits. Since having a good score will necessarily not dictate the next interest rate on your next loan, surprises arise when the next rate of interest is seemingly higher than the previous one. Such happens are due to the use of different scoring systems or even changes taking place since the last time one acquired a loan. For instance a person may have a good credit score but has a very low-income more so the self-employed people or such a lender has strict lending guidelines. This may make lenders change minds and ask high rates, lend low amounts or eventually deny lending at all. AS seen a good credit score has many benefits realized or not realized. All this depends on a number of factors as listed above. The sure way to make sure one has a good score is abiding to the rules and regulation on credit services and loans.