The interest rate you pay it is linked to your credit score (credit score) and a good credit score means lower rates
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No one knows exactly what the range of credit scores. But it is said that is between 300 and 850 (at least for FICO) . Few people have less than 500 and it is very rare to find one more 800 .
There are 3 credit reports and scores and you have tools to improve it. Read here which is the credit score and do to be high.
800 Points to 850+
A more than excellent credit. Accompanied with years of history is ideal, and will always get the lowest possible interest on any debt. It can mean hundreds of dollars in savings per month on shopping.
Score 720-799
An excellent credit. And usually they will give you interest rates that give people more scores of 800 .
Score 680-719
A good credit score. Although it is not perfect will qualify for most loans. Your interest will be slightly higher than that of people but still excellent credit will qualify for almost everything.
Score 580-619
A credit o.k. or regular . You will have trouble applying some credits. Your interest rates will be higher for people with good credit, and everything becomes more expensive for you . If you have this score is considered ” Sub-Prime”
Points 500-579
A bad credit . Probably you have collections , foreclosure , he topped the home or was in bankruptcy. Most lenders deny credit to these scores or addition to charging the highest interest you can request payments or security deposits to provide services.
Scores below 500
This is the worst of the worst. If you are in this range need professional help if you want a comfortable financial life in the future
Credit Score
If you want to know your credit score you should contact one of the companies that generate the number . You will have to pay between $ 15 and $ 45 if you want one or all 3 scores. If you want to save money , ask the most popular is to Equifax.
For more information about your Credit Score and other products, you can contact each of the companies that offer these services:
– Equifax 1-800-685-1111 – www.equifax.com
– 1-888 – EXPERIAN Experian ( 888-397-3742) – www.experian.com
– TransUnion 1-800-916-8800 – www.transunion.com