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You may know your Credit Score Credit, but do you know what it means? Take a look at the credit score scale. This does not only applies to your all-important FICO score, but also to the VantageScore, which is compiled by the three major credit reporting agencies. What is your position and what can you do better?
Bad. This is not a good place to have your credit. You may not qualify for a loan, and any loan that you do qualify for has the highest interest rates. It’s time to start the credit repair process. The good news is that we have experts at fixing credit ready to serve you now.
Poor. If you’re recovering from a bad credit history, that’s certainly an improvement. However, anything under 640 is considered high risk. Interest rates.
Good/Fair. Not an excellent rating but still in good shape. Of course, everything is relative. If you rank Good to Fair on your way up, keep up the good work I do. But if you fall below Excellent, stop the free fall before it gets any worse.
Excellent. If your credit score falls within this range, congratulations. You should qualify for the best interest rates on credit cards and other loans. You can also take pride in good credit practices that you clearly understand and practice.
Unlike your credit reports, you are not entitled to a free credit score every year. So here’s how to get it.
You can pay for your FICO score through myFICO.com. Alternatively, your credit card company may provide your FICO score to you on your statement every month. (Not sure if they do? Ask.)
As for your VantageScore, you can check that via free credit monitoring sites like Credit Karma and Quizzle.
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