Why Should I Want A 700 Credit Score

By Author: Frank Froggatt
Total Articles: 96
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Isn't it funny that who we are is established on numbers?Whenever you go down to apply for a loan or a line of credit you can see the truth exposed in that if you don't possess a high enough number you won't get the money you require.

Let's look at what a credit score is. Creditors use a "credit score" to determine your creditworthiness as established by your past history. Credit scores vary from individual to individual between the ranges of 340 to 850 the higher the better. When applying for a loan if your score isn't high enough, you can put money on the fact that you will be charged a higher interest rate if you even get approved at all.

You might think that this is an unfair system but in truth it is the only possible way that a potential lender can get a feel for who you are and if indeed you are trustworthy.It's either you agree to their terms or you don't get the much needed funds.

In the US, many Americans have a good credit score.The reason for this is that those people live within their means and don't spend what they cannot afford to pay. They also pay all of their bills on time.

If ...
... you don't have a marvelous credit score then probabilities are you will need to find another way to get your bills paid and make ends meet.A good idea will be to talk to your lender about the state of affairs so they can come up with a payment plan so this will never appear on their permanent record. If you have been holding a good credit score up to now that is in all probability the wisest choice of action to start.

If your billfold is stuffed with extra charge cards do yourself a favor and lose all of them except for one, if you absolutely must have any at all. Be certain that you get rid of all the newest cards and only keep the the oldest card for this will reflect better on your credit report.

One mistake some people make particularly when their credit history is less than 3 years old is opening a new account when it is unnecessary.Always be sure that you need the extra credit before you get it, try all other options first.

If your credit score is just a few points from 700, look at the document and see if everything stated there is correct. You could very well find an error on your report that is enough to throw your score over that wonderful number 700. If you do find a mistake you must get a hold of the credit agency and let them know about it. This is called filing a dispute. Send them all of the proof of the error so that they can successfully investigate the error and get it corrected for you.

To get a copy of your credit score, you can get in touch with one of these credit agencies namely Experian, Equifax or Transunion. Though the scoring system they use is different from one another, it states the same thing so you know what it is..This changes yearly so get another in one year and compare the results versus the year before..

If you have a score of 700 or higher you very easily qualify for the lowest interest rates,In most instances without even having any money to put down on the loan. You can use that low interest money in any way you choose be it for schooling, a mortgage, or even home improvements. Achieving this score is not an easy task, it takes dedication and hard work, you can achieve it just be wise and use good judgement.

Before you even go in to apply for a loan you should be aware of what your credit score is.Being aware of your score will save you any undo embarrassment in the event of issues on your credit report.
If you would care for more information on how to better your credit score then visit www.creditfixrepairreport.com.