Credit Scores in USA

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Learning and monitoring your credit score is one of the first steps in improving your financial standing. You see, almost everything today relies on your credit score and if you don’t have an idea how it works, there’s a big risk you will not easily access services you need. From employers, banks, real estate agents to insurance companies, all these need to evaluate your creditworthiness and they do so by using a credit score report.

At Credit Repair Ease, we appreciate that is easy to get overwhelmed by all the talk about credit scores. Our team works have simplified things by providing insightful resources to help you out. We have made it easier to access your credit report, review the report, monitor your credit report and improve our credit score. We have decades of experience in the industry and over the years, we have become the go-to people for a quick understanding of credit scores in USA.

Credit Scores Ranges

Poor credit scores: 300 to low-600s

It is important to know your credit score. A credit score is a number that helps lenders determine whether you are likely to repay your debts. In the United States, most people have a credit score from 300 to low-600s. Credit scores are used by banks when you apply for a loan or credit card, and by landlords when you rent an apartment.

Fair credit scores: Low-600s to mid-700s

The higher your credit score, the more likely you are to get approved for loans and lines of credit. A good credit score ranges from 700-749. A fair credit score ranges from 650-699. If your score falls below 620, you may not be able to qualify for any type of loan or line of credit at all.

Good credit scores: 700 – 799

A good credit score is a credit score that falls between 700 and 799. A person with this type of credit score is considered to be financially responsible. A good credit score is one that falls within the range of 700-799. A person with this type of credit score is considered to be financially responsible.

Exceptional credit score: (800 to 850)

Consumers with a credit Score of 800 or above are considered Exceptional. Not only are these borrowers most likely to get approved, but they also have access to the most competitive rates and other loan terms.

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Demystifying credit scores in the the USA

To get an idea of what a credit score entails, you need to appreciate the power of information. In the financial industry, information is crucial as it helps financial institutions and service providers such as insurance companies make the right decisions. In this case, the information they require will help determine whether you are creditworthy or not. To offer services such as insurance, the provider has to assess your risk level and determine whether to sell the product and at what price.

Main Credit Bureaus

All this crucial information is in a credit report compiled by the three major credit bureaus (Experian, Equifax and TransUnion). It includes your load repayment history how much open debt you currently have, bills in collections, employment history, open and closed credit card accounts, liens and bankruptcies and other details that affect your creditworthiness.

Assessing Your Creditworthiness

This information is used to rate you and give you a score based on your level of risk as a customer. This is the credit score that lenders and service provider use.

A credit score is an all-important number that determines where you live, what vehicle you drive, how much you pay for insurance, water and electricity among other services. It is for this reason that you need to shore up your credit score levels because the higher your score, the lower the cost of credit repair services. It is also easier to get your dream job or live in your desired neighborhood if you have a good credit score.

What is a Good Credit Score?

A good credit score is in the range of 700 to 749, but to access the best credit cards and lowest interest rates, you need to aim for an “excellent” credit rating in the range of 750 and higher as per FICO and VantageScore ratings. Bad credit is in the range of 600 and lower and you must do everything possible to avoid this.

Improving Your Credit Score

At Credit Repair Ease, we commit to helping you improve your credit score through real-time monitoring of your credit report, regular reviews of the credit report and professional disputing of erroneous items in the report. We also offer tailored financial tips to help you rise on the credit score scale and access cheaper credit and lower interest rates on other services.

Talk to us on (888) 803-7889 today and learn everything you need to know about credit scores and how to improve yours.