What’s Your Credit Score, And What Does It Mean?

You’ve seen the commercial on television, no doubt A potential
buyer has just discovered that his credit score is 619 Now the
number literally haunts him as he sees it on a man’s jersey, on
the side of a bus, just about everywhere!
For those who are “credit savvy,” you know exactly the
significance of these three digits For the rest of us, we just
politely nod and pretend to feel badly for this fictional
character
Do you know your credit score? Now, if you answered yes, here’s
an even more important question: Do you know what your number
means? For those of you who don’t (and those who don’t want to
admit out loud that you don’t) here’s a quick summary of credit
scores and what this means in practical terms
850 to 700
The best your credit score could be is 850 – it doesn’t get any
better than this If your credit is this good, you have no
worries when it comes to obtaining a loan – and you’ll get it an
interest rate that will keep you smiling for the length of the
loan In fact, scores of 720 or more may, indeed, qualify you
for certain discounts or special offers Congratulations, your
mailbox is no doubt filled to over brimming with lenders just
begging you to borrow money from them
699 to 680
While you’re not at the top of the credit heap, you’re still in
the upper crust of borrowers You can pat yourself on your back
for this achievement You won’t be offered any outstanding
deals, but no loan officer is going to laugh in your face
either If you apply, they will approve And your mailbox, too,
is probably nicely filled on a daily basis with loan offers
679 to 620
Ah, we’re entering the Twilight Zone of credit ratings here
You’re still in good shape, but a slip up or two – like a layoff
and a couple of late payments – could spell trouble for your
record You’ll get your loan (your interest rate might not be as
low as you would like) but, you’re going to accept it, thank the
nice person and hope no layoff or dismissal from your job is
imminent
619 to 580
There it is the dreaded 619 of television commercial fame But
surprisingly, you’ll still be able to get the loan – not at a
great interest rate, that’s for sure But, chances are you won’t
refuse it either A loan – with any interest rate – means a
chance for you to improve your score
579 to 500
Ouch! There’s no other way to say it: You’ve got bad credit
Apply for a loan and you may obtain one – but you’ll be crying
every time you make a payment, because the interest will be,
well outrageous With a credit score this low, you should
try to repair your credit before you apply Credit this low is
not a death sentence and with a little work, it can be repaired
Where to turn for credit help
Bad credit is not terminal, nor is it permanent There is plenty
that can be done to make it better and give you a fighting
chance at getting a decent loan Just keep in mind that your
credit score is not a reflection of your intrinsic self-worth,
it’s only a reflection of your most recent financial
circumstances
But, in your search to repair bad credit, don’t fall for any con
artist or scam program that comes along Never is the phrase
“knowledge is power” more applicable than here And you can
start increasing your knowledge by clicking to the free site,
wwwcleaning-up-bad-creditcom Stop, visit and absorb the
abundance of information this site contains It provides you
with tips – many of them directly form mortgage brokers and
other lenders – on how you can quickly improve your credit
score And we’re not talking small change here If you use a few
of these tips, you can raise your score as much as 60 points in
60 days From explaining the most simple of credit terms for
those “newbies” who find themselves overwhelmed with all the
information, to talking about the finer nuances of the credit
world for those who are already educated,
wwwcleaning-up-bad-creditcom is one of the best tools you can
use
Moreover, wwwcleaning-up-bad-creditcom offers daily, free news
articles to keep you current on the latest events in the lending
arena No need to scan three or four different sites to keep up
with the news, because this site offers condensed, concise and,
best of all, useful information Visit it today, and bookmark
it You are sure to want to come back to it again and again

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