Credit Report Score Chart

September 1, 2009Credit Reportby EconomyWatch

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A credit report score chart can help you track changes in your credit report. This is important because a good credit report score chart helps in securing credit facility from:

  • Home equity lenders
  • Credit card companies
  • Auto loan lenders
  • Finance companies

 

Check your Credit Report Score Chart

 

A credit report score chart can help you track changes in your credit report. This is important because a good credit report score chart helps in securing credit facility from:

  • Home equity lenders
  • Credit card companies
  • Auto loan lenders
  • Finance companies

 

Check your Credit Report Score Chart

 

Consumers should always check their credit report before applying for any form of credit assistance. This exercise will ensure that there are no factual or clerical mistakes. One should check the FICO score to determine the interest rate or any other deal that they should anticipate from the credit facilities.

 

Credit Report Score Chart: What Does It Say?

 

Different FICO scores reflect different news for consumers. The higher the score, the better the interest rate a person can expect. Below is the list of different scores and what they mean for consumers:

 

·        High 700: Scores that fall in this range are considered very attractive by lenders and attract the best deals. In fact, once your score reaches the high 700s, lenders do not look at any other factor.

·        Mid 700: People with scores that fall in this category are considered as top tier customers by lenders. 

·        Low 700 and lower: The threshold is a score of 620. As long as your score is above this, lenders will offer you fairly good deals (although with some precaution). However, the number of options available to you decreases.

 

Typically anything above 750 is considered excellent and below 620 is considered risky. In fact, once you have reached a score of 750, you needn’t try to improve on it, since lenders put you in the same category as people with a score of more than 800.

 

Different Credit Report Score Charts

 

With many credit agencies functioning in different countries, lenders have a choice of referring to any one of them. Upon receipt of the credit report, lenders implement their parameters for calculating the creditworthiness of a consumer.

 

Therefore, one should inquire about the credit agency that will be referred and take proactive steps to ensure that the credit report score charts read the right information. Otherwise, you may suffer a failed credit check even with good credit due to another’s mistake.

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