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Credit Score Meaning
You know your credit score is important, but what does credit score mean? What does this figure mean for businesses?
The answer is actually a little more complicated than it should be, as there are no standard guidelines, but based on what people have said in the past, we can make approximations on what you can expect.
Your score will be important when applying for all sorts of things including renting accommodation, renting a car, any type of insurance, some employers will look at your score when you apply for a job, and most importantly, your credit will be examined. when you apply for a loan. When you apply for one of these things companies take your information and evaluate it each company has defined what the credit score means to them but based on patterns we can see how companies will generally react to your informations. The score you get is based on the information in your credit report, which you can get for free online. The lower your score, the worse your interest rates on insurance or loans will be, and if you fall too low on the scale, you’ll have a hard time getting approved.
The entire scale runs from 350 to 850, with numbers at either end being very rare.
Anything below 600 will make it hard for you to apply for anything. Your interest rates will be terrible and you will often be turned down.
With 600-649, most financial companies will work with you, but your rates will still be very high.
The 650 to 679 range will get you approval from virtually any company. Your interest rates won’t be too bad, but they could be better.
When you get to 680-720 you should be very happy! You should always be approved, your interest rates should be good, although you won’t always be offered the absolute highest rate.
When you get over 730, you’ve hit the great rates. Everyone will be happy to work with you, the best rates will be offered to you and no financial door will be closed to you.
When it comes to your finances, knowledge really is power. The fact that you even research this information helps you get a head start in the game, knowing what to expect from companies and what credit score means will really help you plan your next moves.
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