Credit Score Range

Credit Scores Range from 330 to 830, with 698 being the average credit score in the United States. One unfortunate consequence of the financial crisis that began in 2008 has been an increase in the minimum credit score required for consumers to access the best loan products. What used to qualify as a good credit score may no longer guarantee you the best rates. What does this mean to you? It can mean hundreds of thousands of dollar in payments over the life of a loan.

Your credit score is a means by which lenders predict the likelihood that you will pay your bills on time. The principal factors in determining where you are on the credit score chart are your bill-paying history, the number of inquiries on your credit report, your credit utilization ratio and the types of credit on your credit report.

While prior to the financial meltdown, a 680 credit score would have been considered to be an excellent credit score ensuring that you would get the best interest rates, today that same credit product might require credit rating scores of 720 or better.

So, now more than ever, it is important that you maintain a good financial history and do all that you can to make informed credit decisions.

Knowing your credit score rating before you apply for a loan will tell you what credit products are available to you before you talk to your lender or submit an online application. Knowledge is king, and being informed about where you are on the Credit Score Scale before you apply for credit will greatly improve your negotiating position with the lender.

Your Credit Scores are issued by the three national credit score reporting companies – Equifax, Experian and TransUnion. When you apply for a credit card, mortgage or loan, the lender will check your credit report and score with one of these three credit bureaus. Unfortunately, you don’t know which of the three credit rating companies will be used by a particular lender to check your credit report.

Here’s the problem. One of your reports may contain an inaccuracy that is not reflected in the reports issued by the other two credit rating agencies. For example, your TransUnion and Experian credit reports may accurately reflect credit scores of 725 and 720 — each a good credit score and within a sufficiently high range to qualify for most credit products and the better borrowing rates. However, your Equifax report may inaccurately show an outstanding credit card balance, late payments or an unpaid mortgage, lowering your Equifax credit score to 680. If the prospective lender happens to evaluate your credit using your Equifax report, you may get rejected for the loan or end up paying a higher interest rate.

Therefore, it is important that you verify your credit information and check for inaccuracies on all three credit score reports. We recommend that when you order an online credit score, you make sure that you are getting a triple credit score or 3-in-1 credit score, so that you can check your credit score and verify the accuracy of your information with all three credit scoring agencies. Each of these products provides your credit rating information as reported by all three credit score companies, so that you have the most complete information and can fix credit report errors before you are denied a loan or are required to pay more for credit.

Many consumers are pleased with the 3-in-1 Credit Score issued by FreeScore360, which provides all 3 Credit Scores issued by Experian, Equifax and TransUnion. Here is a link to their site:

View Your Credit Scores From TransUnion, Equifax And Experian In Seconds!

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