If there’s a financial lesson that has been hammered to us early on, it would be this: Credit score is important. It can help you land that dream job, get a mortgage, and even drive home the car that you want…but how? The key, really, depends on your credit score range.
Understanding the different credit score ranges are and how they are affected by your financial decisions are crucial in order to achieve a high credit score. Questions such as “Will my payday loans online setback my score? or “Will applying for another credit card help?” will also be hopefully addressed once you achieve a higher understanding of these numbers.
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Speaking of which, your credit score is a three-number figure, usually between 300 to 850, that is used to determine one’s financial responsibility and capacity to pay. Depending on its range, it will give financial institutions an idea on how diligent you are in making payments and assess the risks they are facing should they decide to grant you a personal loan to start a business, for instance, or to purchase a new car.
There are various scoring models and formulas used to determine one’s credit score but they do consider the same factors:
There are five credit score ranges.
But don’t worry, not all hope is lost. Here are some ways to improve your credit score starting today:
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