Wait! What is a Good Credit Score Number Anyway?
So you’re applying for a loan, right? Maybe your first house, maybe a re-finance, just MAYBE things are going SO well at work you are ready to buy that vacation property you’ve been eyeing for a few years. Congratulations! It is most definitely a very exciting time. Hopefully you have a FIRM grasp on your FICO score and secured ALL of your best options before you applied. You did do this, right? What is a good credit score number you ask? Well….you are supposed to know this going in, NOT coming out..:-) If you are ready to make a big purchase and don’t have these crucial three digits at the very top of your conversational QUE, read on as I shed some light on a VERY serious financial issue!
Your Digits Define The Direction
The simple truth is this: Your credit score defines to a lender your ability and willingness to repay a loan. The totality of your fiscal responsibility can NOW be broken down to three simple numbers. And the lower those numbers are, the MORE you are going to pay. Even worse…if those numbers are TOO low, you won’t be paying anything, because you simply won’t get the funds you need. Period!
The Rule of Thumb Right Here
In 2008, with credit being CRUNCHED at levels unseen for many years, you need a solid score to get a good loan. A good score is defined by anything over 700. 720 and above is considered excellent credit, and if you have such a score and are still reading this article, relax, go make yourself a drink and watch some TV. But if you are south of this territory, it’s time to do something about it.
Bad Credit Hurts in More Ways Than One
If you have any ambitions of applying for a loan in the next six months, and are unsure what your score is, you need the 411 to make an informed choice. Fixing bad credit is REALLY easy. Living with the costs of an inflated, overpriced, punitively priced loan because you didn’t do your diligence before applying, is NOT.
Trust me, I’ve been on both sides of the fence, and the one with a better view is A LOT higher up..:-) And getting there is not as hard as you think!
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