The Credit Score Scale Exposed - Is Your Fico Score Fat?
In this article we are going to shine a BRIGHT light on the murky, mystery that is the credit score scale system. With so much of our financial future predicated on these simple three digits, it amazes me how many people know so little about where on the totem pole they fall. You could argue, and make a VERY good case, that your FICO score may be the most important number in your life, and if you are in the process of making ANY large financial decision that requires credit, this is even more acutely obvious. So pull up a seat as we explore the score and see if we can’t figure out WHY you keep getting “NO” for an answer! Read on..:-)
Home on the Range
The accepted range of possible scores runs from roughly 300 and up to the mid 800’s, commonly thought to be 850. (Although like the Ghosts my wife insists is in our basement…I’ve never seen one..:-) Realistically speaking anything below 500 is very rare, usually temporary and very bad. On the flip side, 800+ is rarified air shared only by a long history, and VERY responsible financial management.
Speaking of Statistics
Excellent credit can be found on the north side of 720. This is A paper territory and you can pretty much get the best rates across the board. High sixes and above is still considered good, so no shame if you find yourself here. Most Americans run from the slim range between 620 and 670 (and of course this is by design to some degree) and while you won’t get straight A’s per se for a credit grade, you are still attractive to most lenders. (although the closer to 6 you get…the higher rate you are going to be charged on premium loans)
Warning! Your FICO is Failing!
If you are under 600, you are obviously feeling a little bit of pressure. (and probably don’t need ME to rub it in!) As we take a little look at the mid 5’s and below, you are going to have a VERY tough time getting anyone outside of your immediate family to lend you money. And if they know what’s good for them…..only kidding..:-) Truthfully, having a score this low is NO laughing matter and you pretty much can’t get much of anything from anyone, including apartments, a new car or much else of value.
If you find yourself in this rarified air on the low side, it is high time to do something about it! (but you probably didn’t need ME to tell you that again either, I’m guessing.
And remember…..bad credit is a CHOICE! You do NOT need to suffer from the deleterious effects of a humiliating credit rating one single, solitary day longer than YOU choose. Knowledge is power. And with our present day understanding of consumer credit laws, the FCRA and all of it’s subsequent amendments and revisions, the United States Congress has given ALL of us the power to fix our credit… and FAST!
The key for you is simply taking that very first step. I did - and it was the VERY best decision I’ve ever made for MY family!
Click Here–> For EVERYTHING you need to know about bad credit repair in ONE place!
You won’t find credit information THIS good, ANYWHERE else online, at any price…guaranteed!
