Already on ArticleSlash?

Forgot your password? Sign Up

Discover Your Equifax Range Of Possible Scores For Credit - Credit Score Inquires Don't Hurt You


Visitors: 521

Consumers with scores below about 620 will pay significantly higher rates and fees to obtain a loan. At a time when financial literacy is a major public policy issue, the educational factor alone warrants a price most favorable to consumers. Consumers will also be entitled to receive from a CRA one free credit report in a 12-month period. The CRA will be required to provide the report within 15 days of the consumer's requesting it. Consumers’ ability to obtain scores easily and at a fair price will further all three of these objectives.

Consumers should not be concerned about inquiries they make, such as ordering a credit report. Self inquiries don't affect the credit score. Consumer reporting agencies and other companies sometimes use an estimated score to illustrate a consumer's general level of credit risk. Consumers should pay their bills on time every month. Remember that 35% of the credit score is comprised of payment history. The Equifax range of possible scores for credit is somewhat flexible.

Consumers with scores in the 800 range get reason codes just as consumers with scores in the 500 range. The reason codes may be used in describing to the consumer the reason for adverse action.

Lenders will use your credit score to determine if you are likely to pay your bills and also help them place you with the appropriate repayment plan. For example, if you have claimed bankruptcy in the past, they might place you at a significantly higher interest rate. Lenders studied the relationship between credit scores and mortgage delinquencies. There was a definite relationship. Lenders use FICO scores to predict what kind of borrower you'll be. Scores range from 300 to 850; the higher, the better.

Lender or credit card companies set multiple cutoff points. For example, if you are above 800, you might be offered the Platinum card. Lenders realize that many people occasionally pay late. Therefore, being late with a single payment is typically not as harmful as being late with two or more consecutive payments. This will be reflected in the Equifax range of possible scores for credit that you need to obtain your loan. Lenders may consider employment, income, expenses, assets and other factors when making credit decisions. Also, different lenders may weigh some of these factors more heavily than other lenders.

Lenders review credit scores along with the additional applicant information to decide whether they want to extend credit to borrowers who represent a particular level of risk. Typically, credit points range from 330 to 830.

Without a sufficient credit score, you either can't get loans or you are paying higher interest rates for the loan you have. We have found that NFC™/American Credit™ is the best choice for improving your credit report and obtaining a loan at the lowest possible rate. At what point can you expect to pay a higher interest rate? Check with your Equifax range of possible scores for credit to obtain your loan.

It does not mean that you cannot get a loan. Experts say that a person with a low credit score , say, below 600, will likely receive mortgage interests rates that are nearly 3% higher than someone with a score above 700.

Learn to repair your credit by obtaining a free credit report from , a popular credit report and repair website that specializes in providing help with credit disputes and free instant credit reports


Article Source:

Rate this Article: 
Raise My Credit Score - Tips to Raise Credit Scores
Rated 4 / 5
based on 5 votes

Related Articles:

Obtaining Your Credit Score From Equifax

by: David M Siegel (June 20, 2008) 
(Finance/Credit Tips)

Credit Scores – Understanding and Improving Your Credit Score

by: Nancy Woodward (January 03, 2007) 

Bad Credit Scores Credit Repair Fico Score

by: Tech Guy (June 17, 2010) 

Why is Good Credit Important? Discover the Whole Truth About Your Credit Score ..

by: Danny Fredricks (September 06, 2008) 
(Finance/Credit Tips)

Credit Score Facts You Must Know Discover a Dozen Critical Facts That Impact ..

by: Philip X. Tirone (August 02, 2008) 

Credit Score Ignorance Can Hurt You

by: Shirley Muhammad (February 21, 2008) 

3 Harmless Activities That Can Hurt Your Credit Score

by: Stephen Chua (October 08, 2008) 

Credit Score Range

by: Jim Banks (April 12, 2007) 

Does Shopping Around For Credit Hurt a Good FICO Score?

by: Kyle Gentile (August 13, 2008) 
(Finance/Credit Tips)

Raise My Credit Score - Tips to Raise Credit Scores

by: Tech Guy (July 14, 2010)