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The Importance Of The Credit Score Scale

The credit score scale is the scale that your credit falls under depending on your past credit history. Your credit score can be bad, average, or good depending, again, on your credit history. That is the reason why different people have different credit scores and get different interest rates. This all has to do with credit scoring.

Your individual credit score is generated by a mathematical formula based on your credit history information, such as credit card payments, loan payments and such. This information is compared with millions of other people and then a number comes up to show the likelihood of how you will pay your bills.

The rating you have does change though as you could go from good to average with some late bill payments. You can fall more quickly that you can raise your credit score if you stop paying your bills on time, or worse stop paying them at all.

Credit scores are very important as it is hard to get a loan, buy a car, or get a credit card without decent credit. Obtaining any of these things revolves around your credit score and haw bad or good it is. The higher your credit score number is the more attractive you look to lenders. If you have a high credit score than you will pay less interest rates than those with a lower score than you.

In a credit score scale the numbers run anywhere from 300 to 900. The majority of people will fall between the numbers of 600-800. If you have a good credit score of 720 or higher that you will get the best interest rates as it is shown through your credit history that you are less of a risk.

Even with an average score of 650 you can still qualify for loans but the interest rates will not be as favorable. If you have lower than a 600 than you need some credit repair to try to receive a better score. This can not be done quickly but over time your credit score will improve if you stay on top of paying your bills.

Dean Iggo is the webmaster of a credit report website where you can find the best credit repair services and learn "do it yourself" credit repairThis article is free for republishing
Source: http://www.articlealley.com/article_127500_19.html


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