Are Credit Reporting Agencies Really Your Friend,

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.

When you look at this, fix anything that you can and that should help get your score to the best it can be for when you need it most. Hopefully all this information has given you an idea of where you stand financially. It can be hard sorting all this out, but knowing the credit score ranges can help you take control.

• Types of credit accounts


• 500 to 580 scores poor


• 620 to 679 scores average


• 680 to 699 scores good


• 720 and above - Excellent


• 580 to 619 scores low

Hence the best way to make sure you don't face any hassles like this is to have a decently good credit score that can do the needful just about any time you want it to. Credit score range, they do to a greater extent and you need to make sure that your score is part of that range that works fine at all times and with all the lenders. Now, the score which around 300 could be worst, whereas something that ranges between 850, it something that could do the needful for you.

Now, it is impossible to say whether that will tip the scale one way or the other.

If you are in need of a loan with a score this low, you will only be able to get a specialized type of secured loan tailored to people with bad credit. If your credit score ranges between 499 and 300, you really should consider credit counseling or a debt management program. But, take heart - with a little diligence, you can raise your credit rating and improve your credit report. Now, it is impossible to say whether that will tip the scale one way or the other. It just depends on how much many debtors you have, and how much you owe them, and of course, how much income you have. It shouldn't affect your credit scores significantly enough to not enable you to purchase a home but it will affect your borrowing capacity.

Many lenders most likely will not finance a housing loan with people having a very poor score. There are a couple of home mortgage companies that a lot of people go to and these are Freddie Mac and Fannie Mae. They usually require a credit score of 620 or higher for applicants of a home loan, but their preferred score is 640 or above. Average scores can go up seventy points just by keeping those balances low. Yes, all of those pre-qualified cards you get in the mail are tempting, but the more accounts you open, the lower you credit score becomes. Bebe. Manage your credit cards responsibly. A responsible cardholder has more options at their disposal than someone who has never had a credit card a day in their lives. How will they prove that they're capable of making payments. Ask for a payment plan.

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. 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(TM)/American Credit(TM) 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.