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Knowing more about how your credit score is put together can help you to either prevent credit damage or help you know how to fix what you are doing wrong. Credit scores range between three hundred and fifty and eight hundred and fifty, but there are smaller classifications in between those numbers. The higher numbers from seven hundred to eight hundred are considered excellent credit, four hundred fifty to six hundred and fifty are considered average to lower credit, and four hundred and fifty and below are considered poor to bad credit.

Understanding were you score on the credit score range is the first step to raising your credit.

Can you get loan with 589 credit score, Technically you could, but you are going to have a very hard time finding any institution to finance the loan as a 589 is considered "Poor." Does home loan modification effect your credit score, No. Neither requesting, nor receiving, a home loan modification of your mortgage will have any impact whatsoever on your FICO, or credit score. A good credit average can get you out of that 1974 Ford Pinto and into something manufactured in the last decade or so. Understanding were you score on the credit score range is the first step to raising your credit. Be advised that anything above 713 on the 800 point scale is considered good credit, anything below 600 could make getting a loan for a new condo iffy, at best.

Consumers who have had a clean and clear credit history have the privilege of falling into this range and being considered an excellent credit risk. Don't become complacent, however. While you can qualify for lucrative terms, that doesn't mean that they will be handed to you. People with excellent credit must know what to ask for in order to obtain loan terms that are beneficial. If your score is around 620-699, this means you can qualify for a loan application but the interest rate will not be that good. If your score is 619 and below this means you have a poor credit score and you will definitely have a hard time applying for a mortgage or credit cards. There might be banks that would lend you funds but it's only a limited amount and very high interest rate. A good credit score is essential if you need to apply for big loans.

• Length of credit history
• 760-850 = repayment of $1,609 - 4.994% APR
• 500 to 580 scores poor
• Insurance premiums
• 680 to 699 scores good
• 620 - 679 - Average

The advantage of taking care of your credit will become instantly clear: the better your credit score, the lower your loan rate. Credit unions work for their members and will also counsel you on how to improve your credit. How can you get a loan with 470 credit score, Not sure why you are even asking. Even if you already have good credit standing with your lenders, it still pays to learn more ways on how to improve credit score even further. A good credit score can help ensure that you get the most favorable interest rates. If you want to succeed financially in today's society it is almost imperative that you know how use credit wisely. Learning how to get and keep good credit is an important skill that can be learned.