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Learn the value of knowing your credit score

Learn your credit score and take charge of your future.

Knowing your credit score is invaluable. When taking out a loan, knowing your credit score is key to understanding what interest rates you should expect, as well as the knowledge of whether or not you should negotiate the terms.

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Why it's important to know your credit score:

Before you get a new credit card, attempt any real estate deals, or take out any type of loan, you need to know specific things about your credit. Apply today and CreditNowUSA will provide you with your Equifax Credit Score™ and Credit Monitoring from TransUnion, Equifax, and Experian.*

The main thing to look for in your reports is adverse information. Adverse information includes late payments, collections, judgments, charge offs, repossessions, bankruptcies, etc. If you have any of these in your reports, pay them off as soon as possible to increase your score. The better your credit score becomes, the lower your interest rates will drop.

Important factors involved in calculating credit score:

  • How long has an individual had a line of credit open
  • The size of any previous lines of credit
  • How much of their credit is being used
  • How many delinquent accounts exist
  • What type of credit the person has

It is very important to know your credit score. A score of 620 or higher allows you to negotiate better terms and rates for your loans. If your credit is in the lower numbers you can still receive loans, but with higher interest rates until your credit improves.

Information about credit score ranges:

775 or over is Excellent (A+): This score indicates no significant late payments (60 days or more) on any type of credit payments in the prior three years. Individuals with this high of a score will receive great rates on all loans.

725–774 is Very Good (B+): These scores indicate no significant late payments on a mortgage loan and only isolated minor late payments on their credit in the previous two years. These individuals can receive “market” rates on all loan types, including government loans. Any bankruptcies must be cleared and discharged for four years to qualify as having “good” credit.

615–684 is Fair (C+): This score indicates some significant late payments on a mortgage loan in the previous two years and widespread late payments on their credit in the previous three years. Individuals with these scores will receive slightly higher rates on all loan types.

515–614 is Bad (D-): This score indicates many significant late payments on a mortgage loan in the previous two years and widespread, major late payments (60–90 days) on their credit in the previous three years. Individuals with D credit typically receive much higher loan rates and higher required equity or down payment on all loan types.

280–514 is Bad (F): In most cases, a score of 520 is the cutoff for approval from loan buyers whose loans are equity driven. Bankruptcies must be discharged at the time of a loan application to qualify as having “Poor” credit. Current charge offs, bad debts, and judgments need not be paid off to get a mortgage. The penalty is a reduced pool of lenders, high rates, and stiff pre-payment penalties if you refinance within three years.

How Your Credit Score Can Impact Your Life

If you've been watching the financial markets these days, then you know that credit, and your credit score are becoming more and more important in day-to-day life. Although there are some that advocate only paying with cash, there are times when this is not possible such as when you want to buy a house, car or make other large purchases. And in this case, having a solid credit score will make these purchases that much easier.

One thing to consider of course is that there are a few things that are looked at when you're score is calculated. One thing the major credit card reporting agencies such as Experian, Trans Union and Equifax take into consideration is of course how much use you make of your credit, what type of credit is (such as credit cards, or lines of credit), whether or not you have any delinquent credit accounts and of course the length of time you've had your particular credit line open. These are all factors that many people may not think about, but I'm greatly important and something to bear in mind if you want a good credit score.

At this point, you may wonder exactly what constitutes a good credit score. Generally speaking, an excellent credit score is anything over 775 points. This means that you will be able to negotiate your interest rates as well as your payment terms very easily and you will have a larger pool of lenders that you can pick from. It also shows that you have no late.

At the other end of the spectrum, a bad credit score is anything ranging from 514 points up to 614. What this means is that you will find it very difficult to get any type of loan, including bank loans, mortgages or even credit cards. Of course, you will look at adding that fewer options with regard to who you can get a loan from and you will also have high interest rates and very restrictive repayment terms. This credit score is typically given if you have many or no payments on a particular debt at all.

Finally, the middle ground is generally between 615 to 684 points. A score like this shows that there are some late payments on various loans or credit over the previous 2 to 3 years. You will see higher interest rates as a result.

In short, it pays to not only know your credit score, but to also learn why your score is the way it is. Fill out our short form to find out your score today.

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