What is credit score?
Scoring is a key factor in determine if you can get credit, and at what cost. Lenders are

relying on credit scoring system from all 3 credit report agency trasunion, Equifax and

Experian to determine your credit worthiness. Remember that not all 3 credit report agency

will have the same credit score. What these scores measure is how likely you are to repay

your obligations and debts- (according to previous payment with your creditors). Credit

score determine if you will  get loans and credit, at what interest rates and what cost as

you know if you have higher credit score then you are likely receive any best interest

rates score of 750 fico score is count as excellent credit score. You credit report affects

more than your financial life. It could affect your education, career and even your

relationships. You credit report is used not only by lenders and creditors, but auto life

and home insurers, future employers and even some educational institutions. Most financial

institution when you apply for a credit card, open a checking or saving account or your

asking for a loan then they check your credit score and see if you qualify for good rate

and what interest rates they will charge you.  Credit score affect on many different items

such us
• From life insurance to homeowners and car insurance you need to remember than car

insurance have different fico score and well homeowners insurance have different fico score

but if you fico score is good then your should not have any problem with your  score
• It may tell a school if you are a good risk for some student assistance programs

such as financial aid, school cannot discriminate you against that you have bad credit

score and you are not qualify for a loans.
• Most employers check your credit worthiness to determine if you have get the job or

not but they cannot take avertable action against you because your credit score is low
How credit score is calculated and why some people have fico score of 700 where other

people have fico score of 400? It is depend on many different factors and payment history

and relationship with creditors. How score are calculated? Computer programs process a

consumer’s credit report and analyze those factors that have been found to predict

creditworthiness. The resulting score assesses the likelihood that a borrower will repay a

loan or credit card on time. The higher the score the greater the likelihood that you will

be approved for credit, possibility with better rate than if you had a low credit score.

What is a low credit score? Lot credit score is consider when you have score less than 650

because then creditor is not trusting you that you are willing to repay what you own to

them. If you default on payment on time then you are less trustworthy in their eyes.
How to interpret my score?
Credit scores generally range from the mid 300s to the mid 800 fico score depend on your

credit history and relationship with creditor, how many credit card you have and what is

your credit history. You should remember than different lenders use different guidelines

for what is acceptable score but on average credit score of over 700 is considered as good

credit score!
760 and up is consider as excellent credit score and you will receive the best interest

rates on every items you are apply for
700-759 is considered as good and you should receive most of best interest rates
650-700 is considered as fair credit score you should repair your credit score to receive a

good interest rates most banks accept those rating but not willing to give a loans only

secured credit card
If you have credit score of less than 650 you should start working on your credit score as

soon as possible and repair your credit score by applying for credit card. You will not be

eligible for better rates. You are deemed a higher risk. When you have less than 650 credit

score then creditors will need to regard other information in your application and you may

be limited by the types of credit available and you will need to have a lot of securities