Your Triple Free Credit Score
What is the credit score range and what does it mean?
It’s important to note that your credit score may be up to 50 points different from company to company. Typical scores are between
600 and 750, with the overall range usually falling between 350 and 850. You want the highest score you can get to secure the most
favorable credit or loan.
Why is my credit score so important?
If you have a score considered excellent, you can expect a favorable “prime” interest rate. If your score is between good, you
are considered more of a credit risk, but still qualify for a good loan. You will most likely have to provide further documentation
to secure the loan however. Finally, if your score is considered poor, you may qualify for a smaller loan than you anticipated, with a
less than desirable “subprime” interest rate. The difference of just a few percentage points in your rate translates into several
thousand dollars over the length of the loan. This money goes into lenders pockets instead of your own—negatively affecting your
purchasing power.
What can my credit score affect?
When lenders decide whether or not to give you a loan or extend credit, they look at your credit score. Your credit score is a
number evaluation that lenders use to gauge credit worthiness. Your credit score can affect (but is not limited to) your credit limit,
loan amount, interest rate and loan terms. The following are some things your credit score can affect:
- Credit limit
- Loan amount
- Interest rate
- Loan terms
Your credit score is very closely related to your credit report. In fact, your credit score is a quick, scanable evaluation of your
credit report that helps lenders determine whether they will work with you or not.
Origins of Your Credit Score
There are three companies that collect credit information on you. These include Equifax, Experian, and TransUnion. Everything from
account payment history to job information gets recorded. But they all don’t use the same method for assessing your credit report
and assigning you a credit score.
Because of this, there is a gap in lenders being able to assess your credit worthiness. myFICO is a company that has stepped in to
standardize the credit score. These standardized credit scores are called FICO credit scores. The majority of lenders use these scores to determine
whether or not they will do business with you.
Get your
FREE Triple Credit Score and 3-in-1 FREE Credit Report Online Now!
Get credit monitoring, credit reports, and credit scores from the 3 credit bureaus, Experian, Equifax and TransUnion.
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