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You and Your Credit Score: What's The Good Number?

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					          You and Your Credit Score: What's The Good Number?
Have you ever wondered why people get denied for loans and why other people get
approved for it instantly? Have you ever wondered why some people are not accepted by
some companies even though they are qualified for the job?

If you answered yes to either of these questions, then you haven't heard about credit
scores. Credit scores are an important part of today's life. This particular three-digit
number will determine whether you are likely to pay the loan you will apply for or will
pay the monthly bills.

If you have a low credit score, then getting a phone line hooked up in your house can be
very difficult to do. Some phone companies take a look at your credit score in order to
determine if you will likely pay their monthly bills or not. Sometimes, certain jobs will
require you to have a high credit score. It is a fact that people who are qualified for a
certain job in a company are usually denied of the job because they have a low credit
score. This is why you should consider taking all the necessary steps to have a high
credit score or at least have a good credit score.

In the United States, Fair Isaac Corporation or FICO is the best known credit score
model that calculates your credit score. This company calculates your credit score by
using mathematical formulas. It is a calculation that is widely used by lenders, such as
credit card companies and banks.

The FICO score is designed to provide information to lending companies if a particular
person will likely pay their bills or not. It will also contain reports of your past loan
application and if you will be delinquent in the next 2 years or the next 24 months.

There are also three credit reporting agencies existing in the United States today and
uses their own methods and formula to calculate your credit score. Each calculation
differs, even if it was developed by FICO, and are updated periodically that will reflect
your repayment behavior. Also, lenders or creditors use whichever calculation they want
to use.

The FICO score ranges from 300 to 850. By having a high or good credit score, you will
be able to access low interest credit cards and also low interest loans. You will also have
a higher chance of getting hired by companies that require a good credit score.

You now ask what makes a good credit score number in the FICO score.


          You and Your Credit Score: What's The Good Number?
          You and Your Credit Score: What's The Good Number?
It is a fact that having a higher credit score is good. But you also have to know what
makes a good number that will guarantee you of getting approved for a credit card or a
loan. In the FICO score, a good number is at around 725.660. By having this kind of
score, you will have a higher chance of getting approved for that car loan, mortgage or
for that credit card you have been applying for.

You can get your credit score from FICO or from the credit reporting agencies annually
for free. Or, you can also get your credit score as often as you want within the year for a
fee.

Always remember that by having a good credit score number, you will be able to have
access to low interest loans, and credit cards. By having at least a 725.660 credit score,
you will be deemed credit worthy. Make sure you have a higher credit score in order to
save thousands of dollars in terms of interest rates.



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          You and Your Credit Score: What's The Good Number?

				
DOCUMENT INFO
Description: Have you ever wondered why people get denied for loans and why other people get approved for it instantly? Have you ever wondered why some people are not accepted by some companies even though they are qualified for the job? If you answered yes to either of these questions, then you haven't heard about credit scores. Credit scores are an important part of today's life. This particular three-digit number will determine whether you are likely to pay the loan you will apply for or will pay the monthly bills. If you have a low credit score, then getting a phone line hooked up in your house can be very difficult to do. Some phone companies take a look at your credit score in order to determine if you will likely pay their monthly bills or not. Sometimes, certain jobs will require you to have a high credit score. It is a fact that people who are qualified for a certain job in a company are usually denied of the job because they have a low credit score. This is why you should consider taking all the necessary steps to have a high credit score or at least have a good credit score.