Your credit score is one of the most important things you’ll need to monitor in order to ensure sustained long-term financial flexibility. Good credit will allow you to be approved for credit cards and receive loans from the bank – which can be put toward car payments, a mortgage or your children’s tuition. Bad credit, however, will leave you in a tight spot of financial restrictions. The easiest way to build credit is by making payments on time, while the easiest way to hurt your credit is by missing them.
Your credit score, as well as the information on your credit report, are also key ingredients in determining whether you’ll be able to get a mortgage, and the rate you’ll pay. Below, we’ll provide an easy method on how to obtain and read your credit score.
Finding Your Credit Score
You can obtain your credit score from a variety of sources. Credit Karma and LendingTree are two of the most popular credit score services online. Additionally, if you have a credit card, your issuer will likely be able to provide your score on your next billing statement. One other alternate method is by purchasing your credit score from a major credit bureau.
Reading Your Credit Score
Your credit score is not as complex as you might think. It is simply a three-digit number spanning from 300 to 850. Here’s a breakdown of what each score range means in terms of good, fair or bad credit:
750 or above: Excellent Credit
650 to 750: Above Average Credit
600 to 650: Average Credit
550 to 600: Below Average Credit
Below 550: Poor Credit
Based on your number, you’ll know where you stand in terms of your credit situation. The higher the score means the better chances you’ll have at being approved for credit cards or loans. If your credit score is low? Don’t worry, it’s not the end of the world. You can build your score back up by managing your credit payments, bills or loans more consistently!
We hope these tips help provide a clear look at your credit situation!
I wish you well and invite you to contact me if you have questions.
Please stay healthy and we hope to hear from you soon to discuss your property search and status.
Until Next Time!
Semper-Fi
Eric