The Difference Between A Good And Bad Credit Score
You’ve probably been bombarded with commercials lately offering you chances to get your free credit reports and free credit scores. Why all the big fuss? Why are free credit report and free credit score offers so popular?
To start, you need copies of your credit report and credit score. Let’s start with your credit report first. You can get your free annual credit reports from the government. You can obtain your credit reports from all 3 credit bureaus annually.
You need to complete the rest of your credit profile by getting your credit score. Now we got that taken care of let’s work on getting your free credit score. There’s not a similar Federal program that allows you to request an free credit score. So the only way to do this is to sign up for a free credit monitoring trial which will give you a copy of your credit score.
Now that you have your credit score it helps to understand what is a good credit score. If you are looking at your FICo credit score you have a range of 300 to 850. The higher the number the better. You need a credit score between 740 and 850 to get the best insurance rates and interest rates.
There are many benefits to having a good credit score including the lowest interest rates whenever you borrow money from a bank and possibly job promotion and low insurance rates. So this explains why your credit score is so vital.
Your credit score comes from the information in your credit report. Ensuring accurate information in your credit report will give you the best credit score. So review your credit report every three months or so and correct any errors. Now you can save thousands of dollars in interest on your credit cards and loans and hundreds of dollars on your auto and Home Insurance.
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