Whats A Good Credit Score ?

Whats A Good Credit Score ?

I hear this question a lot so this article will reveal whats a good credit score. Pryor to the mortgage meltdown many consumers could finance homes for as little as 5% down with a 620 credit score in the subprime mortgage market. Due to the abuse of mortgage companies and mortgage brokers it is no longer possible to buy a home with a 620 credit score. Whats a good credit score now when purchasing a home ? Now that the rules have changed a good credit score is a score that is 700 or higher. Because the sub prime mortgage market was so abused it now requires a higher score to obtain a home mortgage, Credit card companies and automobile lenders have different views of what they consider a good credit score.

Some automobile lenders consider 620-630 a good credit score and will finance a car purchase for little or no money down. Many credit card companies consider 650 a good credit score. So in reality there are many views on whats a good credit score it all depends on the lender and what they consider a high score. It is always best to aim for a 700 credit score. Obtaining a high credit score of 700 or better allows you to pay the lowest interest rates on all types of loans saving thousands of dollars in high interest rates in the longrun.

The best thing to do is start repairing your credit now. Check all your credit reports for negative items and inquiries. Send creditors reporting negative items a debt validation letter requesting that they provide proof of the debt. Challenge all inquiries on your credit report. Follow these tips and over time you will raise your scores. The road to good credit requires hard work persistence and patience but can be a reality if you work hard at it. Never give up that’s the real secret to success in achieving good credit.

Always see the reward in your imagination having a goal for good credit will allow you to be persistant and to never give up.

Remember Knowledge Is The Ultimate Power