You sit down to look at your credit report for the first time. If youre scores are above 720, congratulations! You have excellent credit; stop worrying. If youre scores are not above 700, no problemlets get to work. Take solace in the fact that the national average score is around 676 according to the Gallup Organization. If youre scores are below 400, 500, or 600, theres definitely room for improvement and only one way to goup!
If the numbers Ive mentioned dont make any sense to you or you have no idea what they mean, dont fretIll explain. Credit scores range from 350 to 850. All three of the credit bureausEquifax, Experian, and Transunionoffer FICO credit scores using a complex mathematical formula developed by Fair, Isaac and Company, but they each give the scores a different name: At Equifax, the FICO is known as the Beacon credit score; at TransUnion, its called Empirica; and at Experian, its called the Experian/Fair, Isaac Risk Model.
If youre credit scores are above 720 you have excellent credit and will able to get the best interest rates available. As your credit scores drop, the interest rate youll receive for a home loan will rise: this is known as...
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