The Fair Isaac Corporation is a data analytics company that developed the FICO credit scoring system now the lending industry standard for measuring consumer credit risk. FICO credit ranges from 300 to 850 and rankings from poor to excellent serve to help lenders assess consumer risk and determine whether to extend credit.
FICO Scores are calculated based solely on information in consumer credit reports maintained at the credit reporting agencies. You have FICO Scores for each of the three credit bureaus: Equifax, TransUnion and Experian. In other words, each FICO Score is based on information that the credit bureau keeps on file about you.
Christmas is over and the New Year has begun:
“Excellent” Credit Score Range
No matter which scale is used, those whose scores are in the highest range are considered to have excellent credit and present the lowest credit risk.
An excellent credit score not only almost guarantees acceptance when applying for most types of credit, including nearly any of the top credit cards that catch your fancy, but also ensures the absolute best interest rates and the lowest fees.
“Good” Credit Score Range
While continuing to command competitive interest rates, those falling into the “good” range of credit scores will likely not see the ideal rates obtained by the people in higher categories. In addition, it may be harder to qualify for some types of credit.
“Fair” or “Average” Credit Score Range
Those who fall into the ranges for “fair” (sometimes called “average”) credit range may have some faults in their credit history but no major delinquencies. Many lenders will approve applicants with “fair” credit but borrowers will be unlikely to see very competitive interest rates.
“Poor” Credit Score Range
Applicants who fall into the range described as having “poor” credit will have a difficult time getting approved for most types of credit. If approved, these borrowers will likely see unfavorable rates and may have to meet larger down payment requirements for secured loans.
Here are three reasons it’s worth doing the work to get to “excellent credit” in 2019.
- Better loan rates
- Top credit cards
- Lower Security Deposit
Next, let’s touch on Employers and Your Credit
Employers sometimes check credit to get insight into a potential hire, including signs of financial distress that might indicate risk of theft or fraud. They don’t get your credit score, but instead see a modified version of your credit report. The report will show your payment record, the amount you owe and your available credit.
You do however have legal rights in regards to an employer checking your credit. An employer must notify you if it intends to check your credit and must get your written permission. The Fair Credit Reporting Act requires the notice to be “clear and conspicuous” and not mixed in with other language.
Why would an employer look at your credit? An applicant’s credit history can flag potential problems an employer would want to avoid:
- Lots of late payments could indicate you’re not very organized and responsible, or don’t live up to agreements
- Using lots of available credit or having excessive debt are markers of financial distress, which may be viewed as increasing the likelihood of theft or fraud
- Any evidence of mishandling your own finances could indicate a poor fit for a job that involves being responsible for company money or consumer information
Lastly, think about it - if more Americans are getting lower interest rates & saving money, then billion dollar companies are not going to be making money.
BANKS MAKE MONEY OFF YOUR BAD CREDIT!!!!
Know that an excellent credit score is key to your financial future. There are a number of ways you can benefit from having a high credit score. But the bottom line to having great credit is simple: It -saves - you - money!
Aren’t’ you tried of getting denied? Making sky high auto down payments and having to pay high rent? What are you waiting for to start restoring your credit?
My commitment is to help people improve their score and empower them financially. Your credit will not fix it self. Invest in yourself and start restoring your credit today!
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Tonya Dunigan is a Credit Professional. She also has many years in the business as an insurance specialist, including Disability, Healthcare, Worker’s Compensation and Life Insurance. I have a passion and desire to help people restore their credit so they can establish and reach their goals. As well as an opportunity to earn additional income and become your own boss!
If you would like more information on Credit Restoration call me or text me at:
Email me at RestoringTheCredit@gmail.com or visit my website: RestoringTheCredit.com
Welcome to The Community Advocate Network. My name is Deborah Mitchell, I am a graduate in Social Work and Registered Social Work Technician. My human service background began in 2007 which includes medical case management and service navigation for the indigent population, outpatient mental health counseling with substance use and abuse disorders, supportive employment and job development for mental health consumers, and structured living domicile management.
In 2016, I completed my Bachelors Degree in Social Work and began my graduate studies at Wayne State University in Detroit, Michigan.
On this platform we will be reviewing social topics and news and providing resources to community programs and services. It is my goal to maintain a recovery-focused, service-oriented environment while working to expand the capacities of individuals, families, groups, organizations, and communities in developing and restoring optimal social and economic functioning.