|Posted by Percy A Lowe on September 23, 2013 at 7:00 AM|
The Experian scale runs from 330 to 830. The Equifax scale runs from 280 to 850. The TransUnion scale runs from 300 to 850. The vast majority of people will have scores between 550 and 630. A score of over 700 is usually considered "excellent credit" and will usually get you the most favorable interest rates on loans, mortgages, and credit cards. If the score is in the low 600's or below, then you are viewed as a higher risk, and considered to have "mediocre" to "poor credit". Also, MyFico scoring range is from 300 to 850 and VantangeScore scoring range is from 501 to 990.
But, the key is understanding how all this effect you as a consumer. Know that the higher your credit score the more points that is taken away from you when you go through a hard pull on your credit report to acquire what is it you are trying to acquire on credit alone. As a cosnumer you need to know what is the credit score needed to acquire what it is you are trying to do. Never go into anything without know all the facts because it is going to effect your credit score. So, if someone wants your business and have to pull your credit you need a list of question to ask.
Next, as this blog started you see that each credit bureau has their own scoring range. If you didn't know that then you been in the blind for a along time. Now I like to take the blinders off your eyes and give you some information that can change the way you do things. So, you need to know their are two scoring system one is MyFico and the otherone is Vantage Score. The three credit bureau came together to help develop the Vantage Score model. So, that it will full take over the calculating of the credit score range and the determinatin of what type of borrower you will be.
The understanding of all these new systems and how to manage your self within the systems are taught on: coveringyouwithwealth where you as a consumer can become well educated on ways you can improve and maintain a credit score that is always worthy to the lenders.You get a little insight on all this but to get the full understand you have to attend one of the credit work shops offered by: coveringyouwithwealth
By Percy A Lowe
Categories: Credit Education and Restoration