What Your Credit Scores Say About You

Your financial health is at risk as we speak. Whether you like or not, what’s on your credit reports can have a major impact on your financial security. We live in a day and age where your credit scores are vitally important to your economic well being. I’m not just talking about the ability to buy a car or finance a house, but many employers and insurance companies will also check your credit. What do your credit scores say about you?

If you are above a 720 on all three credit bureaus, then you are considered to be very responsible and good with managing your debts and cashflow. Most likely you have built up a strong payment record over a number of years. Lenders see little risk in extending credit to you. Employers see a 720 score as a positive and will help your prospects of getting hired.

If you are above 700, then you are still in that first tier of credit scoring, but you will probably have higher interest rates than the 720 club. A short time ago, a 700 credit score was on par with a 720 score, but most lenders have made a pretty serious distinction between the two scores. Underwriting guidelines have also been tightened across the board. So while a 700 score isn’t what it used to ผลบอลสด be, you should’nt have a problem getting the loan of your choice, as long as you shop around. Employers see a 700 score as a positive and will help your prospects of getting hired.

If you are above 680, then you are in the second tier of credit scores. A 680 score is not what it used to be. Previously with a 680 score, you could expect to pay higher interest rates, but you would still be approved for most loans. Lenders today are a lot more picky. If you have a 680, you can still get the type of loan you want, but it will probably take some major loan shopping. Don’t be surprised if the lender wants a nice downpayment or reserves as well. If you are at a 680 score, you should really look to see what you can do to bring you score up at least to 700. This could save you tons of money in the long run. Employers look at a 680 score as average. It probably won’t help or hurt your prospects of getting a job.

If you are below 680 in today’s tight credit market, then things are tough. Not to say that you can’t get a loan or have credit extended to you, but you are definitely going to pay for it. Over the recent years, the default rate on credit to people below a 680 credit score has skyrocketed. Lenders are now a lot more hesitant to lend to people below a 680 credit score. If and when they do lend, the interest rates are going to be high. Significant downpayments and other costs are also required in most instances. Employers look at have a score below 680 as a negative.

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