Lots of people always stay in front of their computers just to look for information on how to build the credit and how many credit scores they have should be considered to be good and “what’s wrong if they have bad credit score?”. So “what is a good Fico score?” A good credit score is over 700 up to 830 or 850. Usually, you don’t really see a lot of people cross the 800 Fico scores.
After all, 701 or over 800 Fico scores isn’t much different from each other at all. Why do I say that?
How about you want to do a mortgage or car loan with your 720 Fico scores with a reliable and good job paying well- another person will apply the same mortgage loan with 850 Fico scores, but his living, everyday, is relying on retirement money! What do you think which one better? If the dealer or creditor checks your credit and see your income report, they are likely to give good rate to the one with 720 credit scores. In most case, I can say the more credit scores the better, but not always. A lot of people with good credit who gave the finger to the creditor because they thought they had almost 800 Fico scores why they still got a high interest rate loan. Those people didn’t understand, it is not always relying on your credit score but it does rely on your income too, if you have a good credit but the dealer or creditor see that you can’t afford your repayment loan, you won’t get a good rate from them. I don’t say you don’t get approved, but you might have a high interest rate although you have a good credit- this is the way almost all the creditors would do before taking risk with you.
One more thing is that, some car dealers or creditors have their own policy- like from this credit score to this credit score, you will get these and these options and from that score to that score you get those and those options…ect
Example: Some creditors set their own rule from 690 to 750 Fico scores you will get 8% interest rate and from 750 to 850 you will get 6% so it means if you have 700 Fico scores and other have 750, you guy will get the same deal.
After all, having a good credit score is good but to put the word ALWAYS in it, you have to have a proof report that you can take care your repayment loan without any problem.
How about if you have just 450, 500, 550, or 650, Fico scores?
450 Fico scores are like nothing but it is better than you don’t have, 500 Fico scores and up can considered as low, and from 610 up to 700, I would say over So So.
So what are the minimum Fico scores in order to get approved for a loan? The answer will be over 600, baby! but with a few car dealers if you have about 450 to 600 Fico scores they still give you the loan, but with crazy interest rate.
So what’s happen if you don’t have a good credit?
1. Apply no loans
2. Your life is limited
3. It can give you the stress and possibly affect your relationship
4. Kick your butt from applying some specific jobs of your dream. As some companies now consider Credit History is one of the factor in processing your employment.
So if you have a bad credit, please try to repair and monitor it regulary, folk!
