What Should Your Credit Score Be

A lot of people know their credit score, but have no idea as to what their credit score should be. Or even what is considered good. To review, credit scores can range from 300 to 850. A credit score of 850 would be considered perfect, and a score of 300 would be considered the worst possible score a person could have. Credit scores are a measure of risk, how likely someone is going to be able to repay debt. So a person with a score of 300, for all intents and purposes, would not repay that debt. That is what the score would tell a lender.

When it comes to mortgages, people should aim to have their credit score be over 700. Individuals with scores over 700 will get very good rates. A person with a 700 score is considered not very risky to the lender. Individuals with scores over 760 will most likely get the best rates offered by that particular lender. Keep in mind that the median credit score is going to fluctuate around 725.

Not to mention that all of this applies to credit card interest rates as well. Considering most American’s are in heavy debt, an incredible amount of money can be saved by increasing your credit score 25 or more points.

Closing point, people save a lot of money if they can increase their credit score over 700.

July 18, 2007 | Filed Under Credit History, Credit Questions, Credit Report, Credit Score

 

Comments

8 Responses to “What Should Your Credit Score Be”

  1. HEATHER MCPHERSON on October 9th, 2007 4:40 pm

    I do not have a social security number.How do I check my credit score?

  2. admin on October 10th, 2007 9:11 am

    I would think you have to have some sort of universal identifier like a tax identification number (TIN), a social security number, or some other government issued work number. Why do you not have a social security number?

  3. R. Perraca on January 28th, 2008 9:09 pm

    I have an TIN and i tried to check my credit but everywhere i tried it said they didn’t have information about it. How do i check it?

  4. Nannette Stowers on February 7th, 2008 1:18 pm

    please tell me why your ad saya free and it is not free!

  5. Nannette Stowers on February 7th, 2008 1:19 pm

    I have tried several sites and none of them are free!

  6. Nannette Stowers on February 7th, 2008 1:20 pm

    I would like an answer, please!

  7. admin on February 7th, 2008 2:25 pm

    If you are referring to ads on the right, those are controlled by Google. I am not actually writing the ads or choosing the ones on here. If you are looking for ways to check your credit score for free, please see this post http://www.increase-credit-score.com/ways-to-actually-check-your-credit-score-for-free/

  8. Chris on June 2nd, 2008 1:35 pm

    > HEATHER MCPHERSON on October 9th, 2007 4:40 pm

    > I do not have a social security number.How do I
    > check my credit score?

    If you do not have a SSN then you probably do not have a credit report at all.

Leave a Reply