What Is A Good Credit Score And How It Can Affect You Financially?

What Is A Good Credit Score And How It Can Affect You Financially?

A credit score is simply a figure that is indicative of your ability and the likelihood of repaying a loan. There isn’t a creditor in the market who does not refer to the credit history of an individual before granting a loan. Your credit score is a three digit figure that is calculated on the basis of various financial aspects like your repayment history, current paid bills and the type of debt that you have taken etc. Regardless of the type of debt that you need; your credit rating will play an instrumental role. Furthermore the amount of interest that you will have to pay and the credit that you qualify for will all depend on your credit score.

The most widely accepted type of score is the FICO or Fair Isaacs Corporation score, however a credit score obtained from other agencies like Experian, TransUnion and Equifax is also commonly referred to as a FICO score even though all the four bodies follow slightly different algorithms to compute these figures . Credit score ranges from 300 to 900 however 720 is often considered to be the average. While just 18% of the Americans enjoy excellent credit rating in the vicinity of 740 and above; anybody with a score that falls below 619 would be considered a high risk candidate by most lenders.

In today’s dwindling economy when it is getting increasingly difficult to make ends meet without credit and most lenders vary of granting loans; your credit rating will have a deep impact on several areas of your life. For instance, there exists a significant disparity in the interest rates offered to people with a good credit rating vis à vis the rates offered to people with a poor credit score. So essentially a person with a credit rating in the range of 500 to 589 would pay 18% interest on a car loan but a person with a credit score that exceeds 740 would get the same auto loan at just 6.6%.

Also a person with a poor credit rating may find it exceedingly difficult to secure employment, with most employers calling for a credit score check for prospective employees; so, as you can see, a less than acceptable credit rating can mar several lucrative prospects and can wreck havoc on you financial well being.

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