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The Major Levels of Credit – The Good, Bad, and Terrible

When it comes to credit scores there are different tiers that you have to be aware of. If you dip below a certain level, you can kiss a lot of the financial opportunities that you’d like to have goodbye. That includes getting credit cards, apartment rentals, or even the dream job. Having great credit will have you getting anything you’d like financed, plus benefits that only come with establishing great overall history with credit companies overall. There are several major levels to consider in this world, and they illustrate the importance of monitoring, and cultivating good credit.

The Good Credit (Range 700 – 830)

If you’re going to get a loan, you want the best possible rates, and that’s where the best credit ranges start to be great overall. If you can show off this credit score to a finance department, you will get lower APR’s and interest across the board for small and large purchases. Imagine a rock bottom car payment or a mortgage that is lower than most people’s rents and you get the idea of this range. Lenders are more inclined to offer you money in this bracket, with larger limits and low payments.

The Medium Range (626 – 699)

This is somewhere in the middle and does have some variations. If you’re here you may get some good rates or you may be declined by some upper level creditors. It all depends on other factors at this point, but your score is good and you could still get some nice offers. This isn’t perfect by any means, but it is within the zone that can help you land a good deal on a car, house, or even a credit card offer.

The Bad and Worse (330 – 625)

It’s safe to say that if you’re in these field or lower, you’re not going to get a lot of credit sent your way. There are some very risky offers that you may take advantage of and build your credit, but it’s going to be hard to get anywhere here. Renting an apartment, buying a car, or even getting an emergency loan can be rough. Improving credit at this level is absolutely important, even if it takes several years, because forward progress is rough within these margins.

Overall, the above are just ranges of credit that you will find. There are differing opinions on the numbers, and creditors are always subject to personal scrutiny and regulations. While some poor credit histories don’t always amount to no credit, great credit is always preferred amidst lending. Take that into consideration as you cultivate your credit history today.

Written by:
Brandon C Varn
President Accurate Credit Bureau
Fax: (512) 285 – 6336

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