Put Fight in Your Fico Credit Report Score (cont.)
Contributed by Roland Head
Having a mix of sources on your credit report coupled with a long history is normal and can add to your score.
What is a good score on your credit report
The three credit bureaus have a slightly different range:
Equifax- 300-850,Experian- 330-830, TransUnion- 150-934. Most people score in the 600s and 700s. Most creditors are quicker to do business with those over 700 than those below 600. Below 600 indicates a high risk to creditors and although you may be able to get credit, it will cost you. In an example of someone applying for a mortgage you can see the difference.
If your score was say 720, you could probably get a loan at the going market rate, say 5.5%. If your score was 580, the loan would probably be set 3 percentage points higher to 8.5%. This would translate into tens of thousands of dollars over the life of a 30 year loan.
So it's important to keep your credit report scores at the best level you're able. You're never sure the many ways your credit report will affect your financial dealings, and it's always good to be on top of your game.
