Today’s Creditors Demand Higher Credit Scores Than Before…

In today’s economy, good credit isn’t just nice to have, it’s essential if you want to get the best interest rate or just to get credit, even to get a job.

Credit scores are three-digit numbers lenders use to gauge your creditworthiness, and until the financial crisis hit, a 720 FICO credit score was enough to get the best loan terms. Even people with lower scores could get decent deals.

These days, lenders typically demand 740 scores for the best mortgage rates. Lower scores mean higher rates or perhaps no loans at all. Fannie Mae, the giant mortgage-buying agency, recently lifted its minimum score requirement from 580 to 620.

People with top scores are still getting credit card and balance transfer offers. If their issuers raise their rates or lower their limits, they can move their business elsewhere. People with weaker scores, by contrast, are finding their access to credit slowly strangled. Issuers can push them around, and credit seekers have little recourse.

Find out how we can help you out to fulfill your credit score goals now

Less-than-stellar credit can hurt in other ways. After all, credit information is used by:

Insurance companies to evaluate applicants.
Landlords to decide who gets the houses or apartments.
Employers who try to figure out how responsible you are.

Clearly, cultivating good credit scores is an essential 21st-century skill.

The good news is that it’s possible to boost your numbers if you have a handle on your finances and you know how credit scores work. After all, the median credit score is 720 on the 300-to-850 FICO scale, meaning half the adult U.S. population has a higher score and half has a lower score. Forty percent have scores over 750, and 13% have scores above 800, according to the company that created FICO scoring. (You can get an idea of your relative standing with MSN Money’s free credit score estimator; it uses Experian’s Plus score ranges, which roughly align to FICO.)

The bad news is that credit reports errors happen more often that what you can imagine and Identifying and correcting credit report errors is essential. Credit report errors can and do happen.

If you think your Credit Score is bad or simply doesn’t exist or if you think you are condemned to live with past errors or unpaid bills, we are here to tell you we can help you out to have an accurate credit report and achieve higher, better scores.

Find out how we can help you out to fulfill your credit score goals now