Welcome, visitor! [ Register | Login

What Is A Good FICO Score?

Personals January 4, 2021

What is a good FICO score? The answer depends on who you ask. Lenders use your score to predict how likely you will default on a loan. When determining the maximum amount of money you are allowed to borrow for a car or home mortgage, the lender will look at your score.

Most people have good credit histories. They usually have only a few short credit accounts that are paid on time. Typically, those with fewer than two negative credit accounts will receive a score of 720. Anything lower than that may negatively impact your ability to get approved for a new mortgage, new car loans, and even new student loans. Some lenders will consider you to be too risky to lend money if your score is lower than their minimum limit.

People with shorter credit histories tend to have higher FICO scores because they pay their bills on time. But sometimes bad things happen to good people. Sometimes a bad item appears on your credit report for one reason or another and causes your score to drop. That does not mean that you should give up trying to improve your score; it simply means that you need to know why your scores were lowered in the first place.

There are several common reasons that your credit score could be lowered. One is the timing of your payment history. If you have several new credit accounts each month and make all your payments on time, lenders will view you as less of a risk than if you only have one account, have late payments, and miss some payments. Your lender will then reduce your score for that reason.

The length of time that you have had your new credit accounts is also a factor. Lenders look at the average length of time that consumers have held their current accounts. If you have been paying your bills on time for five years but have just opened your second account, your score will be lower than someone who has just opened a new credit card. Your score will drop 10 points for having a longer waiting period. Lenders also look at the amount of available credit that you have compared to how long you have held your existing accounts. If you have plenty of available credit and are constantly spending more than you have put aside, your score will drop.

Having a good FICO score allows you to get better offers on loans and can lower your interest rates as well. If you have a low FICO score, you may even qualify for lower interest rates than you would if you had a good FICO score. You can learn more about your credit history and ways to improve it by registering for a free credit score report. This will give you important information about your score and help you find out what lenders are offering.

29 total views, 2 today

  

Leave a Reply

  • Free Classifieds Submission Sites List in India

    by on December 10, 2020 - 3 Comments

    Free classifieds is the most efficient and effective way to tell about your products or services in India. Free Classifieds Submission Sites List in India helps to increase visitors and helps in SEO (Search Engine Optimization). Free Classifieds List In India Free classifieds list in india is the best way to promote your company or […]

  • WhatsApp:+1(641)426-2795 Buy PTE certificate in United Kingdom, Buy PTE certificate in Europe - Buy PTE certificate in India, Buy PTE certificate

    by on November 9, 2020 - 0 Comments

    WhatsApp:+1(641)426-2795 Buy PTE certificate in United Kingdom, Buy PTE certificate in Europe – Buy PTE certificate in India, Buy PTE certificate Buy PTE certificate in United Kingdom, Buy PTE certificate in Europe – Buy PTE certificate in pakistan, Buy PTEcertificate in iran, Buy PTE certifcate in Romania, Buy PTE certificate in UK, Buy PTE certificate […]

  • SPIRITUAL SECRET TO MAKE MONEY,MONEY RITUAL, LOVE RING

    by on November 9, 2020 - 0 Comments

    SPIRITUAL SECRET,BEHIND EVERY SUCCESSFUL PERSON THERE IS A LOT OF UNSUCCESSFUL YEARS NOTHING IS MORE EXPENSIVE THAN A MISSED OPPORTUNITY.I will improve your business for you try me This is the season and the hour of your total transformation and perfection.Phone: +234-803-064-9883 WHATSAPP +234-803-064-9883 EMAIL [email protected] 1,BARBUELIS MAGNETIC MONEY DRAWING RITUAL TALISMAN If you are […]

  • Why do you need to buy handmade rugs for your kitchen?

    by on November 24, 2020 - 0 Comments

    When you are to buy handmade rugs for decorating your kitchen, you need to consider two factors; practical durability and attractive feel. I will discuss how the most effective rug in the kitchen can transform the feel. Go through the writing and choose a rug that will make your kitchen look like the kitchen of […]

  • Real Estate Investors

    by on October 31, 2020 - 0 Comments

    Real EstateCake Offers the best services at your door within the given time. <a href=”https://realestatecake.com/”>Real Estate Investors</a> helps regarding the selling and buying of a house and help you to take good advice regarding real estate

Sumbit Free Blog or Guest Post Here

Here you can post your guest posts for free. Click on Submit Now and become a guest blogging rock star

Submit Now!

Popular

  • Real Estate Investment

    by on January 4, 2021 - 0 Comments

    Strata is a tech-enabled real estate investment platform that allows investors to invest in marquee properties and enjoy the economic benefit out of it through fractional ownership. Strata facilitates co-ownership, manages the property on behalf of investors (including tenancy) and provides seamless exit. In the interim, investors are free to transfer their ownership at current […]

  • What Is A Good FICO Score?

    by on January 4, 2021 - 0 Comments

    What is a good FICO score? The answer depends on who you ask. Lenders use your score to predict how likely you will default on a loan. When determining the maximum amount of money you are allowed to borrow for a car or home mortgage, the lender will look at your score. Most people have […]

  • Link Building Strategies 2021: You Need ...

    by on December 19, 2020 - 0 Comments

    Backlinks,  we can say are the primary pillar we can set for any software development life cycle. As they have an important role in driving quality referral traffic which helps in improving your domain authority and also organic rankings.  Every Digital Marketer, therefore, knows the importance of effective link building strategies to grow their online […]

  • Free Classifieds Submission Sites List i...

    by on December 10, 2020 - 3 Comments

    Free classifieds is the most efficient and effective way to tell about your products or services in India. Free Classifieds Submission Sites List in India helps to increase visitors and helps in SEO (Search Engine Optimization). Free Classifieds List In India Free classifieds list in india is the best way to promote your company or […]

  • Why do you need to buy handmade rugs for...

    by on November 24, 2020 - 0 Comments

    When you are to buy handmade rugs for decorating your kitchen, you need to consider two factors; practical durability and attractive feel. I will discuss how the most effective rug in the kitchen can transform the feel. Go through the writing and choose a rug that will make your kitchen look like the kitchen of […]