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Credit scores range from 375 to 900 points, but those numbers mean little on their own. The numbers really don't mean much without knowing what
specific sliding scale You can assume that you are a better credit risk higher your score is. Under mortgage standards, a score of 650 or higher indicates an excellent credit risk and good credit history.
A score below 620 may prevent a borrower from getting best interest rates, as they may be considered a greater credit risk-but it does not mean that they can't get credit. The process will probably be lengthier and, as noted, terms may be less appealing, but often credit can still be obtained.
While credit scoring system is far from perfect, it is under improvement all time. With Fair Credit Reporting Act going into effect, people will actually have more access to their own credit histories without having to pay for it.
The act also requires agencies to respond to requests for investigation of dubious items on credit history. In years past, it was not uncommon to write letter after letter and never receive an answer. Come September that will all change. =========================================================== Find out how to repair your credit. Discover why a good credit report is vital to your financial future, and how to make it best Click http://www.credit-repair-101.com/
** Attn Ezine editors / Site Owners ** Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in place, do not modify content and include my resource box as listed above.
John Simpson works in software development. A few years ago, he got in trouble with credit card debts. Now he's written a series of articles explaining how he recovered, and repaired his credit.
