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However, things change with time. Where a few years ago only
people with a 720 credit score got best loans, today even people with a 620 credit score or over have plenty of options for home loans at a decent rate. Even people with a 580 or more can enjoy a new home loan today.
As I found out, my 622 credit score in 1/2005 Sunday can remember him in her I get him out and get a fair and I think it can do is beginning: you a lot yowasn't so bad after all.
How To Qualify For a Home or Car Loan
Who has best credit? The answer is, people who have three lines of credit open, no 30 day lates, and no more than 30 percent of their credit card balances owing. these are people who will have a 700 credit score or more. What if your credit record is not so good? I had a friend who lost her job and that divorce at same time. She had 10 lines of credit open and four of them went into a delinquent or "charge-off" status. The term charge-off means that credit card company "gave up" on collecting debt.
My friend felt very ashamed about her past, and for six years avoided looking at her credit. When she finally got her credit report she found that she had a 620 middle credit score, very close to mine. Even though I had 11 accounts where only one was 30 day late. The credit score looks mainly at your last 18 months of behavior, so even though she had four delinquencies in her past her credit was still considered ok. She qualifies for a home or car loan.
A Good Credit Score
However, to summarize some of points made here, for best credit make sure to 1) have 3 credit lines open 2) pay off 30% of your credit card balances and 3) avoid 30 day lates at all costs.
If you need a good credit score in a hurry, check out my e-book Improve Your Credit Score In 24 Hours.
L. K. Hughes is author of the best-selling book "Improve Your Credit Score In 24 Hours".
