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If you’ve checked your credit score and it falls into the higher range, you’ll want to know how to use it to your advantage to secure better terms and competitive interest rates.
This guide takes you through what it means to have a good credit score, what you can do with it and how you can maintain or even improve it.
Every lender is going to classify your score differently, but for the range of 300-850, a good credit score is anything between 670 and 739.
An excellent credit score spans anywhere from 740 to 850 and can give users access to top-tier products with the most competitive interest rates and highest credit limits — better reward programs are also included.
People with excellent credit scores are generally seen as the ideal borrower because they’ve proven over a long period of time with many different accounts that they can pay back their debt on time and in full. As your credit score gets higher, it becomes harder to make improvements to it, so the best thing you can do is keep on maintaining your healthy score.
If you’re looking for what to do with a good credit score, here are the range of benefits:
Your credit score is calculated by credit bureaus that include the “big three”: Equifax, Experian and TransUnion. The main factors that determine your score include:
Your score may vary by credit reporting agency because each uses different criteria for measuring your credit score, weighing your history against a proprietary algorithm.
Lenders and even the bureaus weigh the information in your credit history differently, but they’ve widely adopted two scores: FICO Score and VantageScore.
|Credit rating||FICO Score||Vantage Score|
|Poor||579 or lower||600 or lower|
Today, FICO Scores are used in 90% of credit decisions, which makes it a good barometer of how potential lenders might see you when determining approval.
You could either have a credit score that needs repairing or no score at all due to lack of activity. Whatever the case may be, here are common strategies consumers use to increase their credit score:
No matter what your credit rating, you should always be monitoring your credit score so you know what’s going on with your financial profile. By keeping an eye out, you’ll know when your score is the strongest so you can grab the lowest possible rates and best repayment terms for the financial product you need.
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