If you have ever applied for a credit card, mortgage, automobile loan, personal loan, credit line or any other type of credit, than you should know the impact that having good or bad credit can have. That being stated, there are currently more consumers that suffer from less than perfect credit than anytime in the history of the United States. This is based on a wide variety of factors, one of which is due to the housing crash/mortgage crisis that occurred back in 2008. The bottom line is that it really does not matter what causes a person’s credit to decline or even crash.
What is important is to stop ignoring it, and do something about it. Credit scores are an incredibly important piece of the financial health puzzle. In essence, good credit scores are the key to a great deal of financial savings and benefits. It is difficult to build wealth, let alone survive from an economic standpoint with low credit scores. These benefits include access to loans and credit cards that have the most favorable terms for consumers. In many cases, people with lower credit scores will not qualify for the best loan and credit card rates.
In fact, the majority of people with less than perfect credit will not qualify for any loans and credit cards, even the ones with high interest rates and other unfavorable terms. If you happen to fall into that category, do not worry. All is not lost. You can either hire a reputable credit repair company to fix your credit scores, or take on the task yourself. If you conduct research and spend some time, you may very well be able to figure it out on your own. As you now know, good credit provides you with access to significant savings on large loans such as mortgages, 2nd mortgages, and car loans.
It also offers you the best terms for credit cards and other small loans. What you may not be aware of is the fact that good credit also provides you with discounts on insurance, and more housing options. Last but certainly not least; good credit can help you avoid paying large deposits when initiating utilities such as electricity and cable. So what is considered to be good credit score wise? Although there is multiple credit scoring models, the one that is most commonly used is the FICO Score.
Based on that, a score of 800 or above is considered to be perfect credit. 740-799 is very good credit, 670-739 is good credit, and bad credit is 579 or lower. Typically speaking, a FICO Score of 700 or above is the number that most lenders are looking for.
If you feel that you are being treated unfairly by a creditor or collection agency, please contact us immediately. Legal Rights Advocates, PLLC is a consumer advocate law firm that focuses on consumer rights protection services across the Unites States. We have well over twenty-five (25) years of combined experience helping consumers that are experiencing Debt Collector Harassment, Social Security Disability issues, and a whole lot more. LRA is truly your consumer rights advocate. We take great pride in the fact that our job is to protect you from deceptive and or abusive debt collection practices.
Our goal is to assist you each and every step of the way regarding your rights for consumer protection. Please call us today for more information at 855-254-7841 or click here for a FREE Case Review. We look forward to working with you.
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