Credit Score Scale Revealed Just For You
What is the credit score scale and how do you know whether you have a good or bad credit rating? Well, the credit score scale may seem dark and mysterious, but it really isn’t all that complicated. Here is what you need to know about your credit score and the credit score scale.
The credit score scale ranges from three hundred (300) to eight hundred and fifty (850). That means that if you are alive and there are records of you, there is no way you can have a credit score less than 300. If you have only a little bit of debt, you have had it for a long time (many years), and you have never missed a payment or been late with a payment, and you have an income, you might just have the perfect score of 850. Of course, very few people have either the lowest or the highest possible score; just about everyone falls somewhere between the two extremes.
If you want to fall at the very top level of the credit score scale, you should shoot for a rating of at least 720. At one time in the not too distant past, you may have been considered at the top of the game is your score was above 680, but no more. Just about every lender gives the best terms and interest rates only to those whose credit score falls above 720 on the scale.
If you know you have only some minor issues in your background that will negatively impact your credit history, you may fall somewhere between 680 and 720. If that is where you land on the credit score scale, you can probably find a bank or other lender who is willing to give you a decent loan that won’t cost you an arm and a leg in interest.
If your score is between 630 and 679, you may find that you have to settle for loans that are not as flattering as those offered to the folks at the top of the credit score scale. In fact, some lenders may not be willing to offer you a loan at all. Most likely, though, you will be able to secure a loan if you really need one, are diligent about finding a lender, and are willing to pay a higher interest rate.
If your ranking is below 630 on the credit score scale, you will probably have a very difficult time getting a home mortgage or loan for a new automobile. Before you consider applying for these types of loans, you should definitely get a copy of your credit report and make sure that any mistakes are cleared up, and you should definitely make as many improvements to your credit score scale rating as possible.
In addition, remember that these are only guidelines, and that the policies of different lenders vary. What one bank considers “too risky” may be within the acceptable limits of another lender. So it also pays to shop around for the best deal you can get, no matter where you fall on the credit score scale of life.
How To Get Free Debt Consolidation Quotes
Did you know you can get a number of free debt consolidation quotes online at one time? You simply enter your figures into a form, and a number of lenders will compete for your business. In just minutes, you will have 4 to 12 free debt consolidation quotes to choose among.
If you have a number of bills – credit card, medical, auto payments, etc. – one of the smartest things you can do is consolidate them into one loan. Almost always, the total interest will come out less than the interest you would pay on the little bills. You will also pay less overall each month. That’s why you owe it to yourself to get free debt consolidation quotes today.
With debt consolidation, all of your bills are merged into one larger loan. You can either secure this loan against your house (a home equity loan) or take out a personal or signature loan.
The home equity loan will have a lower interest rate than a signature loan, but if you are put into a position where you can no longer make the payments, your home could go into foreclosure. Also, a home equity loan is only possible when you have equity in the house. In so many cases today, a homeowner is “upside down” or owes more money than the house is currently worth, so a home equity loan is not a possibility.
The other option is a personal loan. While the interest rate on a personal loan is somewhat higher than on a home equity loan, it is almost always lower than the rates on your individual bills. The free debt consolidation quotes should confirm this. If you get into a position where you cannot pay the bill, there is nothing for the bank to repossess. Also, personal loans are dischargeable in bankruptcy.
The advantage of free debt consolidation quotes is that you will be able to see in one setting all of your options. Some options may be at lower interest rates but higher monthly payments because the period is shorter. Other loans may be granted over a longer period of time. Make sure that you check out all of the details.
Ideally, you will take out the loan that makes you pay the least interest over the life of the loan. However, in practicality, the most important thing is that you can make the monthly payment each month.
You can look for debt consolidation loans in traditional sources such as banks and lenders. However, this can be a tedious process as you have to approach each lender individually and fill out similar forms at each bank. The advantage of the online free debt consolidation quotes is that you get a bunch of quotes at once.
Once you get your online free debt consolidation quotes, you will be able to make intelligent decisions about your financial future. Take charge of your finances. Get free debt consolidation quotes today.