A 700 credit score is quite common. If you are wondering whether a 700 credit score is good or bad, and you would like to know how to improve your credit score then read this article to discover the benefits of and methods of getting a good credit score which is above the 700 level.
In this article we will look at why having a good credit history is important how to find out what your credit score is if live skor you do not already know, and discuss whether a 700 credit score is good or bad. We will also look at methods that you can use to rebuild and repair low FICO scores. After reading this article you should have a pretty good idea about how these scores are calculated and what you can do to improve them.
Why having a good credit history is important
These days it is very important to have a good credit history and score. Reports and scores determine whether a lender will let you borrow money at a good rate of interest. If you have a very poor credit history then it is unlikely that anyone will be willing to lend you any money at all, as you will be considered a bad risk to them and they will think that you are less likely to meet your payments than someone with a better history of managing their debt.
If you are thinking of applying for a car loan, mortgage or any credit-card then it is probably a good idea to check out your FICO score and history with the credit reporting bureaus first. If you apply for a loan, mortgage or credit-card and get turned down, this enquiry on your report can be seen by other lenders and may put them off lending money to you as repeated applications can harm your FICO score.
How to find out what your credit score is if you do not already know
If you do not know what your credit score is then you can find it out by applying to the credit bureaus. These credit reporting agencies are Experian, TransUnion and Equifax. They are obliged to provide you with one copy of your free credit report every 12 months. There may be a charge for them to provide you with your actual credit score though. This FICO score may be slightly different with each credit reporting agency.
You should also be aware that lenders may calculate your credit score differently to the credit reporting agencies. When you request your credit score from either Experian, TransUnion or Equifax they will only take into account your personal credit history. If you are financially linked to another individual who has a poor credit history then this may not be apparent from looking at your FICO score as provided by the credit bureaus.