by: jenniferquilter
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Date: Thu, 7 Jan 2010 Time: 12:28 AM -
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What is considered a good credit score by one person or company, may be considered only acceptable by another, this is because every company decides what credit scores they are willing to accept on their own. Based on general patterns, however, we can look at the scale and decide what range is good, and better yet, what range is excellent.
Article Source: DirectoryArticles.com
Ratings range from around 350 to 850, with people falling on either end extremely rare. People generally classify ratings by bad, acceptable, good, and excellent. A bad rating will have a hard time getting accepted for most things, and any offered interest rates (for insurance, loans, etc) will be very high. Acceptable ratings get accepted for most things, but what is acceptable for something bigger like a mortgage is a different matter. Interest rates for acceptable scores will generally be very high. Good scores will be accepted for basically everything, and interest rates will be decent and in some cases may even be the best, but typically not. People in the excellent range can expect the best interest rates and to never be turned down for anything, they'll also have more flexibility with contract terms, etc.
People with ratings in the range of 670-720 have what is considered a good credit score, the higher you fall in this range the better you'll be. Some people even consider anything above 700 golden, although many save their best rates for those above 720.
Your rating is determined by the information in your report. Making any improvements to clean up your report will increase your rating, and your overall financial experiences. Companies look at your score when you apply for a variety of things, for instance, when you go to rent a car or an apartment, when you apply for loans, insurance, and in many cases they now check your credit when you apply for employment.
Having what is considered a good credit score can make all areas of your finances run much smoother.
For more information on what all those numbers mean check out the Credit Score Range or read about what lower scores will get you with poor credit loans.
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