Credit Card Score

Credit scores affect whether you can get credit and what your interest rates will be for credit cards, auto loans, mortgages and other kinds of credit. For most kinds of credit scores, a higher score mean you are more likely to be approved and you will pay a lower interest rate on a new loan.

Today, the credit card score you have can also affect other areas of your life. For example, if you are trying to qualify for a rental car, a rental home or an apartment, or even car insurance, the company may pull your credit score. Employers are also increasingly looking at credit scores before making employment offers.

What is a Good Credit Score?

When lenders talk about "your score," they usually mean the FICO® score developed by Fair Isaac Corporation. It is today's most commonly used scoring system. FICO scores range from 300-850, and most people on average score in the 600s and 700s. The higher the FICO score the better.

In the eyes of most lenders, FICO credit scores above 700 are very good and a sign they can expect you to pay back a loan in a timely fashion. FICO scores below 600 indicate a high risk to lenders and you may be charged much higher rates or your credit application could be denied.

It's important you learn your credit score. You need to see what your report says so you can make corrections if something is wrong. Working on establishing a good credit card score is important to your financial future.

You can go here Credit Card Score for a free credit report. This is the only authorized online source for a free credit report. Under federal law, you can get a free report from each of the three national credit reporting companies every twelve months.

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