Everything You Need to Know About Your Credit Score - How to Get a Free Credit Report Score

July 25, 2010 - PRLog -- What is a credit score (history) and why is it important?

Your credit score is the three digit number that is used by lenders to determine how much of a risk they would be taking to lend you money or give you credit. It is based on the information that is in your credit report, and then compared to the scores of millions of other consumers. The score is figured out by running a mathematical formula. Your credit score is important because it affects the amount of interest you will pay on credit cards, loans, insurance and mortgages. A low credit score can cost you a job or stop you from renting the house or apartment you want, keep you from getting insurance, and can even prevent you from getting a cell phone!

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What is the credit report score range and what does it mean?

Credit scores can range from 300 to 850. Most people have scores that range between 600 and 800. A score of 720 or higher is seen as favorable by lenders, and you should have no trouble getting credit, a loan, auto insurance, or a mortgage that will have quite attractive interest rates.

A score of below 600 is frowned upon by lenders, and will cause you to pay high interest rates on any credit account you have. If your credit score is too much below 600, you will have a hard time getting approved for any credit at all.

Check your credit score and build up a good credit record will bring you great and lifelong benefits!

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