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What is excellent credit score ?Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.Highlights:Credit scores are calculated using information in your credit reportsCredit scores generally range from 300 to 850Different lenders have different criteria when it comes to granting creditIt’s an age-old question we receive, and to answer it requires that we start with the basics: What is a credit score, anyway?Generally speaking, a credit score is a three-digit number ranging from 300 to 850. Credit scores are calculated using information in your credit report, including your payment history; the amount of debt you have; and the length of your credit history.There are many different scoring models, and some use other data in calculating credit scores. Credit scores are used by potential lenders and creditors, such as banks, credit card companies or car dealerships, as one factor when deciding whether to offer you credit, like a loan or credit card. It’s one factor among many to help them determine how likely you are to pay back money they lend.It's important to remember that everyone's financial and credit situation is different, and there's no "magic number" that may guarantee better loan rates and terms.Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent. Higher credit scores mean you have demonstrated responsible credit behavior in the past, which may make potential lenders and creditors more confident when evaluating a request for credit.Lenders generally see those with credit scores 670 and up as acceptable or lower risk borrowers. Those with credit scores from 580 to 669 are generally seen as “subprime borrowers,” meaning they may find it more difficult to qualify for better loan terms. Those with lower scores under 580 generally fall into the “poor” credit range and may have difficulty getting credit or qualifying for better loan terms.Different lenders have different criteria when it comes to granting credit, which may include information such as your income or other factors. That means the credit scores they accept may vary depending on that criteria.Credit scores may differ between the three major credit bureaus (Equifax, Experian and TransUnion) as not all creditors and lenders report to all three. Many creditors do report to all three, but you may have an account with a creditor that only reports to one, two or none at all. In addition, there are many different scoring models available, and those scoring models may differ depending on the type of loan and lenders' preference for certain criteria.What Factors Impact Your Credit Score?Here are some tried and true behaviors to keep top of mind as you begin to establish or maintain responsible credit behaviors:Pay your bills on time, every time. This doesn’t just include credit cards late or missed payments on other accounts, such as cell phones, may be reported to the credit bureaus, which may impact your credit scores. If you’re having trouble paying a bill, contact the lender immediately. Don’t skip payments, even if you’re disputing a bill.Pay off your debts as quickly as you can.Keep your credit card balance well below the limit. A higher balance compared to your credit limit may impact your credit score.Apply for credit sparingly. Applying for multiple credit accounts within a short time period may impact your credit score.Check your credit reports regularly. Request a free copy of your credit report and check it to make sure your personal information is correct and there is no inaccurate or incomplete account information. You’re entitled to a free copy of your credit reports every 12 months from each of the three nationwide credit bureaus by visiting http://Annualcreditreport.com By requesting a copy from one every four months, you can keep an eye on your reports year round.Remember: checking your own credit report or credit score won't affect your credit scores.In addition, you can click On the email beside my name on my Bio to enroll in If you find information you believe is inaccurate or incomplete on your credit report we help file a dispute with the credit bureau that furnished the report and repair your damage credit or you can also file it yourself.Cheers.

There is so much misinformation, and popular misinformation at that, that I feel compelled to return to this topic again and again.Don’t take my advice because I’m a physician; this isn’t my area of expertise, after all. But do take my advice because as a young adult I subscribed to monthly a credit monitoring service that included a credit simulator. This would enable you to understand what would happen to your credit score under various scenarios. It was the most useful $5/month I’ve ever spent.But before I get into the specifics, let’s first look at what makes up your credit score:The credit score has a number of assumptions that underlie your perception as a credit risk:Payment history: If you haven’t ever borrowed, you are an unknown quantity. An unknown quantity is more risky than a known quantity with a documented history. And you are less likely to miss payments in the future if you haven’t missed payments in the past.Amounts owed: Borrowing only a small proportion of what you’re allowed to shows that you’re disciplined and less likely to default. The specific thing they look at is your debt-to-credit ratio: how much you owe relative to how much you’re allowed to borrow. You’re considered a lower risk if you owe $10K on a total credit limit of $50K than if you owe $1K on a total credit limit of $3K.Length of credit & New credit: if you’ve recently opened an account or several accounts, you’re less of a known quantity. You’re therefore more likely than people with a lengthier credit history to go on a shopping spree and not pay back what you borrowed.Between them, the factors I’ve outlined comprise 90% of your credit score. The remaining 10% is your credit mix. And here, I’m not sure what the rationale is. So, let’s not worry about it too much:FICO® Scores will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. Don't worry, it's not necessary to have one of each.Sorry… why does this matter again? Like I said, let’s not worry about it.Now, this question is about how to improve your credit score quickly.The answer is easy. You only have two options:Pay down/off all your balances.Apply for a credit increase on your existing credit cards. If you don’t borrow anything extra, this will have the effect of lowering your credit utilization ratio.That’s pretty much all you can do in the short term. There also one variation of the second point above that might work in very specific circumstances. You could apply for a new credit card. When you do, two things will happen:You will lose points for having applied for new credit.If you are approved, your total credit limit will go up, thereby increasing your score.If your initial credit limit on the new card is high enough, the effect on your score could be positive. But you have no way of determining what exactly your credit limit will be, and in most circumstances, this will be a net negative in the short term.Now, let’s say that you are not in a rush. You want to increase your credit score, but you’re willing to take your time to get there. How do you proceed?First, let’s look at my scores as of today:Let’s go with the lowest of my scores. What are the factors behind my score?Okay, let's dive in:I had a lot of inquiries last year. I knew I got a new car and I opened a new credit card. I also applied to rent an apartment. Those are all the inquiries I can remember. The different agencies treat what counts as a “hard” inquiry differently. For comparison, I have a higher score with the other two agencies because they only count the car loan and the credit card as inquiries. So, to them, I had 2 inquiries, not 4. I could probably contact Experian and complain, but I don’t care enough to.In any case, I wasn’t worried about taking a hit on my credit. Credit is meant to be used. A score about 800 does you no good. You get to look at it like a trophy, but you accumulate no points. So, when my score gets that high, I try to take advantage of some rewards on offer such as enough points to get a free flight somewhere.Again, not missing a payment, ever, is the best thing you can do for your credit. If you miss anything, it will take 7 years to fall off your credit report.Now, even with all those accounts I have open—and you’ll see below that I have a lot—I just don’t use very much of my credit. Of course, having more accounts open with a high credit limit also means that your credit utilization ratio will never be too high.I still don’t understand what the hell this credit mix thing is about. Maybe this is where the “you shouldn’t pay off your balance” myth comes from. They want to see that you don’t have a bunch of accounts that you never, ever, use, I guess? Meh. I don’t use most of my accounts. It’s never been an issue.Yup! I have a lot of accounts open, like I said.So, you’ve seen what makes up my score. How do we get it up?Why, with some credit score Viagra, of course!… I’ll see myself out.Let’s open the credit simulator and play a few scenarios:Making minimum payment over 6 and 12 months respectively.Applying for a mortgageApplying for a mortgage and a car loan:Applying for a mortgage, car, and student loan:As you can see, it doesn’t look like the effect of applying for new credit is all that strong.Miss a payment: this is one of the worst things you can do.Miss all your payments:Have an account go into collection: this usually happens when you’ve missed a payment for 90 days.Max out all your credit cards: no está bienDeclare bankruptcy: literally the worst thing you can do for your credit. Don’t take this step lightly.All right, let’s look at mortgages:Your score will drop if you refinance. And it will drop bigly if you are foreclosed upon.Okay, I think I’ll stop here. Feel free to ask questions in the comments. I hope the above exercise was helpful. To return to the question at hand, if your aim is to increase your score rapidly, your only recourse is paying down your balances and/or getting an increase in your credit limit.

Hey there, this is Bill Jason, i am the co-founder of ContactOffice Group. Have you ever wondered which one of your credit reports is the most important?.. if so, you’re certainly not alone. Well, the truth of the matter is that neither of your credit reports is especially more important than the other except under two scenariosOne- When you’re actually applying for a specific loan and a creditor is only going to pull one credit report andTwo- When you’re applying for a mortgage and the lender is most likely going to pull something called a tri merged report.Let me take you through these two scenarios. why do i say it doesn’t really matter it’s not as important which one the Equifax or the Experian or the TransUnion credit report, which one is more important than the other.In General, the credit bureaus try to maintain as much traditional data about you as they can gather and collect. Traditional data being your credit card payments, your student loan payments, any mortgages, all of that good stuff and increasingly some bureaus are even collecting non-traditional payment about you. stuff like your rent payments or your utility payments that mostly works for a lot of people to their advantage but what you should know about which credit bureau is the most important or which credit report for you is the most really important it boils down to when you’re seeking a loan. This is what you should do, let’s say you are applying for a credit card you might ask the bank or the lender in question before you apply for the card which credit report do you pull. Now under that scenario it might be more important and indeed likely will be that your credit is as pristine as it possibly can be as up-to-date and as accurate as it can and should be with that particular credit bureau so if a credit card issuer for example tells you that “oh we pull your Experian credit file” you really do want to make sure that Experian credit file reflects your true credit history that is accurate, that it doesn’t have any mistakes in it.Now we know that a lot of credit reports do in fact have mistakes. Some consumer watchdog groups and consumer advocates have found that 70% of all credit reports have errors in them and in some cases those errors are significant enough to cost people a Yes or No when they are seeking credit or in some cases to make them pay higher interest rate than they might otherwise qualify for so you really do want to know hey if you’re applying for credit whether it’s an auto loan you’re seeking, ask the creditor which credit report do you pull because then in that case that’s going to be the most important one.Under other circumstances, if you’re just managing your day to day credit you should be doing the right credit behaviors that get reflected on all three of your credit reports so it doesn’t really matter you should be paying your bills on time, you should be knocking down credit debts and not maxing out your credit cards. You should be making sure that you don’t apply for credit unless you really and truly need it because you don’t want those inquiries that get generated when you apply for credit to hurt your credit score.Now, what about that other time when i said it matters which credit bureau or which credit reports get pulled. it’s when you’re applying for a mortgage. Most lenders these days if they’re going to give you a loan for a house which is typically going to be a six-figure loan, they want to see your credit reports from all three credit bureaus. From Equifax, Experian and TransUnion so that’s why those lenders will typically pull something that they use called a tri merged report. That means they are getting all three of the credit bureau files on you. They don’t just want to know for example what is your TransUnion record show or what is your Equifax record show or solely what is your Experian record show. They want to see all three across the board because they do recognize that there could be some differences. The credit bureaus have worked a lot harder in recent years to make sure that they diminish the amount of differences in your credit files. In fact there’s a credit score called the Vantage score that was developed by the big three credit bureaus because they wanted to eliminate a lot of the differences that consumers had seen in the past that they would see one credit score over here, another credit score over there and they will try to eliminate some of those differences and trying to make it more standard for how they code certain information and how they accurately reflect information that’s contained in your consumer credit file so the short answer is in general terms it really doesn’t matter no one bureau report is more important than the other unless you’re seeking a specific type of loan and a lender is only going to pull one of your credit files in which case you should ask and find out and then you check that credit report first and try to clean it up as much as you can and make sure that it’s accurate or you’re in the market for a mortgage in which case the lender is likely going to pull all three of your credit reports… Your Equifax, Experian, and your credit file with TransUnion and they are going to do that Tri merged report that i talked about.