Don’t you think it’s funny that in this day and age who we actually “are” is based on numbers? The numbers game counts when you apply for a loan. So to save you any problems, you need to have a good credit score. At the time of writing, this means you should have a score of at least 700 and above to achieve what is termed a good credit score.
OK, so how do you go about making sure you have a good credit score?
In fact, just what is a credit score?
It’s the figure your creditor uses to help them decide whether or not you are a good credit risk. They use the credit score number as an indication to tell them whether it’s likely you’ll be able to pay your debt back, if they decide to approve a loan to you in the first place.
Normal credit scores range between 340 and 850. The lower your score, the less likely your loan is to be approved or, if it is approved, the higher the interest rate will be. So it literally pays you (in reduced interest charges) to get a good credit score.