Credit scores can affect everything from mortgages, to credit cards, to car loans. Your credit score is a way for banks to figure what kind of person you are with your money. They want to know if you will pay them back. So, what is a good credit score?
Your credit score is calculated based on scores from the three credit bureaus: Experian, TransUnion and Equifax. People with good credit scores have a good amount of history of not missing payments and not carrying a lot of debt. You don’t have to have a perfect score to have a good score. Most people have missed one or two payments but when you start missing multiple payments for longer than 60 days, this is when your credit score is really affected.
The highest score you can have is 850, but 600 to 750 is considered a good score. People with 750 or above are considered to have great scores. Once you hit 750 you are grouped with those who have scores in the 800s, which means you are viewed as a very low risk for banks and they are willing to give you lower interest rates and you save money.
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