A good credit score is unquestionably advantageous in any loan or credit application. Credit scores varying from 300 to 549 are considered poor, 550 to 619 are fair, and 680 to 739 are excellent. Is a good credit score high or low? Those with low income can also have excellent credit, while those with high income could have poor credit.
What are the benefits of having a high credit score?
Everyone tries to keep good credit to obtain low-interest loans. It could help you pay off your loans quickly and reduce your financial burden significantly. These can result in a larger loan amount or a greater credit limit on your credit cards.
How can you keep your credit score up?
Your payment past is given nearly 35% weightage in credit score calculations. If you want to keep your credit score high at all times, your repayment history should be flawless. Lenders frequently attempt to verify the breadth of your credit exposure. Having a combination of credit is a positive reflection on your credit report as well as assists you keep a good credit score.
Is a good credit score high or low? A higher credit score indicates that a lender is less risky and more likely to pay on time. Because you have excellent credit, you can well deal with the lender for lower interest rates. It provides a significant advantage when borrowing money from banks and lenders. Aside from better terms, you may also have a better chance of being approved on a credit card application.