What’s An Excellent Credit Score? – LoanLove.com Weighs In

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A new guide from Loan Love explains the different credit ratings affect borrowers when looking for a home loan.

LoanLove.com is a borrowers advice website that focuses on providing in-depth information that even the most experienced home owners can learn from, in an easy-to-understand and even entertaining way so that first-time home buyers can also benefit. A recent article featured on the website continues to help borrowers to obtain loans they will love by answering the question “What’s an excellent credit score?” and giving tips on how to improve credit in order to benefit from lower loan rates.

The article starts by saying, “Having a less-than-stellar credit score can become problematic in a variety of ways. For example, it can make getting a loan difficult in addition to making it hard to rent an apartment and expensive to buy car insurance. Not to mention the fact that some employers take your credit rating into account when considering you for a job. Therefore, having an excellent credit rating is important. To learn more about credit ratings, what’s a good one and how to raise yours, continue reading below”

Loan Love goes on to briefly explain what a credit score is and what it means. The guide says, “You may wonder how much of an impact your credit score can have on your life. In short, your credit score can greatly impact many aspects of your life. For example, a good credit score will mean you qualify for the best loans in regards to interests rates and loan terms. Because interest rates can greatly affect a loan payment amount, the interest rate will greatly affect how much money you have to spend each month for your home, car or other important items. This in turn will greatly influence how much money you have available for other things in life, which means overall your credit score can have a huge impact on your lifestyle.”

The article goes on to look at the various credit scores and what they mean for those looking for a home loan. It explains what would be considered a poor, fair, good or excellent credit score then gives some tips on how those with poor or good credit can improve their rating to “excellent”. These tips are as follows:

  •     “Acquire a credit card from a major company (Visa, MasterCard, etc.): Before you go crazy with this tip, it is important to note that using a credit card and keeping a balance on one is two totally different matters. Running up a bill that you don’t pay in full won’t help you build credit. Therefore, this tip takes discipline, but having a credit card you use and pay off monthly is an easy way to improve a poor credit score. A great way to implement this tip is using a card to pay for gas and paying it off monthly.
  •     Get a prepaid credit card: If you don’t trust yourself to use a credit card wisely or just don’t want one, get what’s called a prepaid credit card. This gives you a way to use a credit without the temptation of running up debt as it will only allow you to spend the amount that you have placed on the card and no more.
  •     Be patient: Although it is difficult, it is important that you understand the process of repairing your credit won’t happen overnight. Slow and steady wins the race when it comes to repairing a credit score.
  •     Check your credit score: It is important to make sure that your credit report is accurate. Therefore, checking the three credit bureaus, those being Equifax, Experian and TransUnion, on a regular basis is wise. You want to know if anything incorrect is on your credit report so you can rectify the situation before it damages your credit.

Follow the above tips to improve your credit and thus improve your life situation. Remember, you can do it, so don’t give up!”

For more information on how to improve credit scores, please click here to read the full article on LoanLove.com.

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Kevin Blue
Loan Love
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