3 Things You Should NEVER do if You Want a Good Credit Score
What’s a Fair Credit Score 2020?
In 2020, a fair credit score is considered to be any score in the range of 670 to 739. This range is considered to be in the ‘good’ credit score range, and is the most desirable range when it comes to borrowing money or getting approved for credit cards and other forms of credit. Scores in this range indicate to potential lenders that you are a low-risk borrower, meaning you are likely to pay back any money you borrow on time.
What is a Credit Score?
A credit score is a three-digit number that is calculated based on information from your credit report. This score is used by lenders to determine your creditworthiness, which is a measure of how likely you are to pay back any money you borrow. Generally, the higher your credit score, the more likely you are to be approved for credit and to receive the best terms and interest rates available.
What Factors Affect Your Credit Score?
Your credit score is determined using multiple factors, including your payment history, credit utilization ratio, length of credit history, types of credit used, and any recent credit inquiries. Your payment history is the most important factor in determining your score, as it makes up 35% of your total score. This includes your history of making payments on time or late, as well as any collections or bankruptcies on your credit report.
Your credit utilization ratio, or the amount of debt you have compared to your available credit lines, makes up 30% of your credit score. It is important to keep your credit utilization ratio low, meaning you should not use more than 30% of your available credit lines at any given time.
The length of your credit history is also important, as it makes up 15% of your credit score. Generally, the longer your history of using credit responsibly, the better your credit score will be.
The types of credit you use makes up 10% of your credit score, and it is important to have a mix of installment loans (such as car loans and mortgages) and revolving credit (such as credit cards). Finally, any recent credit inquiries make up the remaining 10% of your credit score.
Why is a Fair Credit Score Important?
Having a fair credit score is important as it is the most desirable range when it comes to borrowing money or getting approved for credit cards and other forms of credit. Lenders consider borrowers with a fair credit score to be low-risk and are more likely to approve your loan or credit card application. Additionally, those with a fair credit score are likely to receive better terms and interest rates than those with a lower score.
How Can I Improve My Credit Score?
If you want to improve your credit score, there are several steps you can take. First, make sure you are making all of your payments on time. This includes payments for credit cards, loans, and any other debts you may have. Additionally, you should try to keep your credit utilization ratio low, meaning you should not use more than 30% of your available credit lines at any given time. Other steps you can take include using a mix of different types of credit, such as installment loans and revolving credit, and avoiding any recent credit inquiries.
-A fair credit score in 2020 is considered to be any score in the range of 670 to 739.
-A credit score is a three-digit number that is calculated based on information from your credit report.
-Your payment history is the most important factor in determining your credit score, making up 35% of your total score.
-Having a fair credit score is important as it is the most desirable range when it comes to borrowing money and getting approved for credit cards.
-To improve your credit score, make sure to make all your payments on time, keep your credit utilization ratio low, and use a mix of different types of credit.
People Also Ask
Q: What is a good credit score?
A: A good credit score is considered to be any score in the range of 670 to 739.
Q: Is a score of 700 considered a good credit score?
A: Yes, a score of 700 is considered to be a good credit score.
Q: How can I improve my credit score?
A: To improve your credit score, make sure to make all your payments on time, keep your credit utilization ratio low, and use a mix of different types of credit.
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