I begin this article with some ways to help you discern [.spin] how to protect your credit rating and your overall credit history. This should be one of the most important [spin] aspects of any individual due to the fact that a good credit rating is essential for so many areas in our daily life and it is not just about getting a loan. Whether it is a bank loan, a mortgage loan, or finance company loan it takes a decent credit rating. Not only is good credit rating needed to secure these loans mentioned but it is also need when applying for homeowners insurance, car insurance, credit cards, and also employment. So many companies, not just financial institutions pull potential employee’s credit Rating.

I will list some things that will normally calculate a good credit score. It does not always mean that it is impeccable and sometimes there could be a small medical collection, but the score will still be good without recent derogatory accounts. A fair credit score is normally around 600-640; a good credit score is 660- 680 (+-) and an excellent credit score is 700-800 (+) and higher. I am only giving you an estimate and this is not written in stone, it is just an example of how these scores range. There are other facts in which the bureaus weigh the credit information. It does not mean that these are conclusive; but it is similar to what an underwriter sees on a daily basis. The credit score does not approved any loan solely. It depends upon what is on the credit report. If there are derogatory items which are prohibited for the loan transaction, that of course, is evaluated. Loan companies prefer their clients/potential employees have no derogatory ratings.

Admirable credit with an excellent score on an average is someone who has no 30 day late payments, no collections, no charge offs and no judgments. They can have installment accounts, revolving accounts, mortgage accounts and open note loans with at least a 24 to 36 month history or longer. They usually have substantial paid in full account that give a satisfactory credit rating. Higher scores indicate that revolving accounts have an average balance much lower than the high balance. This indicates that the individual is substantially decreasing his/her debts and not charging to the maximum. With that said the credit report can look something like this:

• all payments paid when due or prior to; as agreed
• Keep revolving charges at a (minimum)balance lower than the high balance and not maxed out or paid off monthly
• Usually have a number of paid as agreed accounts which have been paid in full
• There is usually a mix of installment accounts and revolving
• There is usually at least a 36 month history (+-) to review without any delinquency or adverse credit
• Usually there are at least 3 to 4 open trade lines when pulled with a minimum of a 12 month history
• Report does not show a lot of credit inquiries

This is not absolute that all reports will look exactly like this. As all individuals differ, so do their credit transactions and therefore their credit rating. Sometimes there may be a slight delinquent account that was long ago or is not significant…This is merely a guideline. 680 to 700 scores are good scores and normally meet most institutions guidelines for making a loan. I have seen it listed that these were fair scores; I refute because if you have these scores normally you have sufficient good credit trade lines within the past 24 to 36 months without late payment , some times maybe a scattered issue here and there but not extremely bad. It is only a big bonus for lenders when they see 780-850 score. As stated this is not something that is written in stone but is fairly consistent. It usually ends up most of the time it is either average credit with spurts of excellent credit. As an underwriter with review of credit and loans, most score are the low 800’s and below.

When you get into the low 600’s and lower, you find weak credit with late payments, collections, or judgments etc. Again, not always, sometimes it can be lack of credit or no significant current credit to score. Normally there must be current open accounts or recently paid off accounts to complete a scoring process.

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