What is a benefit of having a good credit score?

Home Forums Credit Reports & Scores What is a benefit of having a good credit score?

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    Jordan Moore
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    #8765
    Team StellarFi
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    If you are looking at the FICO® score range, then any score from 670-739 is considered a good credit score. Any score from 661-780 is a good VantageScore®. Having a good credit score indicates that you have a good credit history. The higher the score, the better your chances of getting a credit card approval, low-interest rates on mortgage and other loans, and/or a higher credit limit. People with good credit scores are considered low-risk borrowers.

    Different credit reporting agencies or credit bureaus can give different results because all creditors do not report to the same agencies. Most report to all three agencies – TransUnion®, Equifax®, and Experian® – but some may only report to one, others, or none at all.

    Also, different lenders have different criteria for granting loans and credit cards, so the information they require from the credit reports may also be different. A good credit score does not guarantee the best credit deals, nor does a bad credit score guarantee a rejection. It depends on the factors the company or lender considers important.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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