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What is a Good Credit Score For Experian? Finding Out Your Credit Worthiness According to Experian

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Experian is one of three major credit reporting agencies. Located in Ireland, they are a company who provides consumer financial history reports for potential lenders and/or insurance companies. When an individual or business applies for a loan, the lender will want to check their background to find out whether or not they pay their bills on time and in full. Every account you have usually reports on your credit, especially if you pay late or not at all. Lenders are more likely to make a negative report than a positive one, making it even more imperative that you pay promptly. Utility companies do not typically make reports unless you fail to pay. Many times they will make an inquiry if your bill is paid late, alerting potential lenders. If a creditor sees several inquiries from your utility company, then it will let them know that you are paying late each month that an inquiry was made. In addition, too many inquiries will bring your credit score down. Experian keeps track of all of these things and puts them together in a report, known as your credit report. When you apply for a loan, you are giving that company permission to check your statement. It is unlawful for someone to check your report without your permission.

What is a Good Credit Score for Experian?

When deciding what is a good credit score for Experian, they take into account the number of accounts that you have open, your available credit and your debt, whether you pay on time, and whether you pay in full or make minimum payments. If you pay only your minimum payments, then your available credit will be low as the interest builds up on your account. This is why it is important that you pay more than the minimum amount due on your interest accounts. If you pay them in full each month, try to use your card at least once each month to keep the activity level up as good activity helps to raise your score. A good score for Experian is between 750 and 800 or more. Someone with a slightly lower score, such as 700, can usually get approved for a loan, but will pay a higher rate.

Now that you know what is a good credit score for Experian, it is time for you to do something about yours. If your score is already in the 700 range, then bringing it up will not be difficult. You would need to make sure that all of your bills are caught up and paid on time and make a few small purchases on a credit card and pay them off. But if your score is much lower, then you will need to be aggressive at reclaiming or establishing your credit worthiness. This can be done on your own; you do not need to pay hundreds of dollars to a credit repair agency to help you bring up your score. You also do not have to pay off every negative account on your report.

In these tough economic times, your credit score is more important than ever. Even people with seemingly good credit are getting turned down for credit cards and home and automobile loans. It is important to know What is a Good Credit Score for Experian so that they can get the loan they need.

Another thing that is happening is that businesses are being more harsh when it comes to negative credit reporting. Many people have noticed their credit score dropping as much as 200 points in one month just for being late on a few bills. The companies that are doing this hope that this will give their customers a little motive to start paying their bills – and paying them on time.

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