There may be many versions of what can be considered a good score. However, it is believed that a good credit score is about 690 or higher. This is measured on the 300-850 scale that is the main scale that is into exis by FICO and VantageScore.
You can assume that scores that are in the range of 690 and 719 are not bad scores for a credit that is deemed acceptable and appropriate for future dealings. After 720 you are in the league of excellency, and 630 to 689 are also fairly fine.
679 is the average score that most people have when it comes to VantageScore model. 704 is the average score given that the FICO score model is kept in mind. This is an indication that on average, all is well in the average of the country.
What should be your score as per your age?
| Age of the people | Average score that should be achieved |
| 31 – 40 | 680 |
| 41 – 50 | 690 |
| 51 – 60 | 710 |
| Sixty onwards | 750 |
How hard is it to borrow with a score of 450?
It is not easy to borrow with a score that is around 450. There are many reasons for it and a student loan will be doable at such a time but not other loans. For example, you cannot buy a house with it, cannot opt for mortgage etc. You can get better options with a score above 500 though for sure.
How can you increase your credit score with a hundred points in a month?
You can do this by taking out a print of your report. Then see how many negative accounts are present, make sure you are eliminating the negative items with all your will. Put relevant disputes and make payments.
Five ways in which you can give good boosting to your Credit Score and gain at least fifty points
Make sure that errors on your report become a matter of dispute
Ensure that your credit card debt is definitely being paid down.
Make sure that timely payments are being made.
You can also ensure that someone is making you an authorized user.
What should be your credit score in order to buy a car?
In order to buy a car you should be having a score of 500 and this will help you also show a better image of you. You need to rebuild your credit if you lost the plot in the middle because your credit score will later help as well when you are raising a family.
You will always have a chance to rebuild and eliminate negative items. 710 was the average score of last year, which was the year 2020. This year the scores should be looking worse, given the pandemic, because it has worsened the financial situation of a lot of people. However, one must make sure they are keeping tabs on the report and not letting this be. Try on Dkrgroupfunding
Read More: How to Get a Good Score after Poor Rating
Apart from that, if you are interested to know about know about credit scores for mortgages then visit our Business category.
