Credit Report Score Chart

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When I apply for loans and tell the creditors what my credit score is they still run my credit. All the reports I read talk about the imporatnce of knowing your credit score and that's fine. But what's the importance of knowing my score when the creditors run it anyway? Also, how do we know that the rates that we qualify for are true based on ourcredit score? Is there a chart tat we can put our credit score up against and it tells us what rates we qualify for?

Best Answer

Creditors can not simply take your word as far as your credit score, besides a whole lot more then score goes into deciding weather someone gets approved for a loan or not. I look at credit every day and see people every month with scores over 700 that can not buy a car because their score is made up of one credit card with a $500.00 limit paid 15-times and a couple of student loans. While this generates a great score it doe's not show the ability or the willingness to actually pay anyone. To have the best score and profile you will need 3 credit card accounts (revolving) with balances below 30% of your credit limiat and 2 cars, boats, homes, funriture or personal accounts (installment) all with good long pay history's.