Boost and Improve Your Credit Score

Once you get your credit score, it is beneficial to know where your credit score falls on the total range of credit scores and whether it is sufficient to qualify for different types of credit; otherwise you mat y still need to improve.

The table below shows the percentage of people that fall within the various ranges of FICO scores.

Credit Cards

To qualify for a credit card you usually need a credit score of 660. With a lower credit score or even no credit, you might be eligible for what is often called "bad credit credit cards" but frequently these are either secured credit cards or prepaid credit cards. Boost or improve your credit score to a 740 and you will qualify for a credit card with the lowest interest rates and the best deals on balance transfers, cash back cards and travel reward cards.

Home Loans

In today's economic climate, a FICO score of 620 is commonly the minimum credit score you must have to meet the criteria for a home loan. With a FICO score of 620, you will not be eligible for the lowest rates. At today's interest rates, you ought to be able to get a loan at around 5.9%. Increase credit scores to a 760 or higher and you can likely get a mortgage at today's rate of about 4.3%. If you compare that to the 5.9% that you would pay with a credit score of 620, you can save tens of thousands of dollars over the life of the loan.

Auto Loans

To get the most favorable terms on an auto loan you would need to increase credit scores to a 720 or higher. It is possible to be eligible for an auto loan with a credit score of 500, but it will be extremely costly. With a 500 FICO score, you are looking at a loan at 19.1%. On the other hand, a 720 FICO score at today's rate could get you a loan at around 5.3%.

Monitor Your Credit Score

Remember to always manage your finances responsibly so your credit score can be as high as possible. Improving your credit score will boost your good credit rating which can save you thousands of dollars a month in lower interest rates and fees. Anytime new information is added to your credit report, your credit score can change. Therefore, it is essential to monitor your credit report on an ongoing basis.

Anyone can improve their credit score with the right tools and information. The Complete System to Repair Your Credit and Boost Your Credit Score covers every aspect of credit restoration so you can build and maintain a healthy credit profile. Act now, and start the process of improving and boosting your credit score Download Today!