A Good Credit Score - Do You Have One?

There are many confusing and conflicting criteria for determining where you fall on the sliding scare of credit worthiness in our plastic society. And quite frankly, as I write this in late 2007, what you can get approved for today is VASTLY different than what you would have qualified for even 1 short year ago. But the good news is that most of the basic benchmarks have stayed the same for most of mainstream Americans, so unless your score is VERY high (in which case you probably have other worries in life than money. :-) or VERY low, wherein even liberal lending policies weren't really helping...the following is a pretty simple guidepost for where you will find yourself in the loan approval process.

If your score is in the 700's - you are in good shape as a general rule. 720 and up is almost ALWAYS A grade paper which means you should qualify for the best rates amongst many mainstream lenders. Occasionally you will find recent lending restrictions have bumped this up a LITTLE bit. But just shop around.

The high and mid 600's is where most of the recent credit crunching is going to hurt. This used to be considered A-, which means you would possibly pay a point or two depending on your employment history, etc...But today, right now in December of 2007 you might find some lenders will disappoint you even here. Anything significantly below this and you will start to be commoditized....The average score is a mid 600 - depending on the source of info, anywhere from 640 to 680. Don't worry, you WILL get funding here - but, you MIGHT want to wait a little bit longer until the housing market corrects before jumping in. It's a volatile time to sell, that's for sure - I know myself because my home is on the market! Good luck and don't forget to ask if you have any more questions!

Stop! They are LYING their rear end's off about YOUR credit score! Read on to learn the real truth about good credit... and how you can STOP once and for all the malicious MYTHS, major misinformation and DIRTY deception they WANT you to believe.