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what is the ideal credit score

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A strong credit score is one way you can increase your chances of getting approved for a loan and secure a more favorable a rate. An ‘excellent’ credit score will give you the most benefit when.

Some lenders even accept credit scores as low as 500, according to Lewis. Richard Barenblatt, a mortgage specialist at GuardHill Financial Group, said opting for a smaller loan can help buyers with.

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There aren’t any Discover cards that flat-out require excellent credit, currently. But we recommend a score of at least 700, which is toward the top of the good range, for the cards that require good credit for approval. So most Discover cards may be a tough get for the.

The ideal utilization rate is less than 30% of your available credit. If you have multiple cards, try to eliminate the small, lingering balances, too. "One of the items your score considers is how.

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Generally, a good credit utilization ratio is less than 30 percent. That means you’re using less than 30 percent of the total credit available to you. It sounds like a no-brainer, but to achieve 30 percent credit utilization, you should keep your balances below 30 percent of the credit limit.

A low APR is ideal – but it can increase seemingly out of the blue. higher APR. It might take a while for this high interest rate to go back down. Your credit score dropped significantly. credit.

A higher balance compared to your credit limit may impact your credit score. Apply for credit sparingly. Applying for multiple credit accounts within a short time period may impact your credit score. Check your credit reports regularly. Request a free copy of your credit report and check it to make sure your personal information is correct and.

Getting a great credit score is as simple as avoiding major mistakes. Here are three things that can hurt your credit score the most. Nothing is more damaging. That’s far too high — the ideal.

(The same credit score range is needed for most traditional mortgage loans, too – although some special options, like FHA loans, may allow you to get a mortgage with a score below 650.) Look into peer-to-peer lending if you don’t have the minimum credit score for personal loan products.

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