What Makes a Good Credit Rating Score?

Ranges of what constitutes a good credit rating score vary from source to source but a good general guideline is as follows:

660-730 is considered a good credit rating score. Having a score in this range will enable you to get reasonable offers from creditors at respectable interest rates.

Above 730 is considered by most lenders to be excellent credit and you can expect to have few problems acquiring financing at the best possible interest rates

520-659 is considered fair credit and you can expect to be unable to obtain an unsecured loan, at least at the lower end of this range. For financing you do obtain, you can expect to pay higher interest rates.

519 and below is considered poor credit and you will have difficulties obtaining any type of a loan – especially if you fall below a 450 score at which point you are in need of getting credit counseling

Some of the factors that influence a good credit rating score include:
- past payment history
- outstanding debt
- how long the credit history has been maintained
- balances of accounts
- Number of credit inquiries and applications.

What Can I Do To Get at Least a Good Credit Rating Score?

There are several things you can do to give a boost to your credit scores. Contact each of the 3 major credit bureaus and get a current copy of your credit report and search for and dispute any inaccuracies or discrepancies. Be sure to check for duplicate accounts, inaccurate balances, payments, etc and get these corrected in writing.

Another key to getting a good credit rating score is not to apply to often for credit as too many inquiries over a short period of time can have a negative impact on your credit scores. Make sure you are making payments on time. Consolidate your credit into lower interest rate accounts if possible but be careful not to max out your credit cards. If you have a decent payment history, ask at least once for an increase in your credit limit.

One very fast method for getting a good credit rating score, especially if you have severely damaged credit or no credit at all, is to open a debit account that acts like a line of credit. Most banks offer this option which allows you to start with a small amount (as low as $250) and to charge on that amount in your debit account. The key to securing a good credit rating score quickly is to be sure to make small payments, never exceed the limit in your account, and pay off the entire amount every month. You’ll rack up a very good credit rating score within a few months, and by the end of the year you can transfer the account to a regular credit account and get an immediate credit limit increase as well.

Again, be sure to make sure all the information on your credit reports are accurate and be sure to get any inaccuracies disputed and corrected. Maintain low balances, don’t miss payments and don’t request credit too often and you’ll be well on your way to obtaining a good credit rating score.