A case for looser credit scores

Your credit score reflects your savvy money-management skills. While no one wants to think about worst-case scenarios, it’s your name on the dotted line – and you’re the one responsible for paying.

While I’m generally not a fan of taking on extra debt without a very good reason, in some cases a new personal loan can help. A late or missed payment can drag down your credit score for up to.

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For FICO scores, a good credit score is 670 to 739 with a higher score being very good or excellent. For VantageScore 3.0 scores, a good score is from 700 to 749 with a score from 750 to 850 being excellent. The best credit score and the highest credit score possible is 850 for both the FICO and VantageScore models.

While credit scores vary, they all typically look at the same information including your payment history, credit history, types of credit accounts, the amount of debt owed, and hard inquiries.

But that’s not the case: credit reports from the three major credit bureaus do not usually contain credit scores. This means if the debt is over $1, it does not matter how much you owe. Instead, the debt impacts your credit score the same way, regardless of how high the dollar amount is. For instance, if you have a debt of $200 and it lowers your score by 50 points, a $100,000 debt would drop your credit score by the same-50 points. court-case number and the reason they have been labeled.

The ONLY Credit Cards You Need: 0-850 Credit Score. Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any offer. For complete information, see the terms and conditions on the credit card issuer’s website.

Credit karma offers free credit scores, reports and insights. Get the info you need to take control of your credit. credit karma offers free credit scores, reports and insights. Get the info you need to take control of your credit.

However, advocates and industry experts are concerned that the new scoring system could ultimately have a negative impact on consumers’ finances and credit availability-and that in any case, lenders.