Credit Card Credit Score | Why Your Credit Scores Matter To You
When getting a credit card credit score, you’ll need to know for sure what your score is so that you can be approved for a credit card. Having a high credit score will help you with all aspects of life. We’ll go over in detail the things you need to know for getting a high credit card credit score.
Credit Card Credit Score
Why should you care about your credit score? Have an adequate or high enough credit card credit score is more important now than it ever has been. If your credit score is not high enough, you will have to pay more for mortgages, car loans, and even for credit cards. You will also be less likely to get offered a job since companies are doing background checks now. You also may be unable to get certain bank accounts and will likely get denied access to a brokerage account. If you get insurance on your car or house, you will most likely have to pay a lot more.
Many agencies use your credit score to make a judgement without you even knowing and it is increasingly becoming more and more popular. This is why you need to keep your credit card credit score in the best shape possible.
Your credit card credit score is calculated from a number scale from 300 to 850 where the higher the number the better. But for most people, their score is simply looked at as either pass or fail. If you have a credit score of under 600 you will most likely fail and have to have higher interest rates on your credit cards. On the high end of the spectrum, there is a pass or high pass. For example, a score of 800 and above would be a high pass and a score of 700 and above would be a pass. Anything in the high pass range will get the best interest rates possible and pay less for insurance.
Another reason why having a high pass grade will be helpful is that you will get special treatment. Only people who receive a high pass grade will get special invitations and pre-approved lines of new credit. These offer superb terms and huge credit lines. Lenders and banks reserve the very best rates for these people in the high pass range and you can even see no-fee prime rates.
These are some of the best reasons why you need to keep your credit card credit score in tiptop shape. The best range is to keep it at 750 and above because if you do encounter and minor issues that can crop up such as wrongly reported credit lines or unexpected inquiries, you can rest assured that your score will not drop below 700 if you take care of that matter right away.