What is the average credit score? What is yours? What is the Average American credit score?
With the recent economic downturn, the average credit score in America is now 692 (as of March 2008). But, the question is whether or not that will get you the best loan rates and the answer to that is probably not. Not anymore. Most lenders have severely tightened their lending standards and now most are requiring a credit score of 720 or better to get the best rates.
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What does this mean for you if you have a below average credit score? First of all, do you even know what your credit score is? If you are like most people you have no idea and you have probably never checked your credit score which is responsible for so many financial aspects of our lives. Your credit score can affect whether you get a job or not, what insurance rates you will pay, including home and auto. Can you imagine paying more in insurance premiums just because you have a low credit score? Your score also affects what rates you pay for all your loans - home, auto, credit cards. If you have a low score, you can improve it by making all your payments on time, not having your credit cards maxed out, not having too many credit cards, and having credit card accounts opened for several years.
What if you have a below average credit score and it's not your fault? How could that be? How could your score be lower by something you didn't do? Two words - Identity Theft. Identity theft is the silent killer of the financial world. It can ruin your credit faster than anything you could ever do on your own. One way to prevent identity theft and protect yourself is to check your credit scores and credit reports and make sure there are no errors and unfamiliar accounts on their that are not yours. Do yourself a favor and check your credit score - you can do it totally free - and see where you stand.
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