Learn everything about good credit report at GoodCredit.com

GoodCredit.com represents an informative website that as the name suggests, aims at exploring one of the most complex subjects of the third millennium – credit cards and credit score ratings. To this end, this modern instrument has assumed the role of financial adviser – a position that has allowed the team of experts behind this platform provide complete sets on information, guidelines and assistance on subjects such as: credit cards, loans, auto loans, payday loans, home purchase, home refinance, credit scores, credit monitoring, credit reports, debit settlement, credit repair, good credit report and many other relevant aspects. However, to begin with it is important to clarify the concept of credit score. A general definition would state that credit scores designate numerical expressions that use statistical analysis of a person’s credit files in order to establish his/her creditworthiness or to be more specific, the likelihood that a person will pay his/her bills. Therefore, lenders such as banks or credit card companies use credit scores to determine which customers are likely to bring in the most revenue.

To summarize, credit scoring is widely accepted as the primary method of assessing if a certain person qualifies or not to credit applications or loans, and if he/she does, this system is also used in setting interest rates and credit limits. Moreover, authentic studies have shown score ratings to be predictive of risk in two of the most important departments: credit and insurance. So, while higher risks determine higher interest rates credits, lower risks attract lower interest rate credits. Over time, the market has implemented different methods to calculate credit scores and to elucidate the definition of what is a good credit rating. Nevertheless, FICO qualifies as the most widely known type of credit score, and it is also the system debated by this expert tool. The system is simple: the FICO credit score ranges from 300 to 850, with 711 being the median FICO score. The credit score is calculated by using several pieces of credit data registered in customer’s credit report, which means that each of these five factors is accompanies by a percentage that accentuates its value or, its consequence: payment credit card history - 35%; amount owed 30%; length of credit history 15%; new credit 10% and types of credit 10%.

The interpretation of credit scores usually varies by lender, industry, and the economy as a whole. However, most institutions including this online source have developed the following chart: any value over 730 is a clear indicator of excellent credit, values that range from 700 to 729 reveal good credits, any value included in the pair 670-699 signals the possibility of high risk, values established between 585 and 699 suggest higher risk credit while any value below 585 indicates the same message: limited credit history and poor credit. To encourage individuals obtain good credit scores, and implicitly, fair interest rates credit, GoodCredit.com has inaugurated informative sections and a customer-oriented learning center that explores essential concepts like: good credit, good credit benefits, how good credit works, how to obtain and maintain good credit, good credit monitoring steps and many other resourceful sections. In conclusion, Good Credit represents a solid instrument that has been designed to educate consumer’s potential. For more information, click here...