Melville, New York

Frequently Asked Questions About Your Credit Score August 27, 2018

Melville, Suffolk County
Frequently Asked Questions About Your Credit Score, Melville, New York

Your credit score is an indicator of your financial health. That’s why most lenders look at your credit history in detail when you apply for funding, whether you’re after a credit card or a loan for an expensive purchase. The credit counseling professionals at You're Approved in Melville, NY, offer the following information to help you better understand your credit score.

A Credit Counseling Service Answers Your Questions

1. What Is a Good Credit Score?

Anything above 660 is considered a good credit score and a rating above 781 is superior, which means you’ll likely be approved and may also receive better interest rates. A score of 601 to 660 is considered average, and scores under 600 are considered to be poor or subprime.

2. Will Canceling My Credit Cards Improve My Score?

Establishing credit is as important as maintaining a high score, as people with no credit history are viewed as risky. If you have multiple credit cards, you should consider closing those you don’t use. However, refrain from canceling credit cards you’ve had for an extended period, as well as those with high credit limits.

3. What Factors Go Into My Score?

credit counselingThree main factors are considered when calculating a score: active financial accounts and loans, public information—such as tax liens—and lender inquiries. Each of the three credit reporting bureaus may calculate a slightly different score based on their reporting procedures.

4. How Can I Improve My Credit Score?

The best way to improve your score is by paying bills on time every month. You should also pay off outstanding balances on credit cards instead of making the minimum payment. If you notice any inaccurate information on your credit report, contact the credit bureau immediately to have it removed.

Whether you want to sign up for your first credit card or are rebuilding your credit, credit counseling can help you establish good financial health. You're Approved can help you rebuild a less-than-stellar credit score, so you can get approved for lines of credit and loans. Schedule a consultation in Melville today by calling (631) 683-3303. You can also learn more about the full listing of credit counseling services by visiting the website.

Other Announcements, Events and Deals from You're Approved
4 Tips for Buying a Car With Bad Credit, Melville, New York
A poor credit history makes the car loan process much harder. Before you buy, there are steps you can take to repair your credit, such as reining in problem spending. Whether the iss...read more
3 Tips for Building Up Your Business Credit Score, Melville, New York
Whether you’re launching a new startup, expanding your product line, or hoping to enter a new market, the success of your venture might depend on having a positive business credit pr...read more
3 Common Credit Card Mistakes to Avoid, Melville, New York
Credit cards can be fantastic financial resources, giving you the flexibility to handle emergencies and the tools to build your credit rating. However, they also make it easy to...read more
How to Boost Your Credit Score Without Taking on New Debt, Melville, New York
If you’re working on rebuilding your personal credit score, many advisors and articles online will suggest taking on new debt to demonstrate your financial responsibility. While havi...read more