Understanding Your Credit Report Score

Most of us are familiar with the fact that we have a credit report which is maintained by a number of different credit bureaus including the big three of Equifax, Experian and TransUnion. Most people also know that the data contained in these credit reports is used to calculate your credit score, which is often referred to as your FICO score. However, understanding what your credit report score means may not be quite so easy. In simple terms your score will normally be somewhere between about 350 and 850 and the higher your score the better. With a score of more than 700 you should not generally have any problem getting credit. If however your score is below 600 you will find that a lot of lenders will decline your application automatically. A score of between 600 and 700 puts you into something of a gray area and lenders will generally look in more detail and your application before deciding whether or not to extend you a line of credit.

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