What your credit score says about you makes a difference to some, and less to others
We keep saying that “you are not a credit score number”. You are a real, live, human being. You have a past and a future, and you have a story that you are living right now.
Some people think they know you by your credit score. Like reading a book by its cover. Especially big banks, or online lenders. The truth is, your credit score may be all a big bank or online lender will ever know about you.
Have you ever wondered what your credit score is telling others about you? We did some research to find out. Here is what we found:
Your credit score ranges from 300 to 850, and is typically based on numbers such as payment history, total outstanding debt, how long you have had credit, and even whether you have incurred new debt recently.
Very Good and Exceptional Credit:
Very Good to Exceptional Credit is for those with a credit score over 749. This usually guarantees credit approval and access to lower interest rates and higher loan amounts. Only about two out of every 10 shoppers have exceptional credit, so don’t be too alarmed if you don’t have a number this high.
Fair/Good Credit makes up a large percentage of borrowers, almost 40%! These folks have scores of 580-739, and this is where things can get interesting. If you do get the loan, it may come at a higher interest rate. Or you may get the loan but only qualify for lower loan amounts. Be careful, because some lenders can make you feel they are doing you a favor by approving your loan, but with an inflated rate. If you are in this credit score range, it pays to shop around, and to consider a smaller bank, or a local community credit union like the Ashland Community Credit Union in Ashland Ohio.
Poor Credit Score:
Lower than 580 is considered Poor. Again, this is where being able to tell your story matters. Bad things can happen to good people, and we realize that. You really need to find a local option who will hear you out, and make a decision based on merit, not just your credit score. At the Ashland Community Credit Union, we want to give you a loan unless you can talk us out of it!
At local banks or community credit unions, such as the Ashland Community Credit Union, it’s easier to get to know someone based on their merits and story, rather than just by a number. That means it may be easier, cheaper and better for you to get a loan from a smaller, more local and personal option.
Call the Ashland Community Credit Union today and tell us your story. If you think you won’t qualify, let us try!