For a score with a range between 300-850, a credit score of 700 or above is generally considered good. Some, including Barclaycard, Capital One, GE Money and MBNA, share the amount higher credit scores you repay too (if it’s the minimum, or if you repay in full) and whether you’ve a promotional deal (plus if you use credit card cash advances, which you NEVER EVER should).
Credit scores are used by lenders, including banks providing mortgage loans, credit card companies, and even car dealerships financing auto purchases, to make decisions about whether or not to offer your credit (such as a credit card or loan ) and what the terms of the offer (such as the interest rate or down payment) will be. There are many different types of credit scores.
Now comes a survey from Discover Financial Services and Match Media Group, parent of Tinder and other dating sites, that shows just how appealing a good credit score can be. Financial responsibility was ranked as a very or extremely important quality in a potential mate by 69 percent of the 2,000 online daters surveyed.
Avoid certain types of credit that insurance company credit-scoring models penalize you for: department-store credit cards, instant credit offered by stores to move big-ticket items; credit accounts from your local tire dealer, auto-parts store, or service station; and finance-company credit, including retailer credit cards.
The credit scores want to determine: 1) the amounts owed on all accounts, 2) the amounts owed on different type of accounts e.g. credit cards, mortgages, car loans, student loans etc, 3) whether you have balances, 4) how many of your accounts have balances, and 5) how much of the installment loan do you still owe vs the original amount e.g. car loan.