Is Your Credit Score 720?Posted on November 12, 2010
It used to be that a credit score of 680 was all you needed to get approved for financing through banks and credit card issuers and get decent interest rates. Those days are gone! Now you need a credit score of at least 720 to get approved for loans, credit cards, and mortgage refinancing with the best interest rates.
This 40 point difference in your credit score can cost you thousands of dollars in interest on a typical loan. For example, someone with a credit score of 719 is in the same bracket of borrowers with credit scores as low as 690. On a 36 month car loan, a borrower with a credit score of 719 will pay about $600 more over the life of the loan than someone with a 720 credit score. The amount of extra money in interest on a home loan is even more costly.
How to Obtain a 720 Credit Score
If your current credit score is below 720, it will pay off to call a reputable credit repair company like Trinity Credit Services for a FREE credit repair consultation. Your credit consultant will go over your credit report with you to see if there are any incorrect and derogatory items on there that they can help you get removed. Another smart move is to keep balances on credit cards low and pay all of your bills on time.