Why You Want A Good Credit Score More Than Ever

The fact is a good credit score is something that is defined by the person looking at your score.  Meaning it is the lender who decides if your credit score is considered good.  Though most would agree 700 plus is usually considered a good credit score.  

But what has this new credit crisis done to the lending process and your credit score?  It really has started to change the playing field of lending.  The creditors in this country are tighting down their lending restrictions.  Where it seemed like the majority of people qualified for mortgages now it is going to be tougher.  This is with good reason.  Most of foreclosures out there are becuase people really weren't credit worthy enough to qualify for a mortgage.  Or a mortgage as large as they got. 

So that is leaving you wondering what is a good credit scoreIs 700 a good credit score?  Well, you should be fine around this level.  The average American is somewhere around the 680 mark.  This makes you better than average. This will always help your chances of getting approved to get a loan.

Being at this level tough doesn't gaurantee that you will get the best interest rates.  For that you will need to have an excellent credit score which is going to take some time.  There are many credit tips you should try to utilitlize to get there and be thinking of your credit standing frequently.