Understanding Credit Scores

Understanding Credit Scores

Credit Scores—What the Numbers Mean.

Credit Rating Score
Excellent 750-840
Good 660-749
Fair/Risky 620-659
Poor 340-619

Credit Scores range from about 300 to 850+. When you put in an application to Buy, Rent, or Secure Financing, a low score is less desirable and more difficult for the Lender or Landlord to accept because of the potential financial risk they may incur in working with you.  A higher Credit Score is better overall for all parties. In general, most Lenders and Landlords are looking for a credit score of 650 or higher. In some cases Lenders can work with buyers who have a minimum score of 620.  There are properties available that you may be able to Buy or Rent, even with a lower credit score, however you will need to work closely with your Lending Professional to make sure you meet their criteria. Contact us to discuss your particular situation and we will do our best assist you.

If you have a low credit score and you would like to take steps to improve it, there are many professional groups and organizations that can help you. It is generally believed by people who would do business with you that as a person’s credit score improves, the risk to do business with you decreases.

Here is a list of things that may affect your score:

Payment History (35%)—Do you pay on time and in full?
Outstanding Debt/Bills (30%)—What have you not paid off yet?
Credit History Length (15%)—How long have you had credit?
Recent Credit Inquiries (10%)—How often do you get a new credit account?
Types of Credit You Have (10%)—Is your credit to buy a home/car or to finance a TV?
There are three major national reporting companies. Your credit score is often determined by averaging all three or by simply taking the middle score.

Please Contact Us for a free—no appointment necessary—consultation. Our Corporate Offices are located in the Spokane Valley at 524 N Mullan Rd, Ste 101, ph (509) 842-2322,  fax (509)893-2202.

All residential Rental and For Sale dwellings are available on a non-discriminatory basis. We do not discriminate in any term, condition, or privilege of rental on the basis of race, color, religion (creed), gender, gender expression, age, national origin (ancestry), disability, marital status, familial status, sexual orientation, or military status, in any of our activities or operations, which include the marketing and rental of residential dwellings.

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