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What should your credit score be?   Don’t be dismayed if it is not as high as it should be.  Simply take the steps to fix it.  It may take time and effort, but it is most important.  Where does your score range? 

A credit score is a number that helps lenders evaluate a person’s credit report and estimate his or her credit risk. The most common credit score is the FICO score, named after software developer Fair Isaac and Corporation. A person’s FICO scores are provided to lenders by the three major credit reporting agencies — Experian, TransUnion and Equifax — to help lenders evaluate the risks of extending credit or loaning money to people.

 

 A person’s credit score affects his or her ability to qualify for different types of credit and varying interest rates. A person with a high credit score may qualify for a 30 year fixed-rate mortgage with 3.8% annual percentage rate (APR). On a $300,000 loan, the monthly payment would be $1,398. Conversely, a person with a low credit score, assuming he or she qualifies for the same $300,000 mortgage, may pay 5.39% on the loan, with a corresponding monthly payment of $1,683. That’s an additional $285 per month, or $102,600 over the life of the mortgage, for the person with a lower credit score.

Unfortunately, we don’t start with a clean slate as far as credit scores are concerned. Individuals have to earn their good numbers, and it takes time. Even when all other factors remain the same, a person who is younger will likely have a lower credit score than an older person. That’s because the length of a credit history accounts for 15% of the credit score. Young people can be at a disadvantage simply because they do not have the depth or length of credit history as older consumers.

Factors that affect your credit score:  READ MORE…

http://finance.yahoo.com/banking-budgeting/article/113747/credit-score-should-you-have-investopedia?mod=series-m-article-c

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