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Consumers with 800+ credit score increasing

By Brian Anderson
Published: Tuesday, November 2nd, 2010

05According to FICO report there has been an increase of 2.4 million people to the number of consumers who cradle the score of 599 and below from the past two years. This makes 25.5 percent of consumers unlikely to be good candidate for credit card or loan approval. Also being part of the category that is labeled as carriers of worst credit scores high rates await these people.

Looking at a brighter side, FICO’s report reveals that consumers who have scores of 800 and above have increased. Going further from the average of 13 percent top credit scorers are now standing at 17.9 percent. Certainly it has dramatically increased from the average and it is still good enough even if fell from 18.7 percent before the recession occurred.

There is also some notable difference with the numbers of people who fall under consumers with moderate credit. These people carry scores ranging from 650 to 699. People with moderate credit, as according to FICO report are now down to 11.9 percent. This moderate group historically stands at 15 percent.

Credit scores are defining digits that can largely influence your current and future standing in this credit-leaning world. Most of your life aspect can be influenced by your credit worthiness thus it is important to maintain a good standing. Excellent scores can open advantages and opportunities for you like good chances of being granted with mortgage or car loans with low interest rates. Since your credit history is now being used by employers in deciding if someone suits the position he/she is applying for, having excellent credit score will most likely to get you a job.  These are just some of the ways on how a good credit record can pay back the efforts you gave to establish a good credit reputation.

These advantages opened for us just by having a good credit history can give us ample idea on how bad the situation could be if we were busy the past few years wrecking our credit records. A bad tree bears no good fruit so if your credit score is devastatingly low you now what you will reap.

How people respond to this credit world differ and which ever percentage you belong the best thing to do is to strive for more. Your credit score is important especially nowadays thus you might want to take advantage of the good things excellent credit scores can give you.

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