As you improve and build your credit score, it’s important to know what you’re trying to achieve. And that means you need to know what score you need to gain access to different credit products.
As part of our credit countdown to 2018, here are the different credit products you can gain access to as you start to build and improve your score:
What you can get with credit score of 500+
- Standard credit cards with low credit limit, no rewards, no membership fees, and no prepayment
What you can get with credit score of 620+
- Fannie Mae and Freddie Mac approved mortgages with fixed rate loans
What you can get with credit score of 640+
- Major cell phone providers usually look for a minimum score of 640 for monthly cell phone plan approval
What you can get with credit score of 650+
- Utility bill without paying deposit
What you can get with credit score of 680+
- Preferred auto financing from the manufacturer and which is often subsidized
What you can get with credit score of 690+
- Best apartments, with good apartments often requiring a minimum credit score of 690, and excellent apartments with credit scores starting at 720
What you can get with credit score of 700+
- Better credit cards, including those with rewards programs such as points and cash back, and lower APR to save on interest
What you can get with credit score of 720+
- Most lenders require a minimum score of 720 for approval of a jumbo mortgage
Having a good credit score is essential if you want to apply for a loan, be approved for a low mortgage rate, end your need for prepaid phone service, and in general, change your life. Also, did you know that if you are one of the 100 million Americans paying rent, solutions like RentReporters can help you build and improve your credit score by reporting your on time rent payments to TransUnion.
Get ready for 2018 the right way by taking control of your credit today.
For more information on RentReporters, visit here.