If You Need A 700+ Credit Score, You Need A Fast Score System

Financial experts tell us that only around 40% of consumers have what is called Prime Credit standing in the industry, meaning that their credit scores from all of the three major credit bureaus are at or above 700. This kind of credit score should be everyone’s goal, since having a score of over 700 means that your score will not be negatively affected by many of the things which can damage a lower score, such as inquiries and late payments.

If you?re one of the 60% of consumers who have a credit score of less than 700 from the three major bureaus, then lenders will look at you as an increased risk and will set interest rates accordingly. With a score under 700, it’s also a lot harder to predict what will affect your credit score and whether there will be a positive or a negative impact. When you apply for a loan, you may find your credit score suffering even if you are approved!

The whole idea of the credit bureaus is to make it extremely difficult to score over 700. Why? Because this means more money for lenders who can then charge higher interest rates. If your score is under 700, then you need to get your score over this magic number quickly using a system which works for you, instead of for all of those businesses who are getting more of your money than they’re really entitled to.

You can help to protect your credit score by keeping your debt to less than 25% of your annual net income. Check your tax return or ask your accountant if you’re unsure of this figure. When you make a purchase on credit, always ask yourself if this is truly a necessity and keep your debt under that 25% limit.

The credit reporting system is inherently corrupt mainly because of who profits from it. Consumer groups for years have been lobbying for reform and in 2004 congress approved the Fair Credit Reporting Act that required credit bureaus to follow certain procedures which in the end did nothing as to the accuracy of the information. The whole credit system is still corrupt or at least unfair because the consumer is guilty until proven innocent. And by the way, it’s still a mystery if the regulators are actually enforcing the laws.

For instance, let’s say that you have a credit score of 600 and you’re applying for a loan. Whether or not your loan application is approved, your credit score drops by 35 points! If you had a credit score over 700, then your credit score would have been unaffected by this inquiry. A fast score system can help you to get your score over 700 so you can avoid all of these hassles.

You should approach credit repair services with caution; they can get some of the negative items off of your report, it’s true ? but this can actually affect your credit score negatively! If you have less than perfect credit, it’s better to add accounts which are in good standing to offset the negative items on your report. You should aim to increase your credit score rather than simply trying to make your credit report look cleaner. A fast score system of some sort is the slick way to get this done quick.

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