how many points make a good credit score

Users of various types of financial products, from credit cards to mortgage credits, From a loan banking or a phone plan, going through the automotive credit among others, they know that the way they handle the use of these services is recorded in the Credit bureau and that their behavior with payments is reflected in the Credit score in the form of a rating.

What does my credit score have to do with being approved for a loan?

To answer this, you must understand what the concept of the Credit Bureau consists of, how the credit score is set. When you contract a loan, a payment structure is agreed that you must follow, with the amounts and dates established in advance. As long as you comply to the letter and do not delay, the better you will be in the Bureau.

Paying as agreed from the beginning is the key, because if you are late or pay different amounts than the one that is programmed because of that there is evidence in the database, and the final score will resent those behaviors negatively.



In addition, the regularity with which you process new credits has an impact, also taking into account the current financing as those that have already been liquidated, and what were the Payments thereof.

This means that, if your payments are irregular and you also request a lot of credits, the score will go down and with it your line of credit may decrease or even that new loans have a higher interest rate to compensate for the risk of extending the loan. product.

My ideal credit score

Basically and for the best of cases, the best score you can aspire to is your Credit Bureau is a Score of 760 points, which is possible only in periods of more than one year with good credit management.

This is because you must verify that over the course of at least 12 months you meet your financial commitments to the letter, and that you are a good debtor who does not run major risks to grant financing when requested.

Although that is the best rating that users get, it can fall into one of the four categories that are ordered according to the behavior of each person and their subsequent rating:

Bad. From 456 to 550 points, it indicates to financial institutions that you have overdue debts and they may decline your request.

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Regular. From 551 to 630 points it shows that you have had delays in some financing, which can make it difficult for some loans to be approved, or in any case they are more expensive.

Good. From 631 to 680 you still have to continue to be fulfilled with each payment without going beyond the established dates and with the total that is requested at that time and not requesting financing at all times so that your rating improves and goes to the last category.

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Excellent. From 681 to the maximum of 760 this is the best score range to place if you are looking to use your credit in favor. Without delaying or paying less and carrying that habit over a year will be the best possible rating and the best guarantee that the doors will be opened to better financial products.

Thus, using your credits as a tool to achieve specific objectives instead of reaching the next fortnight is how you can meet your financial goals.

For more information on this and other topics, visit the Credits section of My Pocket.

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