You're More Than A Three-Digit Credit Score
You’re More Than Just Your Credit Score
Do you know your credit score? Knowing your number and checking in at least once a year is a good practice to get into. Assuming you know where you stand based on your payments or account balances isn’t enough. There are many factors that go into a credit score, and unfortunately, mistakes could happen which can alter your score. That’s why it is so important to check it often and take the time to review it to make sure the information is accurate.
Credit scores are not set in stone, and there are different credit bureaus which will return slightly different numbers. However, they should all be roughly within the same ballpark. If not, you will want to contact them to find out where there may be a discrepancy.
The two most common scoring models, FICO and VantageScores, both use a range of 300 to 850 to rank credit worthiness. Typically, scores between 781 to 850 are considered excellent, 661-780 is good, 601-660 is fair, 501-600 is poor, and anything below 500 is considered bad credit.
Those with good or excellent credit will be easily approved for financing and will be offered lower interest rates than those in the fair or poor categories. People with lower credit scores may not qualify for financing at all when trying to buy a house, car, or big-ticket item. It is sort of a catch-22 since you need to open a line of credit in order to have a chance to increase your credit score. So, if you can’t get approved, and you have not-so-great credit, what can you do?
That’s where Acima comes in. We empower customers and merchants with our No Credit Needed point-of-sale leasing option. Not only that, we report your payment history directly to Experian. Both customers and merchants applaud the speed, ease, and convenience of the Acima application process. To learn more, visit our website or chat with our customer service (Mon-Sat, 7 am – 9 pm). We’re here to answer any questions you may have.