According to some stats, women and men come out on the same level concerning the average credit score in the US. The current place holder is score 705. Now some of you might be wondering how both men and women are on the same level, especially since women still have some catching up to do concerning the money a man earns.
Let’s take a look at the credit score models to get a closer look.
The US Credit Score Models
According to the US credit score models, anything below 699 can be either fair or very poor. Anything between 800-850 is excellent. That means, according to the stats, a credit score of 705 is good or very good. Now, you are still going to qualify for credit score products at a lower rate than others, but your qualifications are not going to be as good as 800 credit score qualifications. That means that you are somewhere in between.
The average credit score of 705
- You can qualify for a good lease rate on a vehicle with a credit score of 705.
You can also qualify for a lower mortgage and insurance rate.
- A credit score of 705 can qualify you for better credit card deals and the perks that come with them. Some of the credit cards include the AMEX Everyday Credit Card(0% rate for the first 15 months, then 13-24% after) and the Wells Fargo Propel American Express Card(no annual fee and ranking points).
That is just two examples, but you will see which level you are at with the examples.
You can do a Google search to find information on other cards that fall into that category, including the CITI Double Cash Card.
How Can These Men and Women Improve Their Credit Score For Something More?
That all sounds pretty good, doesn’t it? Some of you are going to be good with that. At least it is not something in the lower range. However, most people want to shoot for something bigger. Most Americans fall into the category of “wanting more”. Most Americans are not satisfied with where they currently are.
You might fall into that category too. According to the Experian site, about 40% of men and women are below the 705 marks. Once again, the 705 credit score is the national average right now. Many fall into the above and below categories.
Increase your current credit score
1) The first thing you can to improve your existing debts. I just did with my balance from last year. You might be looking for ways to pay everything down. Have you ever heard of something called the ” credit utilization ratio “?
The goal is to have your current debt under 30% of your limit. That can be challenging to do when there is always something to buy. We need things on a daily to keep going. It can be done if you plan and stick to your budget(which can be hard for some to do).
2) Another thing you can do to improve your credit score is to apply for a new credit card. Now, some people argue that this is counter-productive(saying that it defeats the purpose).
However, some experts argue in favor of doing that. They argue that you will have a higher credit limit across the board. There is a downside to that. You could have too many open inquiries going on at one time. Those open inquiries can do damage to your credit score. It is like a catch-22. Those experts argue that if you do that you need to research how to do without damaging your score.
Your score of 705 could go down to 450 if not careful
3) Pay off everything on time. That is probably some of the most sound advice you will hear about increasing your score.
Say, for example, you want to buy a $300 item. You look at your budget and find out you cannot afford it. You decide to put it on your credit card. You figure you can pay it off over the next six months without a problem.
That is where some of you make the mistake. I also made the mistake(in the past), s please do not feel bad. Life happens, and other things come up. You figure you will pay it off after the next cycle, and then, something else comes up. Please avoid this trap and pay off everything.
Those of you who cannot afford to pay everything off right away should not buy it. Yes, you might have to go without that item until you can afford it. It is better than going into debt. The main rule of thumb you should follow is: you should not buy it if you cannot afford to pay for cash right there.
Even those who have a score of 705 could use some help. There are a lot of men and women who are struggling right now, even when you have a score of 705. You should always try to aim for something better. The higher your score, the more benefits you get with that score.
How many of you are currently in a hole and trying to find a way out? It might be due to overspending, trying to repair damage to your score, looking to consolidate debt and find a way out, or all of the above. You do have an option. You can go to the official site of the National Payday Loan Relief.
Please visit National Payday Loan relief for information on your current credit score and how to consolidate payday loan debt. Keep in mind, that creating a plan to consolidate debt will help to enhance your current credit score. That way you can make better choices moving forward. Click on their link to find out more.