If you want to rent an apartment, finance a car or qualify for a mortgage, having a good credit score could make the approval process much easier (and more likely).
The range of credit scores runs from 300 to 850 and simply put: the higher your score, the better. Scores under 600 may make it difficult to secure a line of credit, while scores between 600 and 700 may only allow for loans at a higher interest rate. Scores of 700 and above are considered “good”, and scores over 800 are considered “excellent”. Those who have “good” or “excellent” credit scores are more likely to qualify for loans and receive favorable terms, like lower interest rates and flexible repayment periods.
If you have a high credit score, you shouldn’t have any trouble securing your line of credit. If you’re on the lower end of the credit score range, applying for credit might be more complicated, so it's good to know what to expect before you begin. Don’t be discouraged though: it’s never too late (or too soon) to take steps to repair your credit score.
Your credit score is based primarily on the following factors:
Being proactive about your credit health can put you at an advantage when making major purchases. If you’re actively trying to improve your credit score, explore credit card options that allow you to check your score as often as you like. The U.S. Bank Visa® Altitude Go card gives you unlimited access to information about your credit score. Learn more about how to build and maintain a good credit score.
Have more questions about credit? Make an appointment with one of our bankers and make sure you are on the right track to good credit health, or learn more about the Altitude Go card and how you can keep track of your credit score more easily.