Credit Scores

Written By Aaron Sarentino
Feb 24, 2018
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Credit scores significantly impact your financial and personal lives.  When your finances and credit scores are in good working order, you can rest easier knowing that your financial future is more secure. Learn the difference between credit score vs credit report.

Credit scores range from approximately 300-850. See our article about loan breakdowns.

Here’s what they mean:

(Keep in mind that these are approximations)

  • 300-550 Poor May not be approved for loan, check with lender
  • 550-620 Subprime Higher interest rates
  • 620-680 Fair Rates will vary here
  • 680-740 Good Better rates
  • Approx. 740 + Excellent Best rates

What It Means

Your credit scoring dictates if you are approved for a loan and the interest rate you will be paying on it. If you have a credit score in the 300-550 range, you would want to work on improving that score so that you don’t shell out more money over the life of a loan you may need. Even improving your score by a few points can save you a lot of money down the road.

You may still be able to apply for and get credit at the lower levels, but you’ll certainly pay more in terms of interest and/or down payments. Learn how to clear your credit score and what is a FICO score.

What Lenders See

Keep in mind that lenders not only look at your credit score when making a lending decision; they look at your current assets, debt-to-income ratio and your capacity to repay the obligation. Your credit score basically determines how trustworthy you are or not.

Learn more on how to start building credit.

Fear & Loathing

Incidentally, many people resist checking their credit scores unless they absolutely have to. While some people have excellent credit scores and know how to keep them within an acceptable range, many of us have average or poor credit scores or worry that we will be denied if we apply for credit.

In this case, as it is with so many important things in life, avoiding the situation does not make it go away. Credit scores can improve with effort! Checking and understanding your credit score is the first step. Then making regular on-time payments for current loans makes for a good night’s sleep and clears the path for smoother major purchases and less financial bumps in your future. Does making minimum payment affect credit

Continue reading with our posts on what is a credit report, a maxed-out credit card, denial of credit, what is a credit card, what is the Fair Credit Reporting Act (FCRA) and credit relief program.


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About Americor

Americor provides debt solutions to thousands individuals and families all over the country. We’re a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly. Together we’ll develop a strategy for you to enjoy a debt free lifestyle. Learn more about how Americor can help relieve the burdens of debt today.

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New Clients:
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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

Americor Funding, LLC (18200 Von Karman Ave, 6th Floor Irvine, CA 92612) is fully accredited by the Better Business Bureau (BBB), the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA). CA Department of Financial Protection and Innovation (DFPI) License # 603K913.

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