769 Credit Score

Having a 769 credit score might be good and some could even say great. This is an exceptionally high credit score to have and it shows you truly care about all that you have bought on credit, paid them off on time and have kept up the payments on those too. Having such a score might make life easier for you in terms of finances and also let potential creditors know that you are someone who can be trusted. Is 769 a good credit score? The seven different credit scores available can have a major impact on the interest rates that are offered to you. Having a low one will make getting loans much more difficult. It would then be far more advisable to get a higher number if you can. There are a few factors that go into the calculation of your particular credit score. These include the total amount that you owe, your previous records, your level of debt and also whether or not you have ever filed bankruptcy. If you only have a score of 769, it shows lenders that your debt has limited risk and you would most likely be offered the lowest interest rate available. Having a lower number means that your chances of defaulting on the loan are low. Lenders will feel more secure offering you the loan and they will also give you longer terms to repay the loan which can save you quite a bit of money. If you own a home, the value of your home will also be factored in to determine your overall credit utilization. Most mortgages have a limit on how much of the house you can use as collateral. The higher the value of the house, the lower this number is. If you owe a lot on your mortgage, you can use this as a way of lowering your monthly payments. If you have lower monthly payments because of a good credit utilization ratio, lenders will feel more confident about approving you for a loan. If you need loans for major expenses such as a vehicle, you can use your cash flow from other investments to help you obtain the lowest interest rates. You can do this by building up equity in your vehicle. Any savings you may have can be used to increase your credit scores as well. Most people will find that the money saved through good credit scores and the use of cash can pay off the loan completely by the end of the term. It is possible to find this type of deal when you are looking at auto loans. Another way to obtain lower interest rates when you are looking to get loans is to have a low income ratio. Having a ratio of less than 60 percent means that the amount of money that will be lent to you will be based solely on your ability to repay it back. Having a good credit score and an income ratio close to or even slightly higher than this will ensure that your application will be approved. When you have both a good FICO score and a high percentage of your income going directly to paying back loans, lenders will be more willing to offer you lower interest rates on the money you need.