Kara Miller

                                         SHOULD YOU CARE ABOUT YOUR CREDIT SCORE?

If you can, you should work hard to protect your credit rating; banks and other lenders are becoming more and more picky about who they will lend money to and the terms for less-than-perfect credit are getting more stringent. For example, six years ago, after a divorce a person could buy a house even with a credit score was slightly below the average credit score at that time – about 685. They would qualify for great terms because at that time low interest rates were awarded to people with a rating of 680 or better.

Six years later, with all personal circumstances being the same, the individual may not qualify for that 5% mortgage, as most lenders are requiring a score of 750 or more to get the best rates. That is a jump of seventy points, so as you can see, it is even more important that you keep your credit history clean, make sure your report is accurate, and work to keep your score as high as you can.

So where do you stand? The average credit scores are highest in Vermont, Minnesota, Massachusetts, South Dakota, North Dakota, Iowa, New Hampshire, and Montana. The average credit scores in all of these states are 700 or higher.

The average credit scores are lowest in Texas, Louisiana, West Virginia, Michigan, Georgia, North Carolina, New Mexico, Nevada, Arizona, Alaska, and Alabama. All of these states have average credit scores in the 660’s and 670’s. Please keep in mind that these scores are averages and constantly change.

The good news is that you can increase your credit score in a matter of months. You can start immediately by requesting your credit reports and scores

You will notice that I linked to a government website for the credit reports and scores information. I use the government sites for things like this because the government makes the rules and my life has just been easier when I know the rules.

It's your government too so, use their services whenever you have the opportunity.  ~Kara 

U.S. Government Services