Author: David Peterson

The Best 5% Interest Savings Accounts After a thorough examination of the savings account options available on the market today we concluded on a list of several savings account options that offer interest rates of approximately 5% or more, which we consider to be market leading interest rates. If you’re short on time, we’d highlight the following 4 savings options which had the most attractive interest rates1: Current – 4.00% U.S. Treasury I Bonds – 9.62% Genisys Credit Union – 4.07% T-Mobile Money – 4.00% Each of these options offers the potential to earn an attractive rate of interest -…

Bottom Line: a 671 Credit Score is a Good ScoreIf you have a 671 credit score (or a score a few points above or below) there’s both good and bad news. First, the good news: a 671 credit score is not a bad score; not only is breaking into the 700 credit score range within reach, but practically speaking with a score at this level you can get approved for most kinds of credit extensions.The bad news is that this credit score is still 40 points below the average score in the United States. As a result, lenders will view…

A 645 Credit Score Is Not a Bad Score The bottom line is that while a 645 credit score is still 66 points below the average credit score in the United States according to Experian, it is far from a “bad” score. To illustrate this point we will make use of statistical data courtesy of FICO. The above chart shows the estimated default rate on new loans two years after origination based on credit score. This chart provides some perspective on how lenders use credit scores. Lenders primarily view your credit score as a measure of the likelihood that you…

A 750 Credit Score is a Good Score! A 750 credit score is not only a good score but is the score we believe all consumers should aspire to attain and with time exceed. The reason for this is that a 750 score is high enough to get the green light from lenders for most types of credit applications. Just as importantly, it is also a high enough score to also receive competitive financing rates from these lenders and other benefits. Whether you already have a credit score of 750 or are aspiring to improve your score to this level,…

A 633 Credit Score is in the ‘Poor’ Category A 633 credit score is well below a 711 credit score which is the average credit score in the United States. TransUnion, one of the three credit bureaus in the United States, categorizes a 633 credit score as “poor” because it falls into the 601-657 range of scores. However, a 633 credit score is above several important minimum credit score thresholds for lenders that provide personal loans and also mortgage loans. While you should definitely prioritize continuing to work on your credit score, above the 600 credit score level you will…

Lenders Still Consider a 613 Credit Score to Be ‘Poor’ A 613 credit score is almost 100 points below a 711 credit score, which is the average credit score in the United States. As a result lenders still view this score as ‘Poor’ and not just below average. TransUnion, one of the three credit bureaus in the United States, categorizes a 613 credit score as “poor” because it falls into the 601-657 range of scores. That said, with a credit score in this range you will be able to qualify for most types of credit though the interest rates will…

A 546 Credit Score Is Very Poor Having a 546 credit score places you almost directly in the middle of the possible credit score range of 300 to 850. However, it would be mistake to consider this score as average or anything close to average. Though numerically the credit score is in the middle of the range, it is considered well below average and falls into the “Poor” category of credit scores. According to Experian, approximately one third of people with a 546 credit score have histories which indicate that they have been overdue by at least 30 days on…

A 552 Credit Score Is Problematic The glass half full mindset would point out that a 552 credit score is actually not the lowest of the range of possible scores according to some lenders. As shown above, a score in this range would be considered “Non Prime” by some auto loan providers. Credit Bureaus such as Experian categorize a 552 credit score as “Poor”. But setting aside the approach lenders take to categorizing scores, it is safe to say that all lenders will view a score this low as indicative of you being a riskier than average person to lend…

A 598 Credit Score Is ‘Poor’ But Borderline Lenders will look at 598 credit score as representing a consumer that is likely to default on credit that gets extended to them. The simple fact is that a 598 score falls into the “poor” or “very poor” category, depending on which credit model and credit reporting agency you’re dealing with. For example, TransUnion, one of the three credit bureaus in the United States, categorizes a 598 credit score as “very poor” because it falls into the lowest range of scores. However, there’s plenty of reason to be optimistic: not only are…

A 534 Credit Score Is Clearly Problematic Unfortunately, a 534 credit score is poor by pretty much any measure. TransUnion, one of the three credit bureaus in the United States, categorizes a 534 credit score as “very poor”, as it falls into the lowest range of scores. Most credit bureaus and lenders consider a score at this level to be in the “Poor” category. In fact, according to Experian, approximately 16% of Americans have a score that is lower than 580, so it is fair to say that 534 very likely places you in or close to the bottom 10%…