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According to the Kelley Blue Book, an independent automotive valuation agency, the average price for a light vehicle purchase in the U. A higher credit score might help you save even more. Like other lenders, credit card issuers will consult your credit score to determine the risk of doing business with you before approving you for a new credit card.
If you want to open a premium travel rewards credit card , you may need good and perhaps even excellent credit scores to qualify. Beyond qualifying for a credit card, your score can also have a significant impact on the APR and other terms of your account. Credit card issuers not only rely on credit scores to help them determine whether or not to approve applications, but they also use scores to set the pricing on the accounts they approve. Take this list of top credit cards , for example.
A card issuer might advertise an APR of The reason for that range is because the card issuer will base the final rate it offers you on the condition of your credit. Defining a specific number that a credit card issuer defines as a good score is tough for two reasons:. Keep in mind that any credit score that a lender calculates for you is based on the same data—the information found on your credit report.
So, if you focus on maintaining accurate, positive credit reports, your credit scores should be in good shape no matter who checks them and which scoring model the company uses. When you work hard to earn a good—or better credit score, the savings can be substantial. The lifetime value of a good credit score can extend into the tens of thousands of dollars. Here are a few examples of how earning a good credit score could benefit you.
Robin Saks Frankel is a credit cards and personal finance writer for Forbes Advisor. Previously, she covered credit cards and related content at other national web publications including NerdWallet, Bankrate and HerMoney. Follow her on Twitter at robinsaks. Select Region. United States. United Kingdom. Michelle Black, Robin Saks Frankel. Contributor, Forbes Advisor Staff.
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Get Started. Featured Partner Offer. Click Here To Apply Now. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards. Welcome Bonus 60, points.
Regular APR Credit applications and new credit accounts typically have short-term negative effects on your credit score. When you apply for new credit or take on additional debt, credit-scoring systems flag you as being at greater risk of being able to pay your bills.
Credit scores drop a small amount when that happens, but typically rebound within a few months, as long as you keep up with all your payments. Debt composition. When public records appear on your credit report they can have severe negative impacts on your credit score. Entries such as bankruptcies do not appear in every credit report, so they cannot be compared to other credit-score influences in percentage terms, but they can overshadow all other factors and severely lower your credit score.
People with Exceptional credit scores can be prime targets for identity theft, one of the fastest-growing criminal activities. Credit-monitoring and identity theft protection services can help ward off cybercriminals by flagging suspicious activity on your credit file. By using credit monitoring to keep track of your credit score, you'll also know if it starts to dip below the Exceptional range of , and you can act quickly to try to help it recover.
An credit score is Exceptional. Get your free credit report from Experian and credit score to better understand why it's so good, and how to keep it that way. Read more about score ranges and what a good credit score is. Editorial Policy: The information contained in Ask Experian is for educational purposes only and is not legal advice. You should consult your own attorney or seek specific advice from a legal professional regarding any legal issues.
Please understand that Experian policies change over time. Posts reflect Experian policy at the time of writing. While maintained for your information, archived posts may not reflect current Experian policy. Opinions expressed here are author's alone, not those of any bank, credit card issuer or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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