Best Credit Score

Following a world wide recession that still seems to be virulent in North America and some parts of Europe, having the best credit score is not something that is simply preferable but it has become essential, particularly if you are looking to get on the housing and real estate ladder or borrow any cash.

Having the best credit score is imperative if you want to buy a product on hire purchase, get a mortgage, borrow small amounts of money, take out a credit card account or open a bank account that has many advantageous offers and features. In the US measuring your financial worthiness uses a 3-digit number (100 to 999) to indicate if you are someone with the best credit score or a person with little or no credit worthiness.

During the housing boom years leading up to the financial and economic crash, it was possible to get a mortgage loan from any of the real estate lenders with a score over 700. Yes, anyone with at least 700 was considered to have the best credit score and many were offered loans on real estate. Some lenders even offered mortgage loans to people with very little credit score. Imagine having 500 as your best credit score, yet still securing a mortgage deal from a lender? Amazingly in the years pre-2008 this is exactly what was happening, and not just in the US and Canada but across many parts of Europe too.

Nowadays, of course if you can say your best credit score is around 500 or 600, you won't have much chance of even being approved for a short term loan, unless it's under £200 ($300), so having the best credit score you can possibly achieve has now become a very important factor for those that want to rent a new home or take out a new mortgage.

In the US some of the biggest mortgage lenders have demanded borrowers have a best credit score of around 630 (previously this was around 570). People with the best credit score are happily getting balance transfers, new credit cards with 0% interest offers and great deals on loans too. If you do not have the best credit score you may find insurance companies can raise their premiums and penalize you or a landlord may decide you won't be living in that apartment you so wanted, all because you did not have the best credit score.