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Is 700 Credit Score the Magic Number on the Credit Score Scale

By: michael gentleman

A 700 or above credit score is essential in todays credit environment because lenders have dramatically tightened their lending policies. While in past years, lenders were more lenient in extending credit depending on the ratio between an applicants income and expenses, the growing national and international problem of credit defaults has ended that environment for good.

Lenders cannot and will not often risk loaning funds to those people with bad credit scores under 700. Otherwise, their default rates will increase and charge off figures balloon to unacceptable levels beyond those already on their books and which are being monitored carefully as to payments.

These lenders include but are not limited to those issuing credit cards, personal or business loans, car loans and other extensions of credit. Most employers today have a substantial number of applicants for every job opening. This is the result of layoffs in the financial, manufacturing and other industries around the country.

Employers can be particularly choosy when it comes to hiring workers based on their credit scores because unlike race, creed or color, a credit score is not in a protected class for anti discrimination purposes. Most jobs involve handling money, dealing with merchandise inventories or other factors all revolving around finance or financial responsibility. Therefore those will low scores under 700 can simply be declined for these jobs.

You want to make sure you are in the group with a 700 or better credit score to improve your chances of obtaining that highly sought after position. A good credit score of 700 or above also impacts your life in so many other ways. Like employers, landlords can decline or accept potential tenants based on credit scores as a factor without fear of discrimination claims. Likewise, insurance companies will without fail obtain a copy of your credit report to determine if you are an insurable risk.

Whether for car, home or life insurance, a good credit score shows you are responsible in other aspects of your life. Importantly, if you are a current client of an insurance company, they can refuse to renew you if your credit rating deteriorates below that acceptable to the insurance company.

It is clear that a credit score of 700 or above will pave the way, or at least make it easier, as you progress through your personal, family and business undertakings. You will qualify for lower rates, better terms and be able to obtain the necessary extensions of credit, insurance, jobs and residences that are required to maintain a happy family and business life.

About the author:
Mike writes about the credit score scale . If you want to know if a 700 credit score is the promised land and how to get there quickly then visit his website.

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