We all know our credit score range is a huge factor on everything we do. It affects every single major purchase, and the difference between a bad credit score and a good credit score can be thousands of dollars in interest that you pay. Most of us are not even sure of what is a good credit score range , we know the higher the better and our knowledge usually stops there. The common credit scoring systems uses a trademarked formula called FICO. FICO credit scores range from 300-850, the lowest being an extremely severe risk to lenders and the highest being the safest bet a lender can make. No matter what your credit score, lenders are basically gambling on your ability to pay back the money they let you borrow.
If your credit score is above 700, you are in a great position, you will usually qualify for the best financing options out there. However, building your score to that level can be challenging and keeping it there can be even more difficult. What affects your credit score the most is your ability to pay your bills and current loans on time. Every time you are late on a bill if negatively impacts your credit rating and it may take months of paying on time for you to recover from that ‘ding’
If you know you are going to be late on a bill, there a few options available to prevent your credit score from slipping. The easiest option is to look for cash advance and payday loans online. These can usually put cash in your pocket pretty quickly and allow you to pay for your bills in a timely fashion. Payday loans will not negatively affect your score unless you fail to repay them, making them the perfect solution for when you need some fast cash.