What Is A Good Credit Score Transunion?

This can be useful in such situations as it is a requirement in obtaining credit facilities such as loans, credit cards, and other credit facilities. TransUnion is one of the three credit agencies with individual credit data and numerical credit scores. Well, what exactly is considered to be a good score according to TransUnion?

The credit scores that TransUnion employs are on a scale of 300 to 850, with the most favorable figures being the highest. It is good to have a FICO credit score from TransUnion of more than 700 and it is considered excellent if it is 800 or more.

Here’s a basic breakdown of the TransUnion credit score ranges:

800-850 – Exceptional 740-799 – Very Good 670-739 – Good 580-669 – Fair 300-579 – Very Poor

It can also be noted here that above 700 from TransUnion will be sufficient to secure most loans and credit cards at reasonable interest rates. While a credit score of 600 from TransUnion may be accepted the terms given might reflect subprime scores.

Understanding how your credit score is calculated: What affects your TransUnion score

It is important to note that TransUnion like the other credit bureau agencies does not disclose the exact formula used in arriving at the credit scores. However, we know the following factors impact your score the most:

• Credit Habits – Whether you have been regularly paying your credit cards, auto loans, student loans, mortgages, and other bills without defaulting. This usually constitutes the highest factor of the score, and any form of delayed payment will harm the score.
• Credit Utilization Rate – The total percentage of your credit available to you at the time of issuance of a credit card. Exceeding more than the thirty (30%) percent credit limits can negatively begin to affect your credit score.
• Utilization of Available Credit – Your credit usage in comparison to the total amount of credit available to you through your accounts. It is stated that the older the accounts are, the better the score becomes, and a good mix also helps to raise the score as well. Including a high risk of new accounts, or having one or two types of credits, can bring down this aspect.
• New Credit – This is defined as applying for new credit within a brief period, which will also affect your TransUnion score. This encompasses credit checks when one is obtaining a new credit card, or a loan, subscribing to utilities, or getting a cell phone. Do not apply for credit on multiple credit transactions within any 12 months.
• Unfavorable information on your credit file including collections accounts, bankruptcies, foreclosures, tax liens, or legal judgments, are detrimental to your TransUnion score. You can do this by paying off some debts or disputing items on your report that you believe are erroneous, or, you can simply let the negative items on your credit report get older since credit scores do not consider anything that is more than seven years old.

The Steps to Follow in Checking Your TransUnion Credit Score

You can obtain your current TransUnion credit score and credit report by:

1. By going through the TransUnion’s CreditView through a computer device or their mobile application. This provides you with your score as well as information about your credit accounts, inquiries, collection accounts, and the different aspects affecting your score.
2. Lapointe also outlines common questions that you can ask yourself whenever you are using your free annual credit report from AnnualCreditReport. com. Regarding credit score, they will give you the updated score in your TransUnion report but it won’t give much information on accounts, inquiries, etc.
3. By visiting the website of your credit card company OR a financial institution where you have an account. Most banks and other lenders usually provide free FICO scores based on the information held by TransUnion.
4. Such popular paid credit monitoring services as IdentityGuard, Credit Sesame, and others. Annual or monthly subscriptions allow users to get scores, full credit reports, and TransUnion analysis.

In this context, the ratings offered depending on the source may differ from what you can get using these methods. However, maintaining your score in check from TransUnion is important to be able to determine how your score stands in the good, very good, or even the exceptional category in the long run.

Ways to Enhance Your TransUnion Credit Score

If your current score from TransUnion falls in the fair, poor, or very poor ranges, here are some tips to improve it over time:

• Since it may take some time to build good credit, always make payments on all credit accounts and loans on time each month.
• Reduce one’s credit card utilization as much as possible and keep credit card balances at bay.
• Do not apply for too much new credit over a short period.
• Maintain established credit accounts, credit extensions, and financing portfolios.
• To this end, consumers should eliminate or pay off any negative information on their credit file that is erroneous.
• Handle matters affecting your financial capacity, which leads to a low score.

Such score changes may not be easy to achieve within a short span but may require time and effort to accomplish. To be creditworthy one must take responsible credit management practices like not defaulting payment. Another improvement in TransUnion scores is achieved by not using low balance daily or weekly but instead keeping continuous and low balance accounts for a whole month.

To sum up, the credit score refers to a numerical representation of an individual’s creditworthiness; therefore, it is difficult to define a single good credit score since it depends on the rating scale used by the credit bureau.

Bad credit is not good when it comes to receiving the best offers on loans and company credit cards. The credit score is determined by the TransUnion consumer credit agency; a good score is 700 or above. Anything above 800 is considered great and one will be eligible for better borrowing terms and interest rates. Fair or poor scores need fixing involves correcting elements that hurt your TransUnion credit report to embrace responsible credit behavior in the future. Thus, checks of credit scores regularly are crucial for evaluating your score in the context of the good to exceptional ranges acceptable by lenders.

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