The importance of having a good credit score has over time been popularized and many people do not understand having a good credit score affects beyond the credit card reports, a credit score has impacts on every financial history, it determines the kind of house to be rented and impacts the career of the individual as the employers are now interested to check on the credit score of employees before hiring. Having a 650 credit score can be considered fair as it falls in the gap between 300-800, many of the people who are in this bracket are considered to be subprime borrowers who upon asking for loans are issued at higher interest rates and are considered to have less deals in terms of the loans given and credit card limits.
One of the critical features note the focus for individuals at 650 needs to be ensuring they are able to go up the scale in order to enjoy the benefits that are availed to individuals who have at least a 850 score, for the person to ensure they are able to reach the score of 850 it is crucial to first rectify the payment history. Paying the credit bills on time and making the needed loan payments on time helps an individual to rectify their credit score and be able to not only stay on the right side of finances but also be in a position to increase chances of expansion in the loan limit. It is important to explain some of the bad habits that make an individual to have a bad credit score as missing the needed payments, paying less than the required minimum account or making payments, with such a trend the chances of further destroying the individual are even higher.
Money experts have over the years explained having huge debts is a critical factor as it have direct negative impact on the credit score of the individual, with the employees getting interested on the employee’s credit limit means that the employees need to reduce on the total number of debts being taken by the employees in order to increase their credit score. Lastly, to just emphasize often there are some financial information when they become public knowledge significantly affects the individuals lifestyle, it is then critical to reduce instances of bankruptcies, civil judgment, tax liens as they can appear on the credit limit which significantly can harm the credit score. There is always time for an individual to correct their credit score before it is too late and there is nothing much that can be undertaken by the individual.