What is a Good Transunion Credit Score?
Contents
What is a good Transunion credit score? According to Experian, a credit score of 670 or above is considered good. A score of 800 or above is considered excellent.
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Introduction
A good Transunion credit score is one that falls within the range of 650-699. This is considered a good score because it means you’re a low-risk borrower, and therefore more likely to be approved for loans and credit cards. A score of 700 or above is considered excellent, and a score of 800 or above is considered excellent.
What is a Good Transunion Credit Score?
A good Transunion credit score is any score above 679. Credit scores range from 300 to 850, and a score of 700 or above is considered excellent. Scores between 659 and 679 are considered good, while scores below 579 are considered poor.
Factors That Affect Your Transunion Credit Score
There are a lot of different factors that go into your Transunion credit score. Lenders will look at your score to determine whether or not you’re a good candidate for a loan. Here are some of the factors that affect your Transunion credit score:
-Payment History: Do you always pay your bills on time? Lenders will want to see a history of on-time payments.
-Credit Utilization: This is the amount of credit you’re using compared to the amount of credit you have available. A lower credit utilization ratio is better.
-Credit History: A longer credit history will help boost your score.
-Derogatory Marks: Any negative marks on your credit report, such as late payments, collections, or bankruptcies, will hurt your score.
If you’re looking to improve your Transunion credit score, focus on paying all of your bills on time and keeping your credit utilization low.
How to Improve Your Transunion Credit Score
There are a number of ways to improve your Transunion credit score. One of the most important things you can do is to make sure that you make all of your payments on time. Paying your bills on time is one of the biggest factors that goes into your credit score, so it’s important to make sure that you don’t miss any payments.
Another way to improve your credit score is to keep your credit utilization low. Your credit utilization is the amount of debt you have compared to the amount of credit you have available. The lower your credit utilization, the better it is for your credit score.
You can also improve your Transunion credit score by having a mix of different types of debt. Having a mix of different types of debt (such as revolving debt, like credit cards, and installment debt, like student loans) can help improve your score.
Lastly, you can improve your Transunion credit score by staying on top of your credit report and correcting any errors that you see. You can get a free copy of your Transunion credit report once every 12 months from AnnualCreditReport.com.
Conclusion
The takeaway is that there is no magic number for what constitutes a “good” Transunion credit score. The score you need will depend on your individual creditworthiness and financial goals. However, a score in the 700-730 range is generally considered good, while a score above 750 is considered excellent. If your Transunion credit score falls below 700, you may still be able to qualify for some financial products, but you may pay more in interest and fees.
