THRIFTY 650 – #1 RESOURCE FOR MAXIMIZING YOUR 650 CREDIT SCORE

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THRIFTY 650 1 RESOURCE FOR MAXIMIZING YOUR 650
CREDIT SCORE
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• People who have a 650 credit score are very
  common.
• In fact, this is probably one of the most common
  scores in the nation. As a result, theres a good
  chance you have this rating and dont realize it.
  While it isnt one of the worst credit scores, it
  is on the cusp of becoming a bad score.
• As a result, you are in a unique situation
  because you have the chance of improving your
  score and avoiding common credit problems.

Millions of people across the nation are
concerned with their credit score. Thats because
this simple three-digit number influences so much
of your financial future. A few bad decisions can
severely impact your score and influence your
life for decades. However, an even larger number
of people dont necessarily have a terrible
credit score but a fair rating. Thats why weve
compiled the information in this article. It will
help you fully understand the nature of a 650
credit score and how it influences your life. You
can also use this information to improve your
credit score and avoid high-interest rates and
other concerns. While it wont be an easy journey
for you, it is one that is worth taking if you
want to avoid dipping into a bad credit rating.
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WHAT IS A CREDIT SCORE?
650 Credit History Invoice Payment Form
Information ConceptA Credit Score is a
three-digit number that indicates your
trustworthiness as a person receiving a loan. It
helps to let lenders know how risky it is to lend
to you and is influenced by a variety of factors.
These include past financial decisions and your
history with other credit sources.
If you have run into some financial problems, but
have paid off some credit sources, you may have a
better score than you think. Some of the most
common influences on this rating include the
following
Payment historyIf you paid your credit card or
loan bills on time, you should have a solid
credit rating. Failure to do so will drop it
exponentially and could push it below
650. Utilization rate People who access their
credit too often will decrease their credit
score. They also affect their rate if they have
very little credit left. Aiming below 30 percent
is idea because it shows lenders you arent too
reliant on credit sources.
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• Financial failuresBankruptcies, tax liens, and
  civil judgments against you can negatively affect
  your credit score. Winning in civil cases can
  improve your score, though. These situations may
  drop you below 650, but you can recover from them
  if given enough time.
• Hard inquiriesWhen applying for a new form of
  credit from a lender or a credit card company,
  your score will decrease. However, inquiring
  about your score will not cause a problem. In
  fact, its a good idea to make a soft inquiry
  into your credit score ASAP to see if you are at
  650 or below.
• Credit history The types of credit accounts
  youve possessed in the past will influence your
  score. Using multiple credit sources and types
  improves your score. Thats because you are
  showing lenders that you can be trusted with
  multiple financial sources.

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YOURE NOT ALONE WITH YOUR 650 CREDIT SCORE

• People with a 650 credit rating often feel like
  they are alone or that they have the lowest
  possible credit score available.
• However, that is not the case. In fact, credit
  bureau Experian has stated that about one-third
  of all people in the nation have a poor credit
  score. Even more troubling, a large number of
  people (about 10 percent) have no credit at all.
  This situation is worse than having a 650 credit
  score.

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WHO DECIDES CREDIT SCORES?
The most important group for determining credit
score is FICO or Fair, Issac, and Company. They
created a credit score system in 1989 that is
still used by a vast majority of lenders. In
fact, they were the sole credit rating group in
the nation for a very long time.

• While they havent determined the exact formula
  that they use to determine your credit score,
  they split it between payment history, debt
  burden, credit history length, types of credit
  used, and credit searches. All of these
  influences affect the quality of your credit and
  how well you will rate. Unless you have a weak
  financial history, you are likely to hit a 650
  rate.
• Thats why if you have received a credit score in
  the past, you most likely got a FICO score. FICO
  and other scoring companies have set the 650
  range ( or similar ones) as the level that lies
  on the cusp of poor and fair credit. While their
  formula has been adjusted and tweaked over the
  years, they have mostly maintained the same types
  of credit ratings.

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• However, there are other groups which measure
  your credit score. Getting a rating from them is
  advisable in certain types of situations. A few
  of the groups that also rate credit include
• NextGen Risk Score This group is based on a
  model designed by FICO. When used, it has shown
  an increase in fair credit accounts by about five
  percent. As a result, it might not be a bad idea
  to get your credit tested using this formula if
  you are on the cusp of a 650 credit score.
• FICO SBSS Only small business applicants are
  evaluated using this method. For example, if you
  are looking for money to open a small bakery,
  this group will be used. It is different than
  other rating types because it ranges between
  0-300. A rating of about 160 is equivalent to a
  650 on the typical FICO score.
• VantageScore Other credit agencies created this
  system in 2006 to compete with FICO. The score
  range for this group is between 300 and 850. This
  range is the exact same type used by FICO.
  However, their formula varies and typically
  provides most users with a slightly higher one.
• CE Score CE Analytic published this score,
  which ranges between 350 to 850. As a result, its
  650 level is pretty similar to VantageScore.
  Understanding these multiple ranges helps you
  better grasp the totality of your credit score
  more effectively.

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THE NATURE OF CREDIT SCORES AND WHAT THEY MEAN
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• Using the FICO credit score system, you will be
  evaluated on a 300-850 rating.
• Very few people fall as low as 300 on this level
  without serious mistakes. Only people who owe a
  lot of money, have failed to make payments on it,
  and who have an otherwise horrid credit history
  fall in this category. However, anything below a
  650 credit score is considered poor credit. As a
  result, nearly 350 of the 550 credit ratings are
  considered very bad or poor.
• This fact may seem unfair to you, but it is a
  system that has gauged credit risk successfully
  for years. Thats why it is essential to
  understand all of the FICO credit levels that are
  available and how these will affect your ability
  to borrow. While it is possible that you can
  raise these ratings, it will take time and a lot
  of effort. However, it is essential to know these
  levels and to aim for them whenever possible.
• 300-599
• Those who fall under this rating are considered a
  very high-risk proposition by lenders.
• 600-649
• People who fall in this 50-point range have poor
  credit and may struggle to get new sources.

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• 650-699
• This range is considered fair and usually
  suffers from little trouble getting loans or
  credit cards.
• 700-749
• At this point, we are falling into the category
  of good credit. You wont have much difficulty
  getting loans at all from just about any lenders.
• 800-850
• Not many people ever reach this level of credit
  excellence. At this level, you can pick and
  choose which lenders and rates you want to
  consider.

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• OUR MISSION IS TO PROVIDE YOU WITH ACCURATE
  INFORMATION, TOOLS, AND RESOURCES TO SUCCEED WITH
  A 650 CREDIT SCORE
• OUR COMMITMENT
• Youre not the only one who wants you to succeed.
  At Thrifty650.com, we are committed to helping
  you meet your financial goals.
• Its all in the approach We understand every
  phase of credit. We get it and we back it up
  solid resources and information.
• It takes help and resources to succeed.
  Thrifty650.com can fuel your drive with our
  personalized resources available anytime,
  anywhere. Were also about providing support and
  resources. Make the most of Thrifty650.com tools
  and resources and you will see the results
  inside and out. Youll be more confident and have
  a brighter outlook on your situation. Let us help
  you transform your life.

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