What is a Good Credit Score?

Obtaining a loan isn’t a sure thing even if you have a good credit score. Your income, employment history and level of debt are also considerations lenders look at when it comes to providing a loan to borrowers. At Citizens, you are more than just a score. We have no minimum credit score requirements.

Credit scores range on a scale of 300 to 850. The higher your credit score the better. Simply put, this score gives an indication of how likely you are to repay your bills. It also gives creditors insight into the amount of risk you carry in defaulting on loan payments.

Credit Score Factors

Below are items that are factored together to come up with a credit score:

Payment history
Amounts owed
Length of credit history
New credit accounts
Types of credits used

A good credit score use to be 680 or higher. Until recently however, that magic number has climbed to 720. Lenders are now looking for at least a 720 credit score in order to give borrowers the best terms on the loan being applied for.

Citizens provides a way to establish or re-establish good credit. We are one of the oldest consumer finance companies in Tennessee and have provided a number of solutions for those interested in improving their credit score. If you would like to learn more about Citizens as a leading consumer finance company, please contact us today.

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