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Having a good credit score means ... more credit card options and a higher chance of loan approvals. ... Scores that fall between the 601 and 660 range are considered fair and 500 to 600 are ...
Luxury travel cards with big sign-up bonuses, statement credits, lounge access, and annual fees topping $500 or more are typically out of reach if your credit score is under 600.
If you had a fair credit score of 600, you would pay $101 more each month and a total of $3,637 more in interest over the three-year loan term.
Getting a higher credit limit can help a credit score. The higher the credit limit on the credit card, the lower the utilization ratio average for all of a borrower's credit card accounts. The utilization ratio is the amount owed divided by the amount extended by the creditor and the lower it is the better a FICO rating, in general.
Experian, one of the three credit reporting bureaus, says the average U.S. credit score is a 715. You need at least a 740 to have a credit score that's considered very good.
The expansion of accessible credit can come with a downside of exclusion as people with poor credit (those that are considered high risk by credit scoring systems) become dependent on short-term alternatives such as licensed money lenders (the home credit industry), pawn brokers, payday lenders, and even loan sharks. [20]
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