How To Improve Your Credit Score In 2014 - Weighs In

SAN DIEGO, Jan. 24, 2014 /PRNewswire-iReach/ -- is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. One of the recent articles posted on this website provides borrowers with a guide that explains "How to improve your credit score in 2014".

The article starts by explaining, "Having a less-than-stellar credit score can become problematic in a variety of ways. For example, it can make getting a loan difficult in addition to making it hard to rent an apartment and expensive to buy car insurance. Not to mention the fact that some employers take your credit rating into account when considering you for a job. Therefore, having an excellent credit rating is important. To learn more about credit ratings, what's a good one and how to raise yours, continue reading below."

First Loan Love explains exactly what a credit score means. It states that, put simply, a credit score is a measurement that is based on the credit account holder's payment history. It explains that the purpose of this score is to determine how probable it would be that the borrower will pay back the loan. The article explains, "Your actual credit score is tabulated using a formula created by the Fair Isaac Corporation, hence the name FICO score."

The article goes on to explain that credit scores have a great impact on many aspects of people's lives. Those with the best credit scores will be able to avail of the lowest mortgage interest rates and the best loan terms, whereas those with lower credit scores will have to settle for higher interest rates and might not qualify for the best loan terms. This in turn will influence how much money the borrower has for other expenses.

The article goes on to answer the question "what is an excellent credit score?". It says, "Now that it is apparent how important it is to have a good credit score, you may be wondering if your credit score is considered good. The median credit rating in American is 720.  For an explanation of what is considered bad, good and excellent credit and what that means to you as a borrower, read below:

  • Credit score below 620: A credit score of 620 or lower places you in the "sub-prime" borrower category. If you are considered a sub-prime borrower, you will likely pay 3 percent more on a mortgage loan than someone with excellent credit and will likely pay double-digit interest rates on a home equity loan or a line of credit.
  • Credit score of 620 to 674: This credit score range is still considered below optimal. If your credit score falls in this range, you will likely pay 2 percent more than borrowers who boast excellent credit ratings.
  • Credit score of 675 to 719: If you find yourself in this credit score range, you should find it relatively easy to procure a good loan. You will typically pay up to half a percentage point more than a borrower who has excellent credit in regards to a loan.
  • Credit score of 720 and above: If you possess a credit score at or above 720, you have an excellent credit score. This means you will be able to acquire a lender's most favorable rates and you are in the position to shop around thus finding the best loan for you in regards to term, interest rates and other factors."

For more information and tips on how to repair credit in 2014, please visit to read the full article.

Media Contact: Kevin Blue,, 949-292-8401,

News distributed by PR Newswire iReach:


Related Links


Business, Money


Real Estate, Residential Real Estate, Real Estate Transactions

Need Help