SCORE CONFIDENCE Helps Solve Credit Problems With Innovative Solutions
We provide trusted credit solutions for consumers and businesses with innovative products and services that educate and give the power back to the consumer.
Score Confidence™ is an educational services provider promoting financial literacy. In collaboration with our national partners, we offer advanced credit enhancement consulting on an individual basis, and in a group setting, across the country.
We strive to achieve an unequaled standard of excellence in our profession by providing personalized, value-added services to our clients by assisting them in making educated, intelligent financial decisions that put them in the best long-term position possible.
In partnership with industry-leading resources providers, we offer a broad range of dependable financial products designed to give the consumer the overall advantage.
A big passion of ours, however, is helping to be a part of educating and enlightening communities in the nuances of financial accountability in an effort to end economic exploitation. We believe if we touch enough people, the community as a whole can benefit, and thrive.
Economically-speaking, it begins with access to capital resources… which is directly related to the importance… or the mandate… of having, and maintaining, an excellent credit score. Take Control of Your Credit and Your Financial Future →
Excellent Credit vs Sub-Excellent
Your credit score has a major impact on the interest rate you pay each month, on the credit limit you’re offered on a card, on whether or not you’re approved for a mortgage, a car loan, an apartment rental, a job application… you name it.
Your credit affects every single area of your life today… literally. Lenders use your credit score as a representation of your credit risk when you apply for a line of credit. Fico Scores are the most popular type of credit score lenders use. Your Fico score can range from 300 to 850.
Banks Set The Tone
What some consumers consider excellent, lenders may only see as “average.” You might have scores in the mid-to-high 600’s, or low 700’s, but according to the banks, that’s not excellent credit. Those are scores that might allow your application to be approved. You’re still paying way more in interest and fees than the guy with scores in the excellent range.
Why is it so important how the lender sees you? What gives the bank the authority to set the criteria as to what’s excellent and what’s not?
Because the bank is the party that has the money to lend. They get to set the standard that determines whether or not they want to lend to you, based on the level of risk involved, which is determined largely by the range your credit score falls into.
Credit Risk Categories
In the eyes of the lending institution, a truly “excellent” credit score is in the range of 760 to 850. This means you have a long history of consistently making your payments on time and that you keep a low balance compared with your credit limit. You can get the best credit cards and qualify for the best rates and terms on anything you purchase on credit. You’ll receive the lowest interest rates and highest credit limits. You’ll pay less for the things you need in life, and enjoy life’s luxuries at a lower cost as well.
“Sub-excellent” credit scores are defined as any score that falls outside the “excellent” category. (“Sub” meaning “below”). Having credit scores that fall outside the “excellent” range (sub-excellent credit) provides justification for consumers to be charged more than they should for products and services.
A “good” credit score falls within a range of 700 to 759. Typically this means your payments are made on time and you don’t carry a high debt-to-available-credit ratio, however, within this range of credit, you’re the most desirable candidate for lenders. The reason for that is because by not having the highest tier credit rating, it justifies the granting of credit at a higher rate of interest.
While it’s true that good credit borrowers generally are approved at lower interest rates and higher credit limits than those with fair credit, it’s also true that “good credit” borrowers pay significantly higher rates than those with excellent credit. In many instances, it’s not even close.
“Fair” credit ranges from 650-699, and pays much more than an excellent credit borrower. “Poor” credit is 600-649, and pays extremely much more. “Bad” credit is any score below 600, and pays an insane amount more than excellent credit (if you’re approved at all).
Over time, the added interest and fees you pay ends up totaling tens or hundreds of thousands in unnecessary additional costs. This works out well for the lending institutions, but not so much for you.
From the lender’s perspective, all scores outside the “excellent” range fall under the “mediocre” or “poor” categories. Unless you’re in the 760+ grouping in terms of your score, the bottom line is you’re being taken advantage of. The only question is… to what degree?
Get Access To Our Industry Leading Resources To Optimize Your Credit Scores.