The Credit Score Limit Game

Has this ever happened to you? You're a good consumer, using credit cards and paying your bills on time every month. But you're driving an old clunker, which you know needs replacing, and you're saving up for a down payment on a new car. Finally, you've got your 10 percent saved up, and you head off for the dealer's showroom. You know which car you want, so you talk to the salesman and negotiate your best price and a good offer for your trade in. You can practically inhale that new car smell when the man comes back and says you were denied because you're below their credit score limit.

Below the credit score limit? What's he talking about? You pay your bills every month and you're never late. You make good money. What's the deal? Well, the credit bureaus are who lenders rely on to provide your credit information. And they do that with a score. It's called a FICO score, and it ranges from 300-850. And every lender has a credit score limit, and anyone who's below the cutoff won't get a loan. No matter that you're never late; it's the score that's the deciding factor.

And, unfortunately, lately the credit score limit at the equity loan bad credit car dealer or mortgage company has been going up, because of all the repos and foreclosures that have happened over the past year. They were too lax with credit for several years, and they created a crisis of millions of overextended consumers. So now they're getting tougher when it comes to approving loans. If this has happened to you, you'll need to work on raising your credit score. It can be done, and fairly quickly if you know how. But until you do, you're probably not going to get a loan.

Macus Duke provides information www.creditscoreratingguide.com/higher-credit-score.htmlabout raising your credit scores through his website on www.creditscoreratingguide.com/The credit score rating system.