Are you struggling to understand what a good credit rating is? Do you need to have the understanding so that you know why you are turned down for a loan, car financing, or are told you only qualify for so much of a loan and not as much as you want? There is an easy and a difficult explanation to what a good credit rating is and here is the explanation to What Is A Good Credit Rating?

First, you have to understand that the credit rating means different things to different lenders. A good credit rating is different for a bank compared to a non conventional lender or a car lot. There are so many different ways to consider what a good credit rating is.

Second, if you went into a bank you need to expect that a 680 score or better is considered a good credit rating. This is what a bank expects which will get you pretty much any loan you want as long as your income will support it. So if your credit score is this high, then you should never consider going anywhere other than your typical bank or federal credit union.

Third, if you go to a typical non conventional lender, then you can consider anything above 600 to be a good credit score. This will get you a pretty decent loan, but the interest will be a bit higher than a bank or a federal credit union. This is to be expected because you do not have as good of credit than those that can go to a bank and get a loan.

Last, if you need to go to a used car lot, especially a buy here pay here, then any credit will due. This is typical and you will be able to get yourself the loan you need, although it will be very high interest and will not be the best choice for you. This is because you do not have good credit, but they do not care. This is the same with payday loans or cash advances and that is why they are there for those of you with bad credit.

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What Is A Good Credit Rating