What Is A Creditworthy Score?

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The first step in assessing your creditworthy score is to find out your credit score. Your credit score is an indication of how risky you are to lenders. This score takes into account any defaults or outstanding payments you have under your name.  

If your credit score is good, then you simply need to focus on maintaining this. If it’s not a good score, you could be in for some serious work to change this. However, a bad credit score rating is not permanent, and it can always be turned around. 

Scores range from 300 to 850 with the higher scores being more positive. A score in excess of 700 is a good score and should give you good access to credit at a preferential interest rate. Above 767 is excellent and shows you to be a very low-risk consumer that institutions would be happy to give credit to. 

If your credit score is 600, things could be worse. After all, scores start at 300. Scores lower than 630 are considered poor, so you might be denied for credit cards and loans or pay high interest rates for the ones you do receive. A low credit score signals to lenders that you’re more likely to default on your debts. 

If you’re nowhere near these scores then you can improve your credit score and make it creditworthy by 

  1. Making your payments on time. 
  2. Paying attention to your credit cards first. 
  3. Avoiding going to court.  
  4. Don’t be brave by taking on too much debt. 
  5. Keep your credit limits high and your due amounts low. 
  6. Close unused credit accounts.  
  7. Keep credit enquiries to a minimum. 
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