A credit bureau report is essentially a report card on how well you make your payments to others you have borrowed from.
Credit card companies, car dealerships, and even your phone bill can all report to the credit bureau, and positively or negatively impact your ability to borrow money. The better your borrowing history is, the more likely you will be to get approved for a loan. The report gives you a score based on how well or poorly you have made your payments. That score is a number, which typically runs from 300 to 850.
Here are the ranges a credit score is typically grouped in to:
Poor - 300-579
Fair - 580 - 669
Good - 670 - 739
Very Good - 740 - 799
Excellent - 800 - 850
The higher your credit bureau score is, the lower your interest rate will be and the more likely the bank is to loan you money.
If you find yourself in a spot where your credit score is low, there are a few things that you can do to make that score increase. The two biggest things that you can do to help increase your score are these: make your monthly payments on time every month and pay off any negative debt that is showing on your credit report.
If you are unsure what your credit report score is or you would like to begin building a positive credit history, contact a loan officer today and they will be more than happy to help you!