When you have just obtained your report and found that you have a 650 credit score, you may be worried and maybe even slightly confused. Why does it matter what the score is? Which credit bureau should you believe? What aspects impact your result? Should you even be worried? Why does it matter what the score is?

Once a new lender looks at an application for credit card debt, credit score is just one of the factors they will use to assess whether to lend the funds on the first hand. When they plan to grant the facility, your report will influence the credit limit and rate of interest you get charged. The higher the score the lower the interest rate you will pay and you may be given a higher borrowing facility. However it is not only credit card applications that it affects.

When you come to renew your auto insurance or your house insurance, your insurer will also look at your credit score and may increase your premiums if he perceives you to be a bigger risk than an individual with a higher score.

Which credit bureau should you believe? Your Experian credit score will be somewhat different than the Transunion credit score which again will differ from the Equifax one. This is partly as there is no one defined way to calculate this figure and partly because all three credit agencies use slightly different details to compile your credit report. You are best working on around the three scores. Anything you can do to improve your rating will have a positive effect on all three bureaus.

What aspects influence your result? Before you can think about raising it, you have to know what factors affect it. The score alone is based on a lot of factors but the ones that seem to have the most influence are

1. Payment history - you have to make sure that the reports filed are correct as often mistakes are made. It is estimated that this alone accounts for up to 35% of your score so it is important it is accurate.

2. Amount you owe compared to the credit limits you have already got - if you are maxed out on your credit cards, your rating will suffer. So try to get those balances down. It is recommended that you keep them to less than 35% of the available credit which is simpler to say than do! When it comes to credit score 650 is not a high enough number so you have to do all you can.

3. Number of credit applications - the more applications for borrowing you submit the more your score will be adversely affected. Don't sign up for any new borrowing unless you really need it and be choosy who you apply to. Pick the lender with whom you have the most chance of success.

Should you even be concerned? Yes, yes and yes. Now you know the answer to the question is 650 a good credit score? The credit file has an impact on numerous areas of your life. You can make it better if you follow the proper advice. Steer clear of any "experts" who want to charge you fees for fixing your report. It is easy to do yourself and you need all those additional dollars to get rid of the debt once and for all.

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