Turning 25 can be a stressful milestone to reach, especially as society expects you to start taking on more responsibilities as if you have it all figured out. Once you hit the quarter century mark focusing on your credit score becomes increasingly important, especially if you haven’t started already. Starting now allows you to attain the best possible credit score as you navigate this life.
Credit scores will fluctuate throughout your lifetime as the circumstances affecting your credit score will change over time. As a 25 year old, it is reasonable to want a great credit score as you start entering a more independent phase of life.
Despite the desire for an exceptional credit score, it is very difficult to acquire if you don’t actively work at improving it. When you are 25, a credit score between 680 – 704 is considered the average range. Anything above this and you are likely out performing your peers.
A credit score is the number used to reflect your overall financial status and ability to repay your loans. Credit scores start at 300 points as the lowest score attainable and range up to 850 as the highest credit score attainable. The higher your credit score the more likely you are to be approved by lenders for various loans and credit lines.
Credit scores are influenced by
The FICO credit model has five categories that indicate different credit score ratings according to the score in range.
Once you breach a credit score in excess of 670, you will be classed in the prime category. This will qualify you for prime interest rates on loans, credit cards and mortgages.
Your credit score will directly influence the credit options available to you in the future. It will also impact the repayment terms and conditions afforded to you. Consumers can consult credit repair specialists like Credit Sage, to help them to obtain the best possible credit score available to them.
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