What is a Good Beacon Credit Score Range?
• When your Equifax credit score is below 600, you’ll find it difficult to get a loan. You have a bad credit rating and need to take steps to improve your credit rating. • If your rating falls in the 601 to 720 range, you can borrow money at a higher rate of interest. You have a fair to good credit history, but you can do better. • When your Equifax Beacon score is above 720, you are considered to have very good to excellent credit. Lenders want to lend you money because you represent a statistically lower default risk.Factors That Determine a Beacon Credit Rating Score • Payment history (35%). Paying your bills on-time will boost your beacon score. If you’ve defaulted, the length of time since non-payment becomes a factor. It’s important that you ensure that all of your debts are repaid within the designated grace period in the future. • Total debt (30%). Your credit utilization figure is the amount you owe relative to your total credit limit. This includes how much needs to be repaid
