If you aren’t accustomed to keeping tabs of your personal and business credit scores, you may want to resolve to check it often in the new year. With increasing interest rates, your credit scores are going to be that much more important to your finances in 2018 and beyond.
To start with, your credit score is one of the most important factors when it comes to borrowing money, determining the rates you’ll pay on everything from a Small Business Association loan to a business credit card and basically any other kind of business financing options. So how can you tell if your credit score is “good?”
There are a lot of different credit scores, and lenders use any number of them in determining whether you qualify for financing. In general, though, credit scores tend to fall within a fairly similar range.
Most, in fact, are based on a scale between 300 and 850, with the highest score being the best possible credit.