What is a good credit score?
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M$4 Answers
"According to Fair Isaac, the creators of the credit scoring system called "FICO", the average credit score in the United States is 723 on a scale of 850. FICO is the main credit-scoring model that most all creditors use; here is their credit-scoring breakdown:
- 700 and above – Very good to excellent. Lenders will have no problems giving you a loan with a credit score of 700 or above.
- 680 to 699 – This credit score puts you in the "Good" category. That one point between good and very good to excellent credit generally makes little difference to lenders so don't sweat it.
- 620 to 679 – If your credit score falls into this range, you fall into the "Okay" category. The closer your score is to 679, the better. 620 is consider to be a "par" credit rating and you may be required to provide supporting information such as additional income statements, personal and professional references as well as documentation confirming time at your current job.
- 580 to 619 – While you aren't in the "Bad" category yet, you are teetering on the edge if your credit score falls in this range. 620 is the prime rate cut-off, so plan on paying a higher interest rate or work on improving your credit score.
- 500 to 580 – You can still get credit in this scoring range, but expect to pay a very high interest rate and look closely at the terms of your agreement. Closely examine how your interest rate is calculated. Some predatory lenders will charge interest rates on car loans that are calculated like credit cards, on a daily average balance. If you see these words in your disclosures for a car loan, put the pen down and walk away.
- 499 and below – Yes, even with as score of 499 or below you can still be extended credit, but the interest rates will kill you financially. Take a year or two to pay off your collections or bad debt, clean up your credit and reapply at a later date." -- http://creditcards.lovetoknow.com/What_is_a_Good_Credit_Score
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
According to Fair Isaac, the creators of the credit scoring system called "FICO", the average credit score in the United States is 723 on a scale of 850. FICO is the main credit-scoring model that most all creditors use; here is their credit-scoring breakdown:
- 700 and above – Very good to excellent. Lenders will have no problems giving you a loan with a credit score of 700 or above.
- 680 to 699 – This credit score puts you in the "Good" category. That one point between good and very good to excellent credit generally makes little difference to lenders so don't sweat it.
- 620 to 679 – If your credit score falls into this range, you fall into the "Okay" category. The closer your score is to 679, the better. 620 is consider to be a "par" credit rating and you may be required to provide supporting information such as additional income statements, personal and professional references as well as documentation confirming time at your current job
www.creditcards.com
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
Fair Isaac must have a highly optimistic viewpoint...
Experian says the average credit score in the US is 692. http://www.experian.com/ ; and lenders obviously don't agree with their lending decisions by score.
Here are the average loan rates by score as of 12/12/2008
FICO® Score Avg Rates
760-850 4.769%
700-759 4.991%
680-699 5.168%
660-679 5.382%
640-659 5.812%
620-639 6.358%
600-619 NaN%
580-599 NaN%
550-579 NaN%
500-549 NaN%
When you get your credit report, review it carefully. If you see something on your credit report, such as an unpaid bill that you simply forgot about, act right away to resolve it.
Then ask the business to whom you owed the money to send a letter to the credit reporting agencies saying that the matter has been resolved.
Also, make sure your credit report is accurate. Check for accounts you didn't open, charges you didn't make, and delinquencies you didn't cause.
If you see evidence of fraud, contact the credit reporting
agencies immediately. Explain the situation and ask that a fraud alert be placed in your file. Also report the fraud to the police and obtain a police report.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
