credit report score- good vs. bad

does anyone know what a "good" credit report score is? i know that there is a scale from 250 to 900 (experian), but i'm not sure what is considered decent.

any ideas?

Re: credit report score- good vs. bad

Mine is in the 600's and I was recently told that it was not good but OK.

Re: credit report score- good vs. bad

i heard 750 and up is good!

Re: credit report score- good vs. bad

I used to run a credit repair business. To get a decent rate on a mortgage you would need at least a 620. That is a mediocre-good score. The optimum is high 600's -700's. To improve your credit:

1.Pay down your CC's until you are using 35% of their value-ex. if you have a $100.00 limit only use $35.00 of it and pay it every month. Don't ever close an acct. You can stop using it but do not close anything.
(this is called debt utilization and is a large part of your score)
2. Pay on time
3. Try to get someone with a long, positive history to make you an authorized user. They do not have to give you a card but by making you an authorized user their credit history will go onto your report, improving your score.

Good luck
Melissa

Re: credit report score- good vs. bad

First of all virtuallly no one has 850 or above.

Mine was actually higher than DH's (and he owned the house by himself when we did the score, he bought it before we met). The last time I checked it was 783 which they say is the highest 2% in America. It was lower than it could be because I had recently (6 months) opened a new credit card after closing another That counts against you.

It's really good to know what yours is because you can negotiate mortgage and car rates a lot better. The salesman from Toyota knew he had to give me a very good deal when I told him I knew my score

Re: credit report score- good vs. bad

When we were shopping for cars, for the bank we used a 690 was considered "A" Credit. Because I had some times when I coldn;t work and I just didn't get my bills paid my score is low/mid 600's, my gal is to get it over 700 in the next 2 years (which seems possible. If you go to myfico.com, they give you ways to improve your score). I feel like if I get it over 700, I'll be in good shape, and then if I get it over 750 eventuallly, that would be ideal. Myfico.com is a great site. it shows you different scenarios of what could happen toy uor credit score if you do any number of things..how much it's likely to go un if you pay on time for 24 months, how much it'll go down with one late payment. Your score can go down by up to 100 points for one late payment!

Re: credit report score- good vs. bad

When I got my car (about 18 mos ago) mine was 656, which considering all the trouble I put myself in in college with credit cards and bank accounts, was really good. DH's is like 740 or something. The finance guy who did my car told me that mine was 'good' but the goal should be to get it over 700. Once you do, you'll virtually never be turned down for anything.

The best increasor (and decreasor if you screw it up) is revolving debt (i.e. a loan, not a credit card). Student loans are number 1 - all you have to do is pay on time for 48 mos and you're golden.

There are a number of factors that go into a credit report. The most important thing to remember, though, is not to request your report more than 1x/year - it reflects badly on your score. But do request it that often to check and be certain there's nothing on it that shouldn't be.

Re: credit report score- good vs. bad

Sorry Leeners but you're mistaken about requesting your report. When YOU request your own report it does not affect your score as long as YOU are the person requesting. It is only when someone else requests your credit report that it negatively affects your score(CC apps, etc.) As much as 7 pts can be lost with each inquiry. This is not supposed to happen when shopping for a house or car as long as the inquiries are pulled within a two week period. You can pull all 3 of your reports Transunion, Equifax and Experian from myfico.com for around $30. If you want another resource you can join privacyguard.com for a free 3 month trial and you can pull your report every day. It's $70 a yr after the 3 months so make sure you cancel if you don't want to pay. Check out creditboards.com for some good advice on how to clean up negative credit. There is a lot you can do besides pay on time I can't get into it all here.

Re: credit report score- good vs. bad

We just bought a new truck last week. I found out that my score is over 690 and DH is just under that. We are doing everything we can to improve our numbers to over 700 before we look for a house. His numbers aren't too terrible and he had a house in forclosure (once his ex stopped paying her share of the mortgage). We actually thought it was worse than it really was

Re: credit report score- good vs. bad

in the 600's is average, anything over 700 is really good

Re: credit report score- good vs. bad

I was in the high 700s when we got our condo in Jan 2004. DH was in low 700s (car payment and student loan)

But, now that my pay stub was stolen, I "flagged" and "froze" everything possible. Now, a CC company can't even make an inquiry about my credit report.

I'm not too worried. I have no student loans. I own my car (no payment). My mortgage has never been late. My credit card limits are around the 10K limit. I charge upwards of $1,000 per month on my credit card, but pay it in full every month. I just closed my Express card because I haven't used it in 3 years. I just closed another one that I actually closed in 2002, but was still showing up as open.

As I see it, with my history, if a company doesn't want to give me the BEST deal possible, then screw them. I'll find someone who will.

Message edited 7/20/2005 8:31:18 PM.

Re: credit report score- good vs. bad

Re: credit report score- good vs. bad

Not only that, but in September, anyone who lives in NY is elgible for a free credit report from the 3 credit unions once a year.

I'm waiting until September to pull mine again.

Re: credit report score- good vs. bad

You can definitely pull it as many times as you want. If you are trying to fix your credit or raise the score privacyguard is good. The scores are not always exactly the same, but it gives you a good idea and lets you knowif there are any errors that can be corrected. No problem on the info Leeners!

Re: credit report score- good vs. bad

750 and up is good.

Re: credit report score- good vs. bad

I am an 807 and DW is an 815.

Score was checked two days ago.

Re: credit report score- good vs. bad

I think over 700 is good
over 750 is considered excellent but I am not positive.

Re: credit report score- good vs. bad

Over 760 i believe is considered ideal credit and will land you the best rates.

Some lenders cap their "best rates" at 700 and over... but some are more strict and want 750+.

Car dealers are usually very strict with this (if they are running a nice finance special like 0% financing)

Re: credit report score- good vs. bad

Re: credit report score- good vs. bad

I have my credit report here with me but I can't find the score; does it say it somewhere?
It's from equifax

Re: credit report score- good vs. bad

It should say it right on top in large letters. Also sometimes there' s a first few paragraphs where they twll you what the score emans and they repeat it a few times like. "A credit score of 704 means that you will be approved for most loans at competetive rates, but...blah blah)

Re: credit report score- good vs. bad

Re: credit report score- good vs. bad

the best way to get your credit score is myfico.com, its $15 and it explains what your score means