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  1. #1
    Administrator CreditHelper has disabled reputation
    Join Date
    Jun 2005
    Posts
    75

    What Is A Good Credit Score?

    As a credit repair specialist, the question I hear most often is "what's a good credit score?".


    It seems that everyone cares about their credit score these days, with
    interest rates lower than ever and the easy money lending environment we have
    now that comes with low rates.


    The good news is, it is easier to get that loan for your house or car than
    ever before.


    "Oh No, I Have a 622 Credit Score!"


    Recently, I went to purchase a triplex to live in and keep as an investment,
    and when I got to the lender's office I found to my horror that I had a middle
    credit score of 622. I will explain this in a moment, but even though this
    score was considered "bad" a few years ago, it turned out to be ok.


    Your Middle Score


    What do I mean when I say I had a middle credit score of 622? There are three
    main credit bureaus, and banks are now in the practice of looking at your credit
    scores from all three bureaus, and then using the "middle credit
    score" as an indicator of your credit performance. They order a
    report that they call a "Tri Merge" or a 3-in-1 credit report. There
    are actually six main companies that banks like to use to provide this type of
    report, although there are many companies out there that will sell reports to
    the public. If you order a 3-in-1 credit report on your own, the banks will
    still insist on ordering theirs from one of their preferred companies. Once they
    discover your middle credit score, they use this as a very important indicator
    about your creditworthiness. Your credit scores can make or break your home loan
    or credit application.


    What Does My Credit Score Mean?


    Generally speaking, having a 650 credit score or higher means that you can
    find many home loans at a good rate, and having a 720 credit score or higher is
    the "holy grail", the highest score category where you can qualify for
    all the best loans like zero percent down or 125 percent financing. Credit
    scores go all the way up to 850, and all the way down to 350.


    However, things change with time. Where a few years ago only the people
    with a 720 credit score got the best loans, today even people with a 620 credit
    score or over have plenty of options for home loans at a decent rate. Even
    people with a 580 or more can enjoy a new home loan today.


    As I found out, my 622 credit score in 1/2005 Sunday can remember him
    in her I get him out and get a fair and I think it can do is beginning: you a
    lot yowasn't so bad after all.

    How To Qualify For a Home or Car Loan


    Who has the best credit? The answer is, people who have three lines of credit
    open, no 30 day lates, and no more than 30 percent of their credit card balances
    owing. these are the people who will have a 700 credit score or more. What if
    your credit record is not so good? I had a friend who lost her job and that
    divorce at the same time. She had 10 lines of credit open and four of them went
    into a delinquent or "charge-off" status. The term charge-off means
    that the credit card company "gave up" on collecting the debt.


    My friend felt very ashamed about her past, and for six years avoided looking
    at her credit. When she finally got her credit report she found that she had a
    620 middle credit score, very close to mine. Even though I had 11 accounts where
    only one was 30 day late. The credit score looks mainly at your last 18 months
    of behavior, so even though she had four delinquencies in her past her credit
    was still considered ok. She qualifies for a home or car loan.


    A Good Credit Score


    However, to summarize some of the points made here, for the best credit make
    sure to 1) have 3 credit lines open 2) pay off 30% of your credit card
    balances and 3) avoid 30 day lates at all costs.


    If you need a good credit score in a hurry, check out my e-book Improve
    Your Credit Score In 24 Hours
    .





    About the Author

    L. K. Hughes is author of the best-selling book "Improve Your Credit Score In 24 Hours".


  2. #2
    Senior Member Raquelita is on a distinguished road
    Join Date
    Sep 2006
    Posts
    96
    My credit score is in the mid 700's and i'm happy with it - i didn't know about the '3 lines of credit' being such a factor, but that makes sense. And i know plenty of people with scores in the 600's who got loans for a house just fine.


  3. #3
    Junior Member hank freid news is on a distinguished road
    Join Date
    May 2008
    Posts
    1

    What Is A Good Credit Score?

    Ok i am agree with user admin he or she is right. This question really depends on your lender and how they rate individual scores. It is a good idea to speak with your lender, who would be best able to answer that question.

    750 or above - This is considered to be an excellent credit score. At 770 and above you can generally obtain the best lending rates.

    Between 700 and 750 - With 725 being the average score in the United States, this range is usually considered to be between very good and excellent credit, and can be looked at as the medium.Once you go below a 700 score, however, it becomes difficult to categorize credit as good or bad.

    Between 650 and 700 - Considered very good credit, although some institutions may consider a score of 650 to be excellent credit. Again, this is specific to the industry and the target market the institution is after.

    Between 600 and 650 - A good credit score. Sometimes the minimum for “good credit” is bumped up to 620, because this is generally considered the cutoff point for a prime rate loan. Lenders generally view people with scores between 600 and 620 to be a much higher credit risk.

    Below 600 - Lenders see you as a high credit risk. While you can still obtain loans and credit cards in this range, they will often be secured credit cards and loans at the highest interest rate. If you have a score below 600 you are generalized as someone with having credit problems and probably have open credit problems that need to be addressed.

    Below 550 - Any FICO score below 550 is considered to be awful credit (multiple bankruptcies, loan defaults, past-due accounts, judgments against, etc.)As I said, this is a general list for FICO scores that are calculated to 850. There is no “standard” for estimating credit
    risk by companies, so this article should be used only as an overview when determining your likelihood of being approved for a credit card or loan


  4. #4
    Member spencer24 is on a distinguished road
    Join Date
    Mar 2008
    Posts
    71
    Don't worry too much about your credit score. Just get out of debt and you'll be fine no matter what.


  5. #5
    Member marsh is on a distinguished road
    Join Date
    Jul 2008
    Posts
    68
    sorry i dont have much information about it but i will try and than give some information about it... THanks..



 

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