What is a good credit score and what is the dollar range for debt per certain scores?
Question by absolute_ashton: What is a good credit score and what is the dollar range for debt per certain scores?
For example (this is totally fabricated and inaccurate, just to illustrate what I mean):
Credit Score is 780, debt is ,000 – ,000 etc.
Best answer:
Answer by elmo o
there is a factor you are forgetting, income
credit score will get you a lowere interest rate
loans are done as a percentage of income.
various loans various percentages.
your house payment can take 1/3 of your income
the max price for a car is a years income, payed out over a term.
Know better? Leave your own answer in the comments!
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a score over 700 is very good. you can have 50,000 in debt, or 5,000 in debt and have excellent credit. it goes by how long you have established credit, ( 5 credit cards open and active for 4 years with low balances is great. 5 cards open 12 months and maxed out is bad). If your accounts are at least 24 months old, and less than half the available line is used, your score should be good. if you have a card with more than half the available line being used, it will pull your scores down. a quik fix is if you are always on time and in good standing, ask the credit card co to raise your available line of credit, This will raise your scores without you paying down debt if you are short of cash. Smart huh?
A credit score is not only based on how much debt you are in.
The current balance of your debt is only one of many factors that
make up a credit score.
780 is a very good score…
Transunion, Equifax, and Experian are 3 of the most common used credit bureaus. You can visit either on the web to learn more about credit scoring.