what is considered a good credit score?
Question by WTF1029: what is considered a good credit score?
i see all the ranges on the internet, but what is considered bad and good scores.
Best answer:
Answer by Hrantoismo
The Average as we know is 678, so lower isn’t really good, i’d say 800 to 850 is good.
Good Luck getting there.
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700 or higher is good
Not sure read some credit tips on this site
hello… i am building up my credit, and i heard a good credit score can range from the 600′s on up. anything that is in collection you have to pay off before you can get a good rate on anything!
In auto finance, 700 or better is considered good.
Its all based on how much you have borrowed in the past and how you are paying or have payed it off.
The funny thing is if you have’nt borrowed or had any credit you actually have bad or no credit score and if you have credit cards and loans and regularly pay them off you get a good or high credit score!
Credit Score may vary based on various parameters. These parameters have weightages which can be changed. Therefore
a.what a good score is for you may not be the same for another due to the parameters
b.The good score may not be the same tomorrow as they would change.
Depending on the reporting bureau the Good ratings generally start arond 650 but other factors such as collection accounts have a much higher importance then just the score to your lenders as well as your history and number of inquiries at the time.Every bureau and lender has their own model for rating your credit worthtiness.Best to belong to a credit monitoring service and check your report regularly.These are called soft inquiries and do not hurt your score.Most services like the one that I belong to also include up to 50,000 dolars in identity theft insurance with your membership.
I own my own mortgage company so i know this answer. Anything 680 and above is considered conforming. That means top credit grade.
Usually the line dividing good and bad is a score of 620. Typically financial institutions won’t lend to people with a credit score under 620 – if they do, they get a much higher rate.
Here’s how scores are viewed by most lenders:
720-850 Excellent
700-719 Good
675-699 Fair
620-674 Questionable
560-619 Caution
500-559 High risk
i work at a student loan company at to us higher then 690 ~739 is a good credit score…any thing higher is Excellent