FICO Credit score question?
Hi, I checked my FICO credit score and it says its 758. The FICO score chart is 300 the lowest and 850 the highest. What does my 758 score mean? How good is it? In November of 2006 my score was 790 so why did it go down to 758? What could I have done wrong? I was never late on a payment or anything like that. Thank you for your time and any help.
Public Comments
- First, that is an AWESOME!!! Credit Score...Congrats. As far as why it went down. There are 3 companies that issue your credit score. You may have just received this one from a different company than last year. They all rate a little different. You would qualify for the best rate and terms on any loan out there...Way to go......
- 758 is a very good score - congrat's If you pulled both or one set of your scores from any other company than myfico - that could be the reason. If you had pulled both sets of your scores from myfico, the difference could be from many different things. For example, since November: Have you made a large charge purchase on one or more credit cards? Have you been car/mortgage shopping and/or possibly made a new car/home purchase that recently started to report? Have you applied for and received any other type of loan that recently started to report? Have you recently closed any accounts? Has any previously closed account dropped from your reports due to age? Also, check to see how many "new" inquiries have showed up recently. With a high score like yours, inquiries shouldn't have much of an impact unless there are quite a few. If you had made large purchase on your credit card(s), your utilization may be a factor. If you just purchased a car or home, made any other type of new loan, you would have the inquiries from it, the new account status and also the utilization working against you. If you had closed an account in good standing, you had lowered your total utilization. If a previous closed account dropped off due to age, you would have lost history on your reports. If none of those examples fit, the best thing to do is to order your reports from each CRA and look them over.
- 758 is still stellar. So dont worry! At the high end anything silly can effect your score such as going 1 dollar over 50% of the line limit. John In all my years working in banking I have seen only a dozen 800+ scores
