How do I know if my credit score is good or not?
My credit score is 662 ... I heard this was fair credit. So what is god credit? What is poor credit? How powerful is my credit? Can I get a car? I've been meaning to get one from the dealer
Public Comments
- Per MyFico.com, the median FICO score is 723. There's more to getting approved for a car loan than your score. They look at your whole credit report. Other factors include your income and length of employment.
- I can tell you this - when I was trained on loans when I worked at a bank, we were told that for someone to get a loan just based on their signature alone (no collateral), their credit had to be above 660. Based on this, I think your score is pretty good. I'm sure you could get a car loan. Just shop around for interest rates before you go to the dealer so you will know if what they offer you is good. Try www.bankrate.com for info. Also check for local credit unions you may be eligible to join. Credit unions generally have the best loan rates around. Good luck.
- You credit score is below the median and just below the national average. That means that your credit is OK. Anything below 620 is poor. You probably will be able to buy a car on credit but you will likely pay a higher rate than someone with a better credit score. If you can put a bit more down that might help. You do need to focus in the short and long term of improving your credit score. Check this site out for great info on how to raise your credit score. No, its not my site but it does have good stuff. http://www.credit-cards-comparisons.com/rebuilding-credit-cards.html
- It is enogh but interest rates will be high. You can use credit repair agency to fix your credit - for example this one - http://creditreport.fateback.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast. After credit repair you can get car loan with minimal interest rate.
- It really depends on what you are trying to purchase... A good score may be 580 if you're trying to get an FHA/VA home loan, but for conventional financing, that's not even close to workable... If you want the best possible rate and terms, it's a simple formula... "Higher is better". Also, try to remember, when you pull your own credit reports, the scores you get may be vastly different from the scores a lender might get. There are several different scoring methods out there, all of them different. Your best bet is to try a consumer-based report (the inquiry doesn't hurt your score) as offered by one of the vendors on this site... http://www.creditgecko.com/creditreports.html There's a MyFico program that is perhaps a little more expensive than many of the alternatives, but it is typically closest to the actual scores you might see if you pull a lender's report. If you have outdated, erroneous, or false information on your credit reports, even if you don't think it's hurting you that much, try... http://www.omegacreditrepair.com They are inexpensive, honest, and extremely successful at what they do... Also, don't forget, there's a tremendous value to keeping the balances low on any revolving (credit card) accounts. Reducing those balances can be of significant value in maximizing your credit score. I hope this helps!
