What is the average credit score?
Anyone know the ranking of credit scores? like 700 = perfect so in this order what would be a score for 600, 500, and 400? and what is the average credit score?
Public Comments
- generally speaking - 680 and higher will get your a decent loan - over 700 and higher will get you almost anything you want - 620-680 some loans can be done (but higher interest rate and or more $ down) Under 620 - don't hold your breath I'd say the avg blue collar today credit score (and it's a guess not a fact) is around the 620-680 range (and barely hanging on with all the foreclosures & general economics)
- Average credit score is low to mid 600's. Most people think by paying in a timely matter makes your credit score high. They tell me "why isn't my credit score perfect, I pay on time always!" How is this infamous credit score determined? ANSWER: 35% of it is the number of derogatory items. 30% of it is your balance-to-limit-ratio. Balance-to-Limit-Ratio is the difference between your balances and your limits on your cards. The further the balance from the limit the better the score. 15% of it is credit history. 10% of it is pursuit of new credit; recent inquiries, on-time payments, etc. 10% of it is how many accounts are in use. NOTE: Never close an account after paying it off. It will decrease your balance-to-limit-ratio. In order to keep your score soaring. Use a credit card to leverage your money month to month. Use the credit card to pay all your bills; phone, electric, gas, etc..... the necessities that you would normally pay with a check. When the credit card bill comes in the following month pay the FULL balance with the money from the bank originally set out for those bills. The creditors will see a large movement in your balances and raise your limits in hopes of you paying the minimum payment (like most people). This is how creditors live. Use them to your advantage! Good luck Trish !
- The average score is 678 (according to FICO sources). The ranking of scores is 750 - 850 Excellent 660 - 749 Good 620 - 659 Fair 350 - 619 Poor Hope this answers your question
