How do you know that you have crossed the line from bad credit to good credit? Not necessarily to excellent, but just good? Does it depend upon your scores alone or does it depend on more.
650 F.I.C.O. is a good number to shoot for... If you get "PRE-APPROVED" offers in the mail and actually get one approved... You have "ARRIVED" if you keep 700+ with no "BADDIES"... JUST GUESSING... YMMV
I was always told 680 was the magic FICO number for prime time, but I guess that depends upon the lender.
I have scores from the high 600's to the high end of the low 700's and I never get preapprovals in the mail. In the last 6 months I have received maybe 3 preapprovals in the mail. One from a mortgage, one from cap one and one from at&t. I haven't opted out. I wonder why that is? Although, I guess it's a good sign that I don't get those preapprovals for the cc's with $250 in upfront fees.
I am over 670 on all of my scores. I do have some derogs like paid charge-offs or paid collections that are over 3 years old. However, my credit usage is really good. I have everything available except for 3%. How do company's look at this from other people's experiences?
They like to see that you aren't maxed out. But they also get scared that you have a lot of available credit. You can't win with some creditors. By the way, I used to think that 680 was a magic # for excellent credit. But I just read, and I can't remember where, that 650 is the # most creditors use as a bottom # for excellent scores.
Now, when you say 650 or whatever score, is that with no derogs. I have worked very hard to get my scores to where they are today. I am just wondering if the scores are not enough because I still have some derogs. Before the hoopla was out the bag about credit scores, I thought my credit was hopeless because I still had the derogs no matter what. Now I have halfway decent scores, but would like to know if the derogs are now holding me back. When will I ever be looked upon as a good risk?
I am holding out for the fact that most lenders that are in the mortgage business look at only the last two years of credit history. Don't know about CC's but there may be a problem if the deroggs are recent and the score is average. Then again every lender is different.
I think it all depends on what the derogs are. If you have a 4 year old 30 day late, I believe that is something that would be overlooked. If you have a 4 year old unpaid chargeoff, a cc may not overlook it. Different lenders have different criteria. A person with 650 and above scores, can't have too many derogs or the score wouldn't be that high.
