It seems to me the best is 900 I would think with a number like this you can't get denied for anything, plus you get the better interest rates. Seeing as 900 is next to impossible the 'average' person has a 700 or better. Put it to you this way I have just below a 600 and only get approved for sub-prime cards and high interest rate loans. A friend of mine has 650 and gets prime cards with high credit limits with low rates. Maybe one of the board vets could answer you better. Hope I helped. KHM
UNLESS YOU DID EXTRA HOMEWORK FOR EXTRA CREDIT...you won't see a 900 since the HIGHEST F.I.C.O. is 850...
Sorry GEORGE some Fico models do go to 900................."FICO scores range from 375 to 900" taken straight from: <http://www.creditinanutshell.com/html/scores.html> "Does anyone know the level of a credit score as far what number is good , in between, or bad? Thanks" these links may help answer: <http://credit.chapter7.com/cbi/beacon.htm> <http://www.nccredit.com/understanding.html> this site states"A credit score is a number between 350 and 850." I posted earlier the "true meaning" of Fico.............. F radulent I ncompetent C orrupt O rganization leading to F ees I ncreasing C ausing O verpayments while F orgeting I ndividuals C oncerns O utright <http://consumers.creditnet.com/stra...p?s=&postid=46840&highlight=meaning#post46840>
You are fine with a 700 - can probably get almost anything assuming no real negatives. For example, Toyota advertises that a 680 is required for their best financing rates. 650 is probably a little on the low side. I monitor my score on Credit Expert. I went from a 667, which they said is medium risk, to a 654, which they said was a medium high risk. I think that a lot of people here would be very happy to hit the 700 mark. TU uses a different scale - it goes higher, so you would need a higher score on your TU. Mine is about 728.
I just checked my score today with Equifax- came up with 665 (my highest so far!). So now I want to celebrate...what can I apply for? I'm dying to get out of subprime hell but I don't want to risk inquiries for nothing (especially since I'm working on a mortgage!)
"Does anyone know the level of a credit score as far what number is good , in between, or bad? Thanks" This also may help answer as far as mortage qualifications: A Loan: __________________________________________________________ Considered the best credit rating. FICO scores are generally 660 and up with no late mortgage payments and less than one 30-day late revolver or installment loan payment. No bankruptcy within past 2-10 years. Maximum debt ratio allowed is 36-40% and maximum loan-to-value ratio is 95-100%. Good/excellent credit during last 2 to 5 years. No bankruptcy within the last 2 to 10 years. b Loan: ___________________________________________________________ FICO scores from 620 - 659. Two 30-day late mortgage payments and two - three 30-day late revolver or installment loan payments in the last twelve months. No 60+ delinquencies allowed. Must be 2-4 years since bankruptcy discharge. Maximum debt ratio averages 45-50% and maximum loan-to-value ratio is 75-85%. No 60-day mortgage lates. 24 - 48 mos since bankrupt discharge. Higher number of continual/rolling lates may be allowed. C Loan: ___________________________________________________________ FICO scores from 580-619. Three - four 30-day late mortgage payments allowed and four - six 30-day late revolver or installment loan payments; or two to four 60's. Must have 1-2 years since bankruptcy discharge. Maximum debt ratio 55% and maximum loan-to-value ratio averages 70-75%. 12 - 24 mos since bankrupt discharge. Continual/ rolling lates allowable. D Loan: ___________________________________________________________ FICO scores below 550. Two to six 30-day late mortgage payments or one to two 60-day late payments. Payment on Revolving and installment loans are generally late. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Stable employment required. Maximum debt ratio averages 60% with max loan-to-value of 65-70%. Bankruptcy discharge within last 12 months. Judgements to be paid with loan proceeds. Not in foreclosure. Get Your FICO Bureau Score NOW! Memo: The figures are "typical". Most lenders have requirements that fall within these guidelines. Delinquencies and other requirements are not cumulative. Various combinations are allowed but worst-case situations, e.g., maximum number of 30-day plus maximum 60-day, etc., in combination with other blemishes, will generally push the borrower to the next lower credit level. Mortgage lates are the most important, especially as credit levels deteriorate. credit patterns are important. More than a few credit cards or outstanding loans may signal a problem, as do a large number of recent credit inquiries. A demonstrated willingness to maintain payments is important. Constant/rolling lates are less important than late payments that occur sporadically because they signal an effort to pay. OR If you are applying for a home loan, though, you will not be expected to maintain a 900 point FICO score. In fact, a score of over 650 is generally worthy of an â??Aâ? paper loan. This means that the borrower will receive the best loan rates and will be required to complete minimal underwriting paperwork. If the score is below 650 but above 620, the borrower will be required to produce more documentation but will still probably receive â??Aâ? rates on the loan. Scores below 620 will typically force the borrower to seek higher risk, higher cost financing such as â??bâ? through â??Dâ? loans. OR This is a general guide to what is called "A-b-C-D" credit. These grades are typical of the requirements used by many lenders, but are not absolute grades. Individual lenders typically have similar but somewhat different specifications. Keep in mind that late payments, called "lates", are generally tracked within the previous 12-month period. A credit Considered the best credit rating. FICO scores are generally 640 and up with no lates on mortgage and no more than one 30-days-late on revolving or installment credit. No bankruptcy within past 2-10 years. Maximum debt ratio is 36-40% while maximum loan-to-value ratio is 95-100%. This type of credit will demand the best interest rate available! b+ to b- General good credit with FICO scores from 590 - 629. Two or three 30-days-late on mortgage and two to four 30-days-late on revolving or installment credit. Cannot have any 60 day lates. Must be 2-4 years since bankruptcy discharge. Maximum debt ratio averages 45-50% while maximum loan-to-value ratio is 90-95%. This type of credit will obtain rates 1-2% higher than current market rate. C+ to C- Fair credit with FICO scores from 570-580. Three to four 30-days-late on mortgage are allowed. Installment or revolving credit can have four to six 30-days-late or two to four 60-days-late. Must have 1-2 years since bankruptcy discharge. Maximum debt ratio runs around 55% with maximum loan-to-value ratio averaging 80-90%. This type of credit will generate rates 3-4% higher than current market. D+ to D- Overall poor credit history with FICO scores from 570 and lower. Two to six 30-days-late on mortgage or one to two 60-days-late, with isolated 90 days late. Revolving and installment lates show poor payment record with pattern of late payments. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Must have stable employment. Maximum debt ratio averages 60% with max loan-to-value of 70-80%. This type of credit will result in high interest rates (12-14%), but borrower can always refinance after one year of "on-time" mortgage payments to bring rate down. Please keep in mind these are "general" guidelines. Some lenders assign different grades or use different grade definitions based upon their own method of evaluation. Always remember to check your credit report for errors once a year! It is estimated that 50% of all credit reports contain errors significant enough for an individual to be denied a loan!
