FICO score question

Discussion in 'Credit Talk' started by Flagirl, Mar 21, 2001.

  1. Flagirl

    Flagirl Well-Known Member

    What is considered a "good" score? I know I've seen it here before, but can't recall. I just checked my score and it's jumped from 570 a few months ago to 603 now. My boyfriend checked his (and his credit is WAY better than mine) and his score is 663. He applied for a loan with chrysler a few months back and they rated him an A+ (they score on an A-f scale, I guess). Is there really a big difference from 603 to 663?
  2. roni

    roni Well-Known Member

    Yes there is a huge difference. You are typically treated as bad credit until you rich 620. This is especially true for a car loan. As you go above 620 you are rated better. Anything above a 660 I think cardealers love you. That is like your boyfriend.

    Different types of lenders look at scores differently. But these are a basic guidelines:

    Above 719: excellent credit
    680-719: Good Credit
    620-679: Lender will take a closer look at your file
    585-619: Higher risk; you will not be eligible for the best rates and products
    Below 585: Credit products may not be available. lender will need to consider other information in your application.

    This is from 'your credit score' and eloan last year.

  3. AnnMarie

    AnnMarie Well-Known Member


    I found this interesting.
    "But simply knowing your credit score when beginning the mortgage process -- if that score is at least 620 -- should ensure that you obtain a market-rate loan, she says. And if your score is lower, you will have time to take action that can raise it.

    Scoring Factors Listed: Fair Isaac divides its credit-scoring factors into five categories.

    Payment history, which is the basis of 35 percent of your score
    Amounts owed, on which 30 percent of the score is based
    Length of credit history, which accounts for 15 percent of a score
    New credit, which accounts for 10 percent
    Types of credit in use, which accounts for the remaining 10 percent"

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