From the June 2002 issue, page 100 "Smart borrowers know that a good credit rating will get them a lower interest rate. But how good does your record have to be to get the best rates? Most Kiplinger readers can expect to find that their scores are good enough, thank you very much. In fact, half of all consumers have sufficiently high scores to earn them the best interset rates. The top possible score is 850-but you needn't aim for that. "Obtaining 800 is probably unrealistic," says Craig Watts, consumer affairs manager for FICO......"Anything better than the mid 700s is fine, he says. "You're going to be offered the best interest rate. A median score ususally falls in the 720 to 725 range, meaning half of us fall above that point, half below. The article goes on to tell you how you can get your report from FICO, ConsumerInfo and E-Loan.... discusses improving your credit and how long that takes. The article states, "But fixing big blemishes, such as paying credit card bills 30 days late, takes time. "It's very hard to improve substantially in six months, says Watts. "If you work three or four years at it, it's possible to improve your scores substantially." (apparenlty this guy doesn't know about Creditnet?? <G>) Anway, those are the highlights.. I just thought that the quote from Craig Watts was interesting - actually telling us that achieving an 800 is unrealistic. Ozzy.
I just want to know WHY I'm not at 800 yet...there is NOTHING I could do except get a car loan... I pay off accounts...lose points... I could open more accounts???
