saw a post about breaking 700. was wonder what is considered good bad and ok. like 3-400 is bad 500-700 is ok....
depends on what your applying for. i used to buy bad credit mortgages which ficos of 525 were still approvable. you need a 620 for conventional mortgage 650? for prime credit card 680? for the best car rates 720? for the 0% financing offers not sure if those are exact score cutoffs - anyone else have anything to add? nowadays i don't even use a fico to buy credit - i use an internal scorecard. (probably because too many people know how to "work" the fico score)
I found this on http://www.carbuyingtips.com/refinance.htm regarding car refinancing: --If your credit score is above 680, you are considered a "prime borrower" and will get a good APR on your loan. --If your credit score is below 680, you are "sub prime", and will pay much higher APR on your loan. Below 550, you can forget about a car loan. This is a great site so far as I've read! Lotsa goodies there and worth a trip ya'll!
The problem with this is, most car dealerships determine your risk from one of their own scoring models, which may or may not correspond with your fico. Example: You have otherwise good credit except for a few 30 day lates on a previous car loan. Your actual FICO might be 680, but because of the lates that pertain specifically to a car loan, their in-house scoring modles might score you much lower, exempting you from getting the best rates.
As far as FICO scores (Fair-Isaac, the developer of most statistical predictive scoring models), consumers start with 300 points simply for having a social security number! Michael
That's y a lot of people that have a lower FICO get the financing ahead of time, and then go car shopping. It's like buying a house.
Hi jrjr. I'm just wondering if the reverse is true? I have a perfect credit history with Toyota Motor Credit. I currently don't have any auto loans, but am thinking of getting one to help rebuild. If I applied at Toyota, are they likely to give me a higher score because of my history with them, even though so much of my other credit is badly damaged? Thanks for your input! NuB
