Credit score

[trulfe]

otherwise known as FICO. I have had credit cards since i was 18 and finally decided to order my credit score from Equifax just to make sure that i didnt have false claims on my credit. Anyways I am 22 and still in college and got a socre of 763. the reason they gave me for it being as low as it was is because of the length that ive had established credit. is this score decent or good, and what type of credit score should i aim for to get a nice loan on a house in the future. Thanks.

 

[Hoeboy]

I got my first credit card at 18 also. Turning 22 soon and the last time i checked my fico score (few months ago), i had around 750. it was immaculate so the main reason why it's low is because 1) length of history and 2) poor income to debt ratio but i think your score is pretty good for your age. give it 1-2 more years and it'll probably hit 800, which i believe is excellent. someone correct me if i'm wrong.

BTW, what's the highest FICO score possible???

 

[trulfe]

the highest possible rating the chart showed is 850.

 

[mithrandir2001]

<< Anyways I am 22 and still in college and got a socre of 763. the reason they gave me for it being as low >>


Why do you think 763 is low? Low is considered sub-650, maybe sub-600. As long as you have something over 700-725, you are in good shape.

I'm trying to break 800...I had a 782 in 9/2001.

 

[trulfe]

<<
Why do you think 763 is low? Low is considered sub-650, maybe sub-600. As long as you have something over 700-725, you are in good shape.

I'm trying to break 800...I had a 782 in 9/2001. >>



i dont know what is considered a high score. i have about $25K in credit, but i have only had credit for 4+ years so i dont know what i am aiming for. i also dont know what to do to make it better since i carry sometimes up to $4,000 in balances each month on my credit cards and pay them off in full each month.

 

[RossMAN]

I'm 27 and have had (a lot of) credit since I was 18, my score is either 638 or 683 (I forgot).

I'd love to have your score.

 

[trulfe]

<< I'm 27 and have had (a lot of) credit since I was 18, my score is either 638 or 683 (I forgot).

I'd love to have your score. >>



do you have trouble getting any loans or anything? i am just trying to see what type of credit i should have in about 5 years when i will be looking to buy a house. thx

 

[Jfur]

Mine is about 780 but should shoot up after a serious error (actually) 4 linked student loan accounts is fixed. For some reason one of my lenders reported me late (90+ :| ) even though I had them all in deferment at that time.

 

[trulfe]

^

 

[Jfur]

Each of the three credit reporting agencies may have a (vastly) different score for you. Just like the IQ tests on this board (), there is rampant inflation and it may NOT be what your creditors are seeing and judging you by.

 

[kranky]

I see a lot of people fussing about their score, but I suggest you don't get too wound up over it. If your score is 763, it's fine, and don't give it a second thought.

Remember, banks are in business to make loans. They aren't going out of their way to turn people down.

If you have a credit history of a few years, no black marks, and a job, it isn't going to matter if your score is 700, 750, or 800. You'll get your loan (or credit card, whatever). It's true that people with low scores might pay more on some loans, but just pay your bills on time and you'll be fine.

If your score is 700 or 800, it doesn't make any difference.

 

[UltraQuiet]

trulfe-- I just wanted to reiterate what kranky said. I just bought a new car last week and of course they ran a check and it was 773. The finance guy there and at my credit union both told me the same thing. That is a great score. They only see 800 or above maybe a half dozen times a year. You're doing fine and there's probably not a lot of room for improvement.

 

[myputer]

My credit score is 800 and something, I don't remember the exact number. You guys should remember that too many credit cards can hurt your score, and having high balances on them can really hurt them too

 

[harpomx]

What are the places that give your score? Are they Canadian too, or just American? Does it cost anything to get your score?

 

[FettsBabe]

Even someone with a 550 or 580 score can qualify for a FHA home loan, so I wouldn't worry. They can also finance cars (at a good dealorship). They can also qualify for personal loans if they have a good relationship with their bank. However, they won't be able to finance luxury items such as (big screen tv's, stereo's, etc), but they can put those on their visa or mastercard. Even with someone with a 550 can qualify for a visa.

Don't worry.

 

[trulfe]

<< What are the places that give your score? Are they Canadian too, or just American? Does it cost anything to get your score? >>



it cost me $12.95 US.

 

[Argo]

I'm almost 21 and my score is 726. However, for some reason my car loan isn't showing on my credit report. I wonder if that is affecting my score.

 

[StageLeft]

That's a great score for someone your age.

harpo you can get a free credit report by contacting equifax or trans union (I think the first). Look them up in the phonebook and call the local office which is in dartmouth. They can fax it or you can go in and pick it up. It does not have a score on that version, just your entries showing what it looks like. I'm not sure if Canada has a numerical score though.

 

[vladgur]

I got a score of 590 and thats due to 2 consequtive delinquent payments that I missed in 2000 and high balance on my credit cards...The time will tell, in 2 years i will be buying something.....