The Myth About Average Credit Scores
As a credit holder, may you be new or veteran, have certainly wondered how the credit scores of other credit holders are doing. You would comfort yourself by thinking that perhaps they are the same as you, missing documents and lapsing due dates. Or you may feel fear while speculating about what if they are much better credit holders than you are. Yes, there are various credit holders out there. The same thing goes with credit scores. It may burst your bubble but the answer to the question in your head is no, there are no such thing as average credit scores.
For that frequently asked question, there are sadly no simple answers. Credit scores also known as FICO scores usually range from 300 to 900 points. The creditors lending money utilize these scores as a window to the background of a potential creditor. It is a basis on whether or not a creditor is worthy to be approved. Most of the time, the people with ratings that fall from 620 points and below tend to have a hard time acquiring the coveted credit. And if they do so despite the low credit score, they will still most likely get the least flattering terms and conditions. As desperate as it sounds, it seems like it is better to have bad service than to have no service at all. On the other hand, people who have credit scores 700 points and above can look forward to top of the line terms and conditions as well as be placed in an arrangement where you have the privilege to make settlements about how you wish you credits will be handled. This is the kind of position that only people on the 620 and below can hope for.
According to a publication authored by Fair Isaac, the maker of credit scoring and the one providing credit scores to three big time credit bureaus entitled “Understanding Your FICO Score”, it says there that the average credit score actually varies from the lender and the industry. The creator himself said that this credit score does not exist. Nevertheless, the word of mouth still lingers among people involved in this kind of business.
Now that you are already aware of this, you must escape from the thought that you belong to the average credit score holder. Work your way up and receive the best services they can offer. Because as proved by evidence and survey, average credit scores will remain a myth from this time forward.
Categories: Credit Score Articles Tags: average credit score, question, thing, time
How To Get The Right Credit Score
Have you ever tried getting a letter coming from your credit agency that displays your credit score and the question running through your mind is how did it come about? That’s the usual case a credit holder is experiencing when he or she sees how low their standing is.
When it’s not good, of course, you want to fix it. Watch this video.
Categories: Credit Score Videos Tags: credit standing, Good Credit Score, mind, question, right credit score, sees, tried
My credit score is 737. What should i expect for an APR on a new car?
Question by syrendyr: My credit score is 737. What should i expect for an APR on a new car?
i’m looking for a 2010 SUV and I don’t want to have anyone run my credit and ding it before am 100% about what i want to get.
Also: What is a good SUV for gas mileage?
Best answer:
Answer by Toni
Is that a FICO score? If so that is a great score.
From Money Magazine.
Scores higher than 740 to 760 are really not necessary.
You will get the best rates with these.
You are so close.
Make sure any credit card you have is paid in full each month to bring that score up.
Or at least make sure you are not using more than 30% of your available credit limit.
Carrying balances on credit cards can easily damage ratings.
There are some poeople out there with scores of 800 just with credit cards – it can be done.
Credit.com Credit Score Calculator
Fico Score Estimator.
You must pay in full each month for those top scores.
Note: Many experts on CNBC are predicting gas to hit $ 4 a gallon this summer – some $ 5 a gallon.
These are professionals that study the markets day in and day out.
We just bought a little cheap new car because we know this is coming and things are going to get rough, very rough. Please ponder this just for a few minutes – the future could be bad, very bad when it comes to gas prices…
Give your answer to this question below!
Q&A: how are points determined on your credt report?
Question by Callie_Peach: how are points determined on your credt report?
I recently disputed and begin to settle and pay off things on my credit report how can i find out how much my score will go up?
Best answer:
Answer by savc_port
It will take is up to 6 months for your FICO score to go up if you just paid off all your bills. Now if you have been staying on top of your bills and paid them when you was suppose, then your score will go up in 3 months.
Give your answer to this question below!
Categories: Credit Score Questions Tags: answer, Best, Credt, determined, Points, question, Report
How can I get a credit card?
Question by antoniodab: How can I get a credit card?
I am 18 and a college student. I applied for a Chase student credit card but was denied becauseof my lack of credit history. My Chase bank told me I should get a gas card or a department store credit card. I applied for a Walmart credit card but was denied that also.
How can I build my credit history if they wont let me have a credit card?
Best answer:
Answer by StephenWeinstein
First, stop applying, immediately. Now, you have a history of applying, which is worse than having no history at all.
Second, get a “secured” credit card, which is the one type that you might be able to get when you are 18 and have no history, except for a history of applying.
After you have had the “secured” credit card long enough to have a credit history, and you have gone more than a year without applying for any cards, then you might be able to qualify for a credit card. (As long as you continue to apply as often as you are applying now, you will never qualify. You may also never qualify if you do not get a secured credit card first.)
Give your answer to this question below!
Categories: Credit Score Questions Tags: answer, Best, Card, Credit, credit card, question
How can you get an actual free credit report off the internet if you dont own a credit card?
Question by Robert S: How can you get an actual free credit report off the internet if you dont own a credit card?
Best answer:
Answer by Steve P
Go to the Federal Trade Commission website. By law, you are entitled to one free report each 12 months. You’ll set up a user ID and a password. The report won’t give you “scores”, but it will show accounts, histories, inquires, etc. Just look for errors, and seek to correct incorrect information. You can’t remove factual history, just work to let it age-off.
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question about my credit score?
Question by Christopher Latham: question about my credit score?
I have a simple question about my credit score. I use USAA credit monitoring and I used the “estimate score” function. I get to change a few factors and it will tell me how it could change my score. one field says “what is the percentage of your available credit.” If i change it to 0-15% it says it could raise my score 19 points. mine is currently 59%. so basically, is it better to have more debt than credit? or the opposite? please provide as much detail as possible on how my credit to debt ratio affects my credit score, thank you.
Best answer:
Answer by Mike
The factor you’re tweaking is “Percentage of Available Credit” and is calculated as follows:
(Total Credit Used) divided by (Total Credit Available)
Anything that drives that ratio towards zero will increase your Credit Score. In your case, it shows that if your available credit on all your accounts stays the same and you can burn down enough debt to reduce your ratio from 59% to no more than 15%, you credit will improve by around 19 points.
To answer your question more directy: it’s better to have a ton of credit available and to use none of it!
What do you think? Answer below!
Categories: Credit Score Questions Tags: about, Credit, question, Score