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tout petite | Is a 637 an okay credit score? |
How can I make it better. I only have 1 account. which is my car. I got pre-approved for a credit card, but then when I applied for it online, I was declined.
I would really like to better my credit score. I need some advice. |
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dpilipis
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I hate to break it to you, but that is a really bad score. It is below average for all Americans, and that speaks volumes.
Think about your average American. This is a hypothetical person who is way over their head in debt, has been known to pick and chose which bills he/she pays, borrows irresponsibly sums of money which he/she has no reasonable way of repaying with certainty, etc.
Now, I am not saying this is you. What I am saying is that, with a rating like that, that is what your score is saying to potential creditors.
What does that mean? In the great American tradition of debt financing, creditors will probably still lend you money (i.e. extend credit), but now they have an excuse to rip you off on horrible terms. They will charge you ridiculous rates of interest, stick you with BS fees and surcharges, etc. They justify ripping you off because now you are a "high credit risk." Never mind that they are making money on you, hand over fist.
You really want to be well north of 700 on your credit score. Average, among Americans, is actually quite poor when it comes to fiscal responsibility. Don't make mediocrity your goal. That will take time and an almost religious dedication to paying all your bills on time, everytime (every little slip up, fair or not, will cost you dearly). That means living much more modestly. Before you charge something on a credit card, think: "Am I paying with my money, or with money I don't have?" If you couldn't cover it with money you already have in the bank, don't buy it. Period. It is hard, but in my humble opinion, it is worth it.
Also, consider your car payment a fixed expense. When you make money, before you spend it on yourself, pay the car payment. Think of it this way, when you owe money, the money you make is not yours until you pay the guy you owe.
I know I am not pitching some quick credit repair scheme. That is not me, and you should be wary of those who do. There really are no shortcuts to success in life. |
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Matt
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Below average. Here's the breakdown:
< 620 Bottom 20%
621-689 - next 20%
690-739 - middle 20%
740-779 - next 20%
> 780 - top 20%.
The best way to build a good credit score when you're young is to have an installment loan, most commonly a car loan, and make consecutive monthly payments for two years. Don't pay the loan off too early. |
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justbeingme
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It's not a good credit score, but it ok. It's basically right above POOR! It's ok, you can always improve it. I suggest you look on annualcreditreport.com to get your free credit report. Look and make sure you don't have any accounts open that you don't know about. It doesn't give you your credit score, but experian has a 30 day free trial where you can check your score and report free for 30 days. |
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Amy D
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It is slightly below average (692) but not that much. If you do get a credit card just put a little on it and pay it off right away and your score will go up little by little. Also keep the card, the longer you have an account open (in good standing) the better it looks. Try a Target credit card or go to VISA's website. It may only be a small amount but you should get approved. Be patient!! |
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blogdog123
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Being new to this and only having one credit card, this lender may require more tradelines before they lend to you.
Note that every lender has a different set of guidelines they follow to accept or decline you.
Rule #1, never let anyone pull your credit unless you are certain you qualify for the card, or loan.
Before you give out your social security number, ask what credit score qualifys for their program upfront...like "Sir, what is the minimum credit score to qualify for your credit card, or auto program or whatever....." If it is higher than your score..DO NOT APPLY!" They will pull your credit which will lower your credit rating.
Each time you apply for a card or a loan, this is what happens, so guard your social security number with your life, because your ss# is the only way they can pull your credit.....
637 is a decent score but it is now considered a low credit score.
The housing market just did away with the subprime market which accepted scores under 600 to purchase a home.
The subprime market is now 600 to 650 scores.
Good scores are considered to be 650 to 700
great scores are over 700 and near perfect credit is 800 and above.
The housing market effects all other markets that determine credit. Each credit lender defines what they consider is good or bad credit. The lending market has tightened their guidelines in the last few months and some credit card companies require a 700 score. However, there are companys like "Capital One" who will approve low credit scores to get a card. But beware, if you are late on a payment, they will slam you hard on fees and percentage rate may go up just because you were late.
To improve your credit do the following:
1. Never, (I mean never!) be late on a payment. Late is defined as making a payment 30 days after the due date.
This will cause a "hit" to your credit and lower your score each time it happens.
2. Never spend more than 30% of your credit line if you don't pay it off in the same month. This lowers your credit score.
3. If you do pay off your credit card any given month, your score will go up. This is a very good thing!
4. Never default on a loan or credit card or auto payment...this will distroy your credit and it won't get better until you pay off the bad debt then notify the credit bureaus, all three, and let them know you pd. the debt off......
Seeing that you are new to this credit thing....creditors look for "tradelines". This is your payment record recorded and sent to the credit bureaus that show them if you have ever been late on a payment....and this is what you see on your credit report.
To make a large purchase such as a car or a home, one should have a minimum of 3 tradelines. Ex. would be, 3 credit cards, or a student loan, 1 credit card, 1 auto payment, etc.
If all your payments are on time, it shows you are a good credit risk....and it will be easier to keep your credit rating up. |
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healthspot_2000
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Get a secured credit card or apply for loans, such as lines of credits. |
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John
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It is ok but if you can reach 720 it will be far better. you can get some good credit cards with low apr and some reward programs and then buy the necessary things with this card and pay the bills on time. You can also try some reward cards they are good. All these will make your credit good. Buy with that card and pay your bills on time.
To know more you can visit
http://www.creditcardbiz.blogspot.com |
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Nodor
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Well it isn't bad, but it could be better.
The only way to build credit is to get into debt and then pay it off. |
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SPIFIMAN1
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Well it's below the national average of 675 but not bad.
To understand credit you need to know what makes up your score.
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
As you can see 1,2&5 are the most important as far as score goes but score is not everything no matter what anybody says.
What you will need for the best score and profile is 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 cars, boats, homes, furniture or personal accounts (installment) all with good long pay history's.
I look at credit everyday and see people every month with 700 scores that can not buy a car because their score is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this profile produces a great score it does not show the ability or the willingness to actually pay anybody.
For a credit card try Orchard bank. Once you get it use it for everyday things like gas and food being careful not to exceed 30% of your credit limit in any given month and pay it off in full every month before the due date.
This along with your car loan will establish pay history's and will keep your debt to credit ratio low. These two things alone make up 65% of your credit score. |
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beauty s
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try to get one from Orchard Bank |
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tonytbag
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637 is not a BAD credit score. However, you always want to be 680 or over. thats the point at which you dont really run into any problems. Im assuming that you pay off your car payment in full every month...if you arent then that is what is hurting your credit score. In addition, the three credit agencies want to see debt spread out amongst three cards rather than just all on one. For example: they want to see that you have 3 credit cards, each with $100 than only having one credit card with a debt of $300. Also, never close a credit account. That kills your score. leave it open. And remember, everytime you run a credit report to see your score, that docks your score too. And lastly, there is always credit repair if you are looking to have to use your credit within the next few months. any more question email me |
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coven-m
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live below your means and save up money. Once you got money in the bank, credit card companies will be spamming your mailbox so often, you can cancel your gas, and heat your home with junk mail. |
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♥≈ yaddajean ≈♥
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That is an average credit score. You need to open a few other accounts in your name and make regular on time payments into those accounts. LIke get one credit card and maybe a cell phone or instore account or something like that. That will definately improve your credit score. |
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