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A... |
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| I have a credit score of 549. Seeking 100% home loan for 120,000. Already approved for 80k. Any suggestions? |
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| Need some financial advise? |
| Okay, about two years ago I started getting behind on things because I had to take a very low paying job. Well, it has gotten out of hand because I haven't been able to pay on anything for ... |
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sarabeara310 | Is this a good or bad credit score? |
I recently looked at my credit report and my FICO was 650...is this considered good or bad? What are the best ways to improve my score by April/May of 2008? |
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aboryszuk
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yes shes right, 850 is the highest..keep what accounts you have try paying down the balance, do not inquire on your credit report multiple times in 1 week,dont apply for any new credit, another quick way to boos your score is if you have a friend or family member that has had a revolving account (credit card) opened for a long period of time with good payment history, ask to be a authorized user,or joint cardholder..by doing that all ther credit history from that account will be applied to your credit.good luck to you, you can also try www.advantagecredit.com if you pull your report from ther they will tell you if you can boost your score and what exactly to do it |
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Tireless
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Pay the bills on time, get the balances down and don't apply for more credit. |
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luciousgreeneyedlady
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650 is a very good score |
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flamingojohn
 |
The people that told you to pay off your credit cards are incorrect. You want to keep the balances under 30% of the allowable maximum- but keeping a balance and making on time payments is much better than paying them off. Basically it shows your ability to manage your debt which increases your score. 650 is a good score though. In a mortgage situation a 650 will give you access to the best available rates as long as you can prove your income. Getting to 680 would give you a green light on just about anything, 720+ is considered A++ and allows you access to the best rates with little to no documentation.
**And Abory- that borrowing credit thing is about to go away, but still works for about the next 4-5 months... A bunch of people have figured that out and thus it is being taken away- was fun while it lasted though... |
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SPIFIMAN1
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As far as score goes, it's a little below the national average of 675 but not bad.
Far more important then just score is what makes up that 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 to get the best score and profile you will need 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 autos, boats, homes, furniture or personal accounts (installment) all with good long payment history's.
I look at credit every day and see people every month with scores of 700 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 produces a great score it does not show the ability or the willingness to actually pay anybody.
It takes years to build great credit and only a couple of months to trash it. |
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beauty s
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its fair, try like 700 |
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Christopher B
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It's ok. It's not a great score but it's not terrible either. You'll get approved for certain things but may have trouble getting a home loan. You should be fine though getting credit cards and a car though |
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Dewey K
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According to http://www.1-800BadCredit.com that is a fair score
The next step up is 660 |
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bkwrm006
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650 is an average score. You can improve your score by paying down your outstanding credit card debts. If you can get your outstanding debt to credit limit ratio below 20% it will greatly improve your score. Every three months that you make all of your payments on time will also improve your score. Don't apply for credit between now and then because every time your credit is looked at, it is tracked. Having too many people look at your credit can lower your score. |
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Jade
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it's not bad, my fiance and i just bought a house and his score was lower than yours. i would suggest if you have any department store cards to pay them off, but don't close them. haveing open credit helps and make sure you pay everything on time. this was the suggestions that our mortgage expert gave us. hope it helps |
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Luke D
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That is a below average credit score, but could be much worse. You need to be in the 700s for average, and high 700s for above average.
Here's what you need to do between now and next May:
1. Make all your payments on time.
2. Pay your revolving debt down to zero, if it's not already there, and keep it there.
3. Don't open anymore than 1-2 lines of new credit. |
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letsroll
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Sounds pretty good. I was told to pay down high balances on accounts will improve it. |
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Andrea B
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The highest is actually 850. 650 is a midrange score. The way to improve your score is to keep your debt low on the credit cards and pay off at least the minimum every month on time. Just charge a small purchase every month and pay it off. |
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irisheye21
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IT'S NOT VERY BAD, BUT HE ONLY WAY TO IMPROVE IT IS TO FIND OUT WHY IT IS THAT LOW AND THEN FIX THAT PROBLEM. IF YOU OWE NOPAST DUE DEBT, JUST PAY ALL YOUR CREDIT CARD PAYMENTS IN FUL OR ON TIME. THAT SHOULD DO THE TRICKM NOT OWING MONEY AND BEING NOT BEING LATE IS KEY TO GREAT CREDIT!! |
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Silent Suicide
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750 is the highest you can have so I'd say 650 is pretty good |
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