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Twoflowers | What does a 649 fico score mean? |
I found out my FICO score is 649. The worst thing in my credit report was I missed some payments on a credit card for 3 months about a year ago. Also, I had a lot of open accounts, but I don't really owe much money anymore. So anyway, is a 649 a really bad score and what kind of FICO number should I be trying for? |
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teresathegreat
 |
649 is okay, but it could be better. The range is from 300 to 850, so think of it like your SAT scores. Having outstanding debt is a real killer for your credit score, so your primary concern should be paying off the rest of that debt as quickly as possible (and obviously, not incurring any more debt!).
The main factors that go into your score:
Payment history - 35%
Amounts owed - 30%
Length of credit history - 15%
New credit - 10%
Types of credit used - 10% |
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Rex
 |
It is not that bad, pretty average, as most people are late on a payment or two every couple of years. |
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MadCuzImFlagrant
 |
800 is perfect, buy yours is pretty good. You can buy pretty much anything you want as long as budget for it. Banks usually take 45 % of your income minus revolving debt as your budget. |
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SprdUrWngs
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from what I'm told, anything above 620 is considered "average" credit. |
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argus
|
Your credit score is not that bad, Anything above 700 is excellent |
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Judy1
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Not great, but certainly not awful either. A perfect score is 850. Anything over 700 is considered very good. |
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ms_leo_1969
 |
That score means that you're on the low side of okay-enough credit. Depending on what you're trying to finance and how much it is, you may get some turn-downs. If you don't need all of the open accounts, I would start paying them off and closing them out. Keep one or two credit cards, use them sparingly (very little), and pay them off faithfully. Keep utility bills, cell phone bills and loan payments up-to-date.
Some good rules of thumb for most credit card purchases are:
1. Can I afford to pay cash for this?
2. Can I save $____ per paycheck in an envelope or a bank account, and wait to make this purchase until I can afford it?
And if all else fails,
3. Can I afford to pay off this amount by the end of the month (or the billing cycle)?
If you can answer yes to question 1, then pay cash for the purchase rather than using your credit card. If you answer yes to question 2, then start saving and put-off the purchase until you can afford it without the credit card. If you can answer yes to question 3, make the purchase and pay-off the balance when the statement comes.
If the purchase is large enough that you can't pay cash or save to make the purchase, then really examine whether you need to make the purchase at all. If you have to make the purchase (like a new car), don't put it on a credit card -- finance it through your bank. The payments and interest charges will be less with your bank instead of the credit card.
Good luck! |
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beauty s
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its ok |
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phylvera
|
The best score is 720. Your score is average, not that bad. |
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fmxkrazyone
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It's a good score. 700 is considered really good, so you're almost there. |
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Workfortoday
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That is excellent. Right now you can find any bank to make loans if one's FICO is 650 or higher.
You have a good score. What I would do to boost it up is look at any cards you have that have low balances and see if you can pay them off. That will raise your fico.
Also you'd be surprised how dumb things lower your fico. For example if you have 2 conflicting addresses on your credit report that also affects it. |
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northville
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shoot for 680 and above. 649 is your middle score- you have one score higher and one lower. Dispute anything that is a problem and pay off your bills when they come due.
Close unused accounts.
My score is 810.
680 and above gives you premium home loans at a lower interest cost, and lower car insurance payments. |
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