Current Events > What's a "decent" credit score?

(+) Yeah! (+)

Like I'm talking average joe, not great but not total shit.
---

I've got the max score
---

110%
---

Above 700
---

640 is average most likely.
---

69 lol
---

820
---

N1NJAREB0RN posted...

640 is average most likely.

Okay, that's about where I'm at. Not terrible considering I started off at a major disadvantage (my parents took out a card in my name and bought gas a few times in an attempt to build up my credit... but forgot to ever make payments on it). Climbing back up.
---

median credit score is 723. 700+ is considered good, 750+ is considered excellent. 650-699 is fair. Below 650 you will be paying a lot for credit.

edit:
getting some conflicting reports on median, fico.com calls the average 700
http://www.fico.com/en/blogs/risk-compliance/us-average-fico-score-hits-700-a-milestone-for-consumers/
so let's go with that.
---

KILBOTz posted...

median credit score is 723. 700+ is considered good, 750+ is considered excellent. 650-699 is fair. Below 650 you will be paying a lot for credit.

Hmm. Okay, a bit to go then.

Luckily I'm not really looking to make any massive purchases soon. I might try to get a new car, but I'll wait a few months, see if I can at least get it into the high 600s, and go in with a big downpayment and a trade-in.
---

Below 800 is bad, need 800 for the best interest rates
---

Mr_Biscuit posted...

KILBOTz posted...

median credit score is 723. 700+ is considered good, 750+ is considered excellent. 650-699 is fair. Below 650 you will be paying a lot for credit.

Hmm. Okay, a bit to go then.

Luckily I'm not really looking to make any massive purchases soon. I might try to get a new car, but I'll wait a few months, see if I can at least get it into the high 600s, and go in with a big downpayment and a trade-in.

just edited my post, according to fico.com average is 700.
---

Alrighty. My car is kinda falling apart, but I'll see if I can ride it for another few months, pay off any credit card debt, and get the score up.
---

Mr_Biscuit posted...

KILBOTz posted...

median credit score is 723. 700+ is considered good, 750+ is considered excellent. 650-699 is fair. Below 650 you will be paying a lot for credit.

Hmm. Okay, a bit to go then.

Luckily I'm not really looking to make any massive purchases soon. I might try to get a new car, but I'll wait a few months, see if I can at least get it into the high 600s, and go in with a big downpayment and a trade-in.

That's what I just did for my lease man. I'm in the 670s, traded in my car for 2K (still had money on it though), and had 3k down. Only added about 28 bucks on top of what I was paying for the loan. And I have a brand new car not a clunker
---

whats the term of your new loan?
---

ToadallyAwesome posted...

That's what I just did for my lease man. I'm in the 670s, traded in my car for 2K (still had money on it though), and had 3k down. Only added about 28 bucks on top of what I was paying for the loan. And I have a brand new car not a clunker

@ToadallyAwesome what are you paying now?
---

it really depends on what you want.

if you want credit cards then 660+ will be enough if you've got high enough income and no missing payments on your report or things like collections or bankruptcy.

if you want premium credit cards like the CHASE SAPPHIRE RESERVE (which i have), you need to be at least 700+. having a relationship with the issuer helps (i had a chase amazon card for 5 years before i applied.) Bank of America is an issuer that wants to you have a relationship with them first.

for excellent APR on car loans, mortages, etc, anything about 740 will get you the best rates, cuz once you hit 740, youll get the same rates as someone with an 800, 850 score most times, so its best not to worry about it.

but its not always about the score. i've gotten denied for loans with a 774 score cuz they thought my credit history was too thin/short. that was a while ago. in fact, yesterday i got denied a card from Barclays with a 730 score cuz i have too many new accounts, but then Amex approved me within that same hour. so it really depends on the person giving the credit.

if you want to build your credit, get a credit card if you dont already have one, put your normal purchases on it, let it send you a statement/balance, and pay it off immediately so you dont pay interest. do this for a while and your score will go up.

theres also more, nefarious ways...
https://www.doctorofcredit.com/strengthen-credit-installment-loan-using-secured-loan-technique/
---

Mr_Biscuit posted...

ToadallyAwesome posted...

That's what I just did for my lease man. I'm in the 670s, traded in my car for 2K (still had money on it though), and had 3k down. Only added about 28 bucks on top of what I was paying for the loan. And I have a brand new car not a clunker

@ToadallyAwesome what are you paying now?

@Mr_Biscuit Well I had a co-signer on my loan last time. And this time I didnt need one. So that was also good.

I paided 160 for the loan and now I pay 188 (which includes some extra stuff for the lease like protection). My insurance also only went up by like 24 bucks.

Extra 52 bucks a month isn't that bad.

With the lease you can really set what you want as long as you have a good down payment

Also don't completely pay off a card. That actually hurts your credit. As you have no value to the CC company if you have no debit with them. Yes, it's backwards but that is the way it is. Obviously pay the minimum/what you can afford but leave 10-20 bucks on the account. That will build up your credit better.
---

Shit, dude, under $200 is the dream. I got totally fucked on my car... it wasn't even very good when I got it, older, and I'm paying $340 a month for it.

That's what shit credit, no turn in, and a minimal downpayment gets ya. But hey, I've built credit by paying it off.
---

i read an interesting article that talked about how creditors are taking advantage of the fact that folks are getting used to paying small amounts monthly. think spotify and netflix.

they'll offer a long term with a small monthly payment, and folks will go for it. they pay more interest in the long run as a result.
---

69
---