Is 581 a good credit score?
This should help you to understand how credit scores work.. FICO scores from 300 to 850 and Vantage Plus scores from 501 to 990. Here is the breakdown for both systems. Vantage Plus system scores from 501-990. A-901-990 B-801-900 C-701-800 D-601-700 F-501-600 FICO system scores from 300-850. Elite-740-& up Prime-700-739 Preferred-660-699 Standard-625-659 Sub-prime-624-& under FICO is the only one that matters since it's the one that all major lenders look at. So as you can see it depends on if your looking at a true FICO score or a Vantage plus score. As far as what makes up credit scores it's the following; 1. Payment history (longer the better) 35% 2. Time in bureau (longer the better) 15% 3. Types of credit (mix of credit cards & installment loans) 10% 4. New credit (new accounts and inquiries) 10% 5. Debt to credit ratio (lower the better) 30% And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public. To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history's. Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what's called a FAKO score which makes it even worse because they all have their own system to calculate scores. Credit scores are 90% based on the last 24-months of activity, and they can change daily depending on the information submitted by your creditors. So, as you can see no matter which system your looking at a score of 581 is not good.
Credit score of 784 is it good?
Yes. That is a great score. Great score= better interest rates and terms. Beware though, with a great score like that they will loan you money you can't afford to pay back. Great job!
Is not having a credit score better than have a good credit score?
Credit cards for good credit helps the consumers to rely on more features like travel insurance, purchase protection, and extended warranty insurance. Additionally, it offers value-adding features including complimentary flight offers, airline lounge passes and more. With good credit score, you can earn points on every dollar you spend on eligible purchases like groceries and petrol costs. Either you are looking for a card with low-interest rate, rewards offer or other benefits, then it's essential to compare them all and find a card that fits you.
My credit score is 553 what does that mean?
I have worked for a collection department and that score is not bad but its not good either. But you are half way to good credit so just work on it.
When is a low credit score a good thing?
A low credit score is never a good thing. Banks or creditors use your Fico score determine which bracket you fall into to see what interest rates you can qualify for. Usually a low score will tell banks that you are a risk and might file bankruptcy. Now in life there are difficult times that might effect your credit but a low credit score will get you high rates and high payments because the bank is taking a risk on you.You have to work on building your credit score to bring it back it up so you reestablish your credit to good standing.Thomashttp://www.AirFlashMLS.com
Is a credit score of like 580 really bad?
depending on what kind of credit your looking for, under 600 is bad, 600-650 is ok, 650-750 good, 750+ excellent
How do I raise my credit score from 500 to 700 in a year?
Depends what's in your credit report. If it's late payments than it can be very difficult to get to 700 in one year. Because it takes to time to lessen that impact. If you're mainly maxed out, then it can be possible to get to 700 score if you pay down each account to as close as possible to paid off. You don't want to pay off a balance entirely. Otherwise you wouldn't have a payment to turn in each month. And, the most important factor is payment history. So if you leave a little balance then you will continue to have payments which is good for reporting and scoring purposes.You also need to already have a mix of credit account types. The type of loans you have matter (student loan, mortgage, credit card, personal loan, auto loan). The FICO scoring algorithm is a very guarded secret. So it truly depends on what's in your credit report. It can be a double edged sword to open a new credit line. Because initially your score may drop but with time it will increase with a year or more of on time payments.