Repair Credit Score

Posts Tagged ‘Credit Score’

Question: How Good A Credit Score of 579?

I just checked my Credit Score with Intelius and Experian said my score was a 579. Is this a fair score or a good score? the scale was not clear? Does anyone know credit ratings

Answer: This should help you to understand how credit scores work..

FICO scores from 300 to 850 and Vantage 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.

Now in your case since you got your score from Experian and they use the Vantage Plus system so based on the chart above your score is very very bad.

Sorry man, but the truth is what it is.

Logistic distribution maps Credit Score to probability of default (PD)

Question: Avg mortgage rate I may qualify for with Credit Score just shy of 700 and debt-to-income ratio of 0.8?

Ok. It is possible I mislead those who answered yesterday. My calculation was based by dividing my debt (approximate) to my estimated annual income. This way shows a DTI of 0.8. However, if I calculate a DTI by dividing monthly debt payments by average monthly gross income (monthly gross income varies due to pay schedule) this number is more to the order of 0.095. How may this change your answers?

Answer: I think that with the kind of score that you have you will possibly have a great chance of getting financed at a good rate. I do not make it a habit of quoting rates over the internet because of state specific laws that do not allow me to without other information accompanying the interest rate.

I can say that you qualify for prime financing and I would like to discuss your debt ratio with you. Please contact me at timothy.kazee@americanhm .com and we can discuss this.

Talk to you soon!!!

How Clean Credit Changes Your Life For The Better

Question: Where exactly can you check your Credit Score for FREE?

All of the ligitimate sources I have looked at have a sign up scam running. You must sign up for credit protection plans or the like before you can get your free score. You must give them your credit card number for your free trial that by the way is difficult to get "unsubscribed" to. I thought the law said you could get a free Credit Score yearly. Where do I do this?

Answer: You can only get your Credit Report for free, not your score.
Under the FACT Act, you're allowed one free report per bureau, once every 12 months.
To get your free reports, go to AnnualCreditReport.com. ACR is the only government approved website to receive your free reports; no credit card or registration for credit monitoring services required.
Once you receive your free report, you can order your score on the website for a small fee.

Law & Court : Will an Unlawful Detainer Judgment Affect Your Credit Score?