the ringo kid
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Reason im asking is, my credits always been pretty good, but recently jumped 150 points and thought NOT complaining--I wonder how that happened?!??!!?!
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What's considered good and then excellent in the credit score world?
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Ideally the major credit bureaus would not know you exist. The next best thing is for their computer to report insufficient information available to create a credit rating.
My granny used to say "He who goes a borrowing goes a sorrowing." I say debt is like gambling. If you never bet the first penny you never have to sell S&Ws to get out of the casino's dungeon.
My granny used to say "He who goes a borrowing goes a sorrowing." I say debt is like gambling. If you never bet the first penny you never have to sell S&Ws to get out of the casino's dungeon.
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A more appropriate name for it would be debt score, not credit score as it is an indicator of how well or how poorly you manage your debt.
A good or bad score is determined by the business you're working with. Your local old school locally owned conservative bank will likely have higher standards on what they consider good or bad. A credit union will be different as will a finance company.
Many lenders use risk based pricing and design the interest rate they charge you based on your score. It will be different everywhere you apply.
Further, you have many scores and all of them are different and all can change daily.
My advice - forget about your credit score. If you focus on paying your bills on time, not having your credit cards at or near their credit limits and avoiding collections, you'll be in good shape.
The Consumer Federation of America has an excellent pamphlet on their web site called Know Your Credit Score if you want to look for it.
Your credit score goes up or down depending on when one of your creditors updates your trade line information with payments you've made or debt you've incurred.
A good or bad score is determined by the business you're working with. Your local old school locally owned conservative bank will likely have higher standards on what they consider good or bad. A credit union will be different as will a finance company.
Many lenders use risk based pricing and design the interest rate they charge you based on your score. It will be different everywhere you apply.
Further, you have many scores and all of them are different and all can change daily.
My advice - forget about your credit score. If you focus on paying your bills on time, not having your credit cards at or near their credit limits and avoiding collections, you'll be in good shape.
The Consumer Federation of America has an excellent pamphlet on their web site called Know Your Credit Score if you want to look for it.
Your credit score goes up or down depending on when one of your creditors updates your trade line information with payments you've made or debt you've incurred.
OP
the ringo kid
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Thing is, is I owe nobody-cept the bank-nothing. I have a small loan im paying off-gets paid on the 3rd every month-but often times when I do get a loan-I pay it of off early. I had this loan only because of my recently pinched computer-and didnt want to use money from my checking acct.
Ive been told do not pay loans off before the due expected time-sometimes i do, sometimes I do not-just depends? I have no-and want no credit cards except for my own credit unions card-only one I need/want. Im not in a hurry to buy another car--and cant buy a house on what im making. When it comes down to it-the only real source credit is important with-is the banking institution you are with. CC companies only keeep themselves fed-with your money on finance charges. My CU--when I get a say--$600 loan--makes a total of about $20 off me for the entire 6 months.
Ive been told do not pay loans off before the due expected time-sometimes i do, sometimes I do not-just depends? I have no-and want no credit cards except for my own credit unions card-only one I need/want. Im not in a hurry to buy another car--and cant buy a house on what im making. When it comes down to it-the only real source credit is important with-is the banking institution you are with. CC companies only keeep themselves fed-with your money on finance charges. My CU--when I get a say--$600 loan--makes a total of about $20 off me for the entire 6 months.
OP
the ringo kid
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I think it was Trans Union that gave me my high score-which was reported to my CU when I was instantly approved for my last loan. Ive heard they were one of the hardest to have a good score with--but am no expert. Anyway, if the trend continues? maybe ill go for a new car next year??
The bills are top of my priorities list. I pay off all first before I buy things for myself. By the 11th of every month-all are paid-then I know what I can toy around with. The only exception this month is a $55 purchase for a power station for the computer. A 2 & 1/2 hr battery life on my computer isnt as long as I need-so im getting one-rather-waiting for its arrival.
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I would say excellent is over 800. Good 750.
Mine's around 850. It was almost comical watching the salesman bend over backwards when we went to buy our Dodge Ram truck.
OP
the ringo kid
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OP
the ringo kid
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Ive got a hop and a skip to get to where your at, hopefully some time this year? and good going Wayne.
misswired
Absent Comrade
I've worked hard to maintain a zero credit score for many years....I owe,I owe, off to work I go ...not me!!!Ive got a hop and a skip to get to where your at, hopefully some time this year? and good going Wayne.
It used to be that some banks and/or merchants reported loans paid off early as "Not paid according to terms", which could mean many things. I'm pretty sure (like 99.9%) that is no longer the case, and loans that are paid off early are reported in just that term - paid off early.
Credit agencies take many things into account when determining scores, including but not limited to: your income, your debt (both real and potential), your employment history, your payment history, and how long you've been with your bank (or credit union) as well as how long you've had your credit cards. Payment history isn't limited to credit cards and bank loans, it also includes utilities like electricity and water and property taxes. When I said real and potential debt, that means debt that you are actually in, such as current loans, and potential debt, which is the amount of unused balances you have on your credit card(s). So if you have 3 credit cards, each with a $5,000 limit, but owe nothing on any of them, the agencies still consider you to have a potential debt of $15,000 because you could potentially walk out and charge that amount tomorrow.
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DWalt
Member
My score has always been in the high 790s, as I have no debt other than from two bank credit cards, and both are on monthly autopay from my bank account so I can't miss a payment. Around early last year, my score jumped up to about 825 for no discernible reason, and then fell back into the 790s range. No idea why and I did not ask. I get my FICO credit score from my Chase Visa any time I want by logging into the Chase Visa website. You can do the same thing with Credit Karma (also free), and I also check it occasionally as it is more comprehensive than the Chase website. My real question is why my credit score is not higher than it is. I suspect it is because I never get anywhere close to the credit limits on either of my two CCs. Apparently operating close to your CC limits is beneficial to your score.They like people who maintain a large debt load and pay it off over time much better than those like me who have little debt and pay it off quickly which results in too much unused credit on their record.
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LedFowl
Member
You get the best loan rate at our credit union with a score of 740 or higher.
The tier below that starts at 700.
The tier below that starts at 700.
Doogie85
Member
As noted by others, a good credit score is generally in the mid to upper 700's and excellent is upper 700's to 800's. I think 850 is the best score you can achieve, or at least used to be. There are different models out there now with different scores.
Credit scores can change frequently based on payment history, amount of debt, age of accounts, debt to income ratio and several other factors.
Unfortunately, these scores can go a long way in determining your credit worthiness to lenders.
Credit scores can change frequently based on payment history, amount of debt, age of accounts, debt to income ratio and several other factors.
Unfortunately, these scores can go a long way in determining your credit worthiness to lenders.
Grayfox
US Veteran
I did a lot of work for a lot of years to get myself debt free. My credit score dropped over 100 points because I didn't owe anyone. 
It's great to have a top rating.....
....as long as you don't use it. I think they up your credit if you are slow using it so that you'll buy more....on credit.
When my friends were in college (no jobs) companies were sending them credit cards. When I got married in '78 there was some big crackdown on credit and even though I'd bought all of my major appliances at Sears, they wouldn't let us have a credit card. We'd already bought a house, too. And cars. We both had permanent (at that time) jobs. It's not like we didn't have a credit rating. Of course nowadays I don't care if I have a Sears, or any other credit card.
....as long as you don't use it. I think they up your credit if you are slow using it so that you'll buy more....on credit.
When my friends were in college (no jobs) companies were sending them credit cards. When I got married in '78 there was some big crackdown on credit and even though I'd bought all of my major appliances at Sears, they wouldn't let us have a credit card. We'd already bought a house, too. And cars. We both had permanent (at that time) jobs. It's not like we didn't have a credit rating. Of course nowadays I don't care if I have a Sears, or any other credit card.
Utilities, property taxes, checking account balances, savings accounts, CDs and the like are not on your credit report and not part of your score UNLESS you're unfortunate enough to need what's called a non-traditional source.
Credit scores do take into account your total credit limit vs. your current balance due.
Jeff423
US Veteran
From Experian:
"For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750. Higher scores represent better credit decisions and can make creditors more confident that you will repay your future debts as agreed."
More information:
What is a Good Credit Score? | Experian
"For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750. Higher scores represent better credit decisions and can make creditors more confident that you will repay your future debts as agreed."
More information:
What is a Good Credit Score? | Experian
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