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what is considered a decent credit score or rating

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docker1



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61 Magic Points

Subject: credit score
 
Posted on Sat Oct 11, 2008 5:04 pm  

what is considered a decent credit score
Marc Williams



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Subject: 700 and more
 
Posted on Mon Oct 13, 2008 2:43 am  

Hi, a decent credit score is 700 or more, but between 600 and 700 you can still get approved. If you have a score lower than 700, you should repair your credit or hire a Credit Repair company.
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carol

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Posted on Mon Oct 13, 2008 5:39 am  

A score which will help you to get credit at the lowest interest rate possible is a decent credit score. Normally, a score above 700 is a decent score because you get the best deals on loans with such a score. If you have a score ranging between 650 to 700, it is considered an average credit score but if you have a score below 600, it is a bad score and it is very difficult to get a loan at an affordable rate of interest.
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anthony

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Posted on Mon Oct 13, 2008 5:46 am  

Yes, but the best credit score is when you have a credit score between 720 to 850. A score between 700 to 719 may be considered favorable for a loan while you may find problem in getting a loan with a credit score below 650. However, you should note, that if you have a credit score below 700, you should always start improving your score. The best way to do so is to make payments with your existing cards and repaying them on time. In this way you can build up a good payment history which will help you to improve your score. However, you should not go for a new line of credit, because applying for a new line of credit will bring a hard inquiry in your credit report which may lower your score instead of improving it.
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cs0khunter82



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Subject: Decent Credit Score
 
Posted on Tue Oct 14, 2008 5:32 am  

It seems like anything over 700 will get you a lot of credit card applications . . .
Mary

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Posted on Wed Oct 15, 2008 12:22 pm  

Hi cs0khunter8
With 700 and above score, not only you can apply for unsecured credit cards but also you can avail loans at attractive rates of interest. However, you should be careful while applying for a new line of credit because there will be a hard inquiry against each of your new credit card application which will lower your credit score. Another thing is that, you should not go for more and more credit cards because these cc will increase your incentive to spend and if you cannot keep track of your spending, you may end up in a debt circle.
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anthony

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Posted on Wed Oct 15, 2008 1:02 pm  

I agree with Mary on this point. Even if you have a good credit score, you should not misuse it by applying for multiple credit cards because such applications has two fold negative effects. Firstly, each application of new credit will reflect as an hard inquiry in your credit report and secondly if you cannot repay back the debts you avail on your credit card on time, you will be delinquent and this will again reflect in your credit report as a negative item.
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sdchargers_63

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Subject: score
 
Posted on Mon Sep 14, 2009 8:56 am  

(I guess there were people using 'spam' stuff and nothing related to the topic)..I know this is an 'old' thead, however....I do want to 'add' to it. I know alot of people (including myself) have been told that trying to get CC's is a good way to "improve your credit." I'm sure it IS a good way. However...thinking on the 'other hand' type thing, if you DO get one, and can't make timely payments, etc., your Credit score can drop and make it even MORE difficult to get another one. ..putting you in MORE debt, because of the 'additional' money you may owe.
magallon
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Subject: credit score
 
Posted on Sun Oct 04, 2009 1:42 pm  

Can a credit score of 654 get you a credit account at a store like gordon, zales ect?
jassica



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Posted on Sun Oct 04, 2009 3:12 pm  

The Fair Isaac Corporation Credit Score, or FICO Score, is the most widely used credit scoring model in the United States. When considering a potential borrower for a loan, the lender will analyze the borrower's credit score, along with other factors, such as income and assets. FICO scores range between 300 and 850, with the average U.S. credit score being 723.

According to Fair Isaac, a credit score above 700 places you in the low credit risk category (perfect or "A" credit), meaning you should qualify for the best interest rates, depending on other factors such as income. A score between 690 and 600 is considered a moderate credit score, and many people say you are "Alt-A" if you are between about 650-680. This means that while you will not receive the best interest rates, you should still be able to borrow at reasonable rates.

A score below 600 generally means that you will be considered a relatively high credit risk, and your interest rates will probably be quite a bit higher than a consumer with a better credit score. A score below 550 is generally considered poor credit; a score this low will likely prevent you from obtaining many loans, and those you can obtain will carry high interest rates and fees.
Sand
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Subject: Need to raise score quickly
 
Posted on Sun Mar 28, 2010 5:50 pm  

Hi, I have pretty much paid all my debt and don't have much on my credit report at all. Unfortunately my middle score is only 608 because I don't have any open accounts showing a good payment history. My problem now is I can't open any because I don't have any!!! HELP. Where can I open an account?
Aaron

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Subject: raise score
 
Posted on Mon Mar 29, 2010 11:24 am  

Hi Sand,

You can take a secured credit card to increase your score. It is quite easy to qualify for a secured credit card, even if you have bad score. After taking the secured credit card, make small purchases, and then make on-time payments. This will help in increasing your score. For more details you can refer to http://www.creditmagic.org/knowledgebank/credit-scoring.html#improvecr editscore .

Hope this helps.

Regards,

Aaron
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sdchargers_63

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Subject: credit
 
Posted on Mon Mar 29, 2010 2:00 pm  

Yep..that's what I did. I opened a 'Secured' CC, had it for a while, and then applied for a 'Non-secured' CC. I was approved for a 'Non-secured' one. I then paid off and closed the 'Secured' one. The 'Secured' CC account is a 'positive' mark, on my credit. As pay your CC off, every month, your credit score will start going up. Doesn't matter if it's a 'Secured' or 'Non-secured'. You show good credit history that way.
Rashonda
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Posted on Thu Mar 21, 2013 4:09 pm  

Hi my name Rashonda I need help with my credit my score is 501 can someone tell me what to do I have 4 kids I'm a single mom it so hard for me to better myself thanks:(
Rashonda
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Posted on Sat Mar 23, 2013 4:35 pm  

Hi my name Rashonda I need help with my credit my score is 501 can someone tell me what to do I have 4 kids I'm a single mom it so hard for me to better myself thanks:(

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