what is considered a decent credit score or rating

Submitted by docker1 on Sat, 10/11/2008 - 17:02

what is considered a decent credit score

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.

Mon, 10/13/2008 - 02:43 Permalink

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.

Mon, 10/13/2008 - 05:39 Permalink

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.

Mon, 10/13/2008 - 05:46 Permalink

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.

Wed, 10/15/2008 - 12:22 Permalink

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.

Wed, 10/15/2008 - 13:02 Permalink

(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.

Mon, 09/14/2009 - 08:56 Permalink
magallon (not verified)

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

Sun, 10/04/2009 - 13:42 Permalink

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.

Sun, 10/04/2009 - 15:12 Permalink
Sand (not verified)

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?

Sun, 03/28/2010 - 17:50 Permalink

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#improvecre… .

Hope this helps.



Mon, 03/29/2010 - 11:24 Permalink

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.

Mon, 03/29/2010 - 14:00 Permalink
Rashonda (not verified)

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:(

Thu, 03/21/2013 - 16:09 Permalink
Rashonda (not verified)

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:(

Sat, 03/23/2013 - 16:35 Permalink
Gerry Whitfield (not verified)

You can do a lot of things to improve your credit score. First, check your credit report and remove all the wrong negative trade lines. Secondly, make timely payments on your debt. Keep your credit-utilization-ratio below 30 percent.

Mon, 03/25/2013 - 08:14 Permalink
ohuille (not verified)

i own some cc balances and my credit score is 654 wells fargo offer me a loan to pai this cc i want a ncrease my credit score if i pay all my balances and close the accounts or sure a have open or i keep with my minimun payments on my credit card or i get the loan from wells fargo
what is the best to encrase my credit score

Fri, 07/12/2013 - 23:51 Permalink
Andrewunalo (not verified)

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Mon, 07/15/2019 - 11:43 Permalink