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I got my credit scores and reports for the 1st time ever at 24, and they’re 757,738 and 770 with the 3 different companies, Equifax,Transunion and Experian, respectively.

I thought this sounded good but the chart says that between 21 and 25% of the population has scores in these ranges. That seems sort of common, are these scores good? What is considered a good score??

4 Thoughts on How are my credit scores??? what is considered a good score?
  1. Reply
    July 31, 2011 at 9:43 pm

    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.

    FICO system scores from 300-850.
    Elite-740-& up
    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 your getting what’s called a FAKO score which makes it even worse because they all have their own system to calculate scores.

  2. Reply
    stan c
    July 31, 2011 at 9:54 pm

    It’s based on a 12 month activity. If payments are made on time for 18 months, a good score should be between 660/740. Excellent is usually 24 months and is between 750/840.

  3. Reply
    July 31, 2011 at 9:54 pm

    Not sure why spifman got the thumbs down, anyway.

    From Money Magazine:
    Scores above 740 to 760 will get you the very best rates.
    Any higher are really not neccessary.
    21 to 25% means that you are near the top.

    If you have any credit cards, start paying them in full each month for top scores…

  4. Reply
    Julie Davis
    July 31, 2011 at 10:32 pm

    generally around 700 is considered good.

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