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Hi, I just checked my FICO credit score thru TransUnion and it says I got a score of 770 out of a possible 850. Now I know its a high score but how high is it really? What does this score really mean. What can I do with this score? Home loan and for how much can I be loaned from a bank having this score? I am a school bus driver and make $ 30,000 and my wife also makes about $ 30,000 a year. What kind of loan can we get with our incomes and credit score? What do banks really look at besides credit scores and income? I know the score is good but how is our income for home loans? Thank you for your time and thank you in advance for any help 🙂

6 Thoughts on What does my credit score excatly mean?
  1. Reply
    October 31, 2011 at 10:04 pm

    The average credit score is closer to 650, so you’re doing OK. But that credit score is actually an irrelevant indicator of your financial situation. What really matters is…

    1. How much money do you have in the bank for emergencies? If you lost your job this month could you survive next 3-6 months?

    2. How much debt are you in? If you’re up to your eyeballs it doesn’t matter what the credit score is or even if you pay on time… you’re in trouble.

    3. What’s your retirement plan? Are you going to be working at age 70? Will your house be paid off? What if Social Security goes bankrupt?

    So, yeah, credit score is nice… but nowhere close to relevant in reality.

  2. Reply
    Beautiful Disaster_21
    October 31, 2011 at 10:29 pm

    it means you need to work on your credit!!

  3. Reply
    October 31, 2011 at 10:45 pm

    Your score indicates your fiscal responsibility based on your history. Your score means you have used credit before and paid your debts as agreed and done it over many years. Since you are a responsible borrower you will get the best rates on loans.
    You will be approved for a loan up to about 28% of your income. Being a responsible borrower you will be able to decide what you can truly afford. They don’t care if you borrow so much that you need to work two jobs and take in roommates because you are putting kids through private colleges and taking care of elderly parents, they just care if you fit in the profile. Your credit score indicated you think before you borrow.

  4. Reply
    October 31, 2011 at 11:36 pm

    It means you have good to excellent credit, you should be able to apply for a credit card with a credit line starting out at 10k or more. With that score you and your wife can purchase a nice home ect. But be aware, don’t get in over your heads, cause if you do, you are going to be hit. Apply for a American Express card, and take my advice, use it wisely, and for emergencies only. But before you apply, see what your other credit scores is for your equifax, and experian. A lot of people don’t realize this, but, each credit bueru has its own scoring criterior. a for example, a score of 609 is considered fair for equifax, as to that same score is considered poor for transunion, and experian. 650 to 659 might be considered good credit for transunion, as to it might be considered fair for experian, and good for equifax. So it varies. But note if you want to apply for a American Express card, they do go through experian credit bueru. So if you have a credit score of 650 to 700 at least, you are good to go.

  5. Reply
    November 1, 2011 at 12:00 am

    Your credit report tells banks how fiscally responsible you are. Their are three credit bureaus, TransUnion, Equifax and Experian. They rank your credit on a scale from 350-850. Your score of 770 is better than about 70% of the general public. This tells a bank, or a lender, that you are a trustworthy person and would most likely pay the loan back. It will also give you a lower interest rate on your mortgage.

    Banks will also look at your income. They say an affordable mortgage is three times your annual salary. That would put you and your wife at a $ 180,000 home. Good luck with your search!

  6. Reply
    November 1, 2011 at 12:25 am

    slamster77 is right. I nearly choked when I read the answer that said you have “good to excellent” credit?!?!

    At your lever, you will have no problem getting a loan.

    But remember that if you are talking about a large loan (mortgage or car) they will be carefully examining your entire financial status. Your score is only a small part of it. But I don’t think you have much to worry about, unless you currently have a large amount of unpaid debt. I’ve seen people who are “on the edge” of financial collapse, but had a very good credit score. The scoring formula is far from perfect.

    Need proof? Look at all the failed mortgage loans over the past year.

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