What is considered a Good Credit Score in 2010?

Financialculture · #1 (**permalink**) 03-09-2010, 06:36 AM

Although there are various disadvantages of credit, one cannot deny the fact that we can’t live without it. No, this doesn’t mean we like it. However, due to many inescapable circumstances, we have to borrow money. However, borrowing is very difficult in the US if you fail to maintain good credit score. However, what is considered a good credit score? Before I directly give out the ideal number, let me define few things first. To avoid complication, let us use the most common type of score – FICO Scores. FICO Score of an individual is calculated based on the credit information given by three chief credit rating agencies, TransUnion, Experian, and Equifax.

sapphirecapital · #2 (**permalink**) 03-09-2010, 05:11 PM

most will be looked as good when above 720, however when you really want to do something over 800 should do the trick

rapidbilling · #3 (**permalink**) 03-31-2010, 06:49 AM

The FICO score is simply a number representing your life as it relates to debt and debt instruments..... i can say don't try to buy out the recession by yourself. Pay using cash or your debit card as often as possible. Doing so, will reduce your trailing debt and interest expense...

sapphirecapital · #4 (**permalink**) 03-31-2010, 02:39 PM

my dear friend, no debt is fine but a goo fico score is essential for tapping into money when something unforeseen happens or you want to buy a house, not everyone can pay that in cash (beside the unfortunate real estate in Detroit which went for 1$). Balanced debt with low or no interest is the way to go; debit cards do not provide that

Askthefinanceguy · #5 (**permalink**) 05-11-2010, 12:07 PM

I don't know about you Saphire capital but I have been pulling credit reports for nealy 20 years and have only EVER seen one score of 800 - happened to be my brothers. I think those with 800 scores are extremely, extremely rare.

No debt IS NOT fine - you will be rated lower on your score with NO debt vs. having low debt. The score is based upon have 4-5 ACTIVE accounts with balances of approximately 1/3 of the total limit. If you have NO CREDIT accts or accounts with zero balences you will be rated lower then if you have 4-5 with 1/3 balences. NO ACCOUNTS MEAN YOU HAVE NO CREDIT and it will be very very hard to get any type of a loan.

sussanesylvia · #6 (**permalink**) 05-25-2010, 06:00 AM

Quote:

Originally Posted by Askthefinanceguy

I don't know about you Saphire capital but I have been pulling credit reports for nealy 20 years and have only EVER seen one score of 800 - happened to be my brothers. I think those with 800 scores are extremely, extremely rare.

No debt IS NOT fine - you will be rated lower on your score with NO debt vs. having low debt. The score is based upon have 4-5 ACTIVE accounts with balances of approximately 1/3 of the total limit. If you have NO CREDIT accts or accounts with zero balences you will be rated lower then if you have 4-5 with 1/3 balences. NO ACCOUNTS MEAN YOU HAVE NO CREDIT and it will be very very hard to get any type of a loan.

I totally agree with this

altheloanguy · #7 (**permalink**) 08-04-2010, 07:14 PM

I think most of it has to do with your debt to income ratio not necessarily your score.

I got a really bad interest rate on my last car because of that even though my score was about 700.

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