FICO Score What Does My Score Mean
I had never really worried about my credit until last year this time when I wanted to purchase a home. My FICA score was at 589. I was able to get a house (mainly because my salary is in the six figure).
However, I locked in a 3 year variable rate that I am locked in for one year. That said, my goal was to fix my credit as much as I can and increase my FICA score.
As of today the FICA score went up (Equifax) from 589 last November to 668 in June. Is 668 a good score? bad score?
Also, I have paid off the one account that was send to the collection agency and closed for $80 (a utility bill I never received 5 years ago). I have several late payments (all over 2 years old) and a few items that are simply not mine and I can't get themoff my report.
any advice on what I can do to increase my FICA Score, and if you know what my score is (good, bad, average)..would be appreciated.....also, if you could tell me what a good score would be I would appreciate it.
thanks in advanced,
Andreas
668 is a good score. It is not a great score but it should help you considerably the next time you go to finance real estate. 680 is kind of the bottom of what is called A paper. This is where you can still get the better rates and maybe cash out for other things etc. I would try and send some letters disputing the things on your credit score and ask that they be removed from your report. There are companies online that will do a lot of the work for you of course there is a fee. 720 and up is what I consider to be Great scores. This level of credit will open up all of the best options to a borrower....
Good Luck and hope this helps
Brian
RTFG
Thank you friend,
This info helps me alot. I paid off everything I owed, and disputed everything else. However, they have not removed it. I will keep disputing it every few months, who knows maybe they will take it off...especially since they are not mine.
the FICA similator told me that in the next 12 months...if I keep paying all bills on time my score should reach the 720 -745 range. Should I then apply for a credit card? I applied for one (Chase), and they gave me one 4 months ago with a laugable 200 credit limit. I use it to fill up my gas tank for my car once per month and then pay it off. two weeks ago they increased it to 700 credit limit.
Your score of 680+ is about avg. The score can go as high as 850. When I worked with a mortgage broker years ago,,the highest score I saw was 800. I rarely saw scores above 750. Most B/C lenders feel fine with your score and even some prime banks too. Try to get it up over that 700 mark. Sounds like your doing fine, reduce revolving credit cards, dont have too many of them even if their zero balance , cause you take a hit their.
Bob
Some car dealers quote a need for a 740 for the best zero percent deals ... in the fine print of their full-page ads, and on the radio in the whispered/time-compressed stuff that comes before or after the harangue.
Thanks for the quick response. This site is awesome. I will go ahead and send more letters to the credit beauru to see if they can't take off all the wrong items that is left.
I will refinance my house in November. I suspect (let me know if you agree or not) that it will actually improve my FICA score since I will have the loan as paid off and a new loan right?
Andreas
By NO means am I an expert, but I think just refinancing would not pull your FICO up, because you're just replacing debt. Actually, it MIGHT lower it a bit, because they'll pull a credit report, and if you've had it pulled several times in the past year, it's cumulative, and will lower it. Having said that, when you refinance, PROBABLY, you'll lower your DTI, so you'll look better because your monthly bills will be lower, income staying the same, so that WILL pull up your FICO. And, as an aside, make it easier to get loans also...
Just to let you know...It is FICO not FICA.