Credit Score Question??

[S.D. Ice Angular]

What is considered "GREAT / Excellent " credit score??

And how many of us really know our score??

What is the best way to follow your score that is reasonably priced

Thanks

[CAMAN]

Around 775+ is considered great. I don't follow mine on a regular basis, I just ask whenever I need to get my credit checked and they let me know. Last time I looked when applying for my mortgage 2 years ago it was 785. I don't feel comfortable going to those credit checking /tracking websites. It just feels like you're giving all your info directly to thiefs.

[BobT]

Last I heard mine was somewhere near 850 but I don't pay much attention to it. I've never had trouble obtaining a loan even after my ex-wife defaulted on one of her loans, which I co-signed for.

It's no excuse but we were married at the time the loan was signed and the default occurred after our divorce. My ex-wife had started a small business and she borrowed some working capital from a lending institution out of the twin cities designed to help female entrepreneurs get started. After our divorce my ex defaulted and when the lending institution discovered that we were divorced their attitude toward me took a nasty turn downhill. When they began to get uncooperative and ugly I told them to stick it up their whatever and sue me if they felt it was necessary. I agreed to deliver the collateral to them and just as I figured they didn't pursue it further. I know they took a loss but after the way they treated me I haven't lost any sleep.

[reelguy]

Well I am no expert by any means in this area but I just happened to have mine pulled when applying for a boat loan. According to Wells Fargo who used Experian and the "Experian/Fair, Isaac Risk Model Version 2" (there are lots of different models of credit scores and can vary greatly) that credit scores can vary from 320 to 844. They said that 21% of of consumers have a score of 800-844, 21% @750-799 14% @ 700-749, 12% 650-699, 10% 600-649, 1% 550-599, 8% 500-549, 3% 320-499. Hope that helps BTW "free credit report dot com" will provide you with a free report that you are allowed per law. You can always contact Experian, Trans Union or Equifax to see what they recomend too.

[LightningBG]

anything over 700 is "pretty good". Over that 775-800 and your near that "great" area.

I wouldn't trust the HSOforum listed in the above post. They make you sign up for credit monitoring, don't they?

[delcecchi]

From the FTC

AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that's yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, and yet couldn't get it without paying fees or buying other services. TV ads, email offers, or online search results may tout "free" credit reports, but there is only one authorized source for a truly free credit report.

[JimmyJames]

850 is perfect, 750 - 800 is excellent. Average is 600-700.

[hanson]

Little food for thought here...

Your credit score or score(s), as there are multiple companies that determine them and they will be different, are entirely dependent on you taking on debt and paying that debt. You are a good debt payer, thats all they tell you. If you have a high score... of course they want to lend you money because you will pay them back w/ Interest and you won't default.

On the other hand, if you save money for all your big purchases and pay cash, don't take out loans, don't take out credit cards... you will have a low credit score. Reason? You don't have a debt payment history.

Which person is more financially responsible? Isn't that what the credit score is supposed to tell you?

[LightningBG]

Which person is more financially responsible? Isn't that what the credit score is supposed to tell you?

Unfortunately, no.

The credit score is telling them the likelihood they get paid back, not necessarily who is more "responsible". They are looking for responsible borrowers, not responsible people. A responsible person does nothing for a lending company, when you never need a loan.

[BobT]

I figure a credit score is a measurement that tells the potential creditor how reliable you are at making regular payments on time. With that said, I can imagine that paying a loan off early may even work against you because it reduces the number of payments of record thereby reducing the number of records for reference. Not borrowing any money can work against you a little too for the same reason. If you have a long payment history and it shows that you are always on time your score will be higher.

[Black_Bay]

From the FTC

AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that's yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, and yet couldn't get it without paying fees or buying other services. TV ads, email offers, or online search results may tout "free" credit reports, but there is only one authorized source for a truly free credit report.

FYI with this you only get your credit report. It does not come with a score. I usually do this about this time of year and as far as I can remember I had to pay like $5 for the score.