How good is a FICO score of 732 for a 23 year old?

Question

someone asked about what loans and CCs i have had etc... I've had....

4 loans, all paid off, 0 late payment
4 credit cards, all paid off, all have had high balanced in the 1000's, no late payments

Answer 1

A 732 score is a very good score, but how many lines of credit do you have? One credit card paid good with low balances would give you a high score but you wouldn't hace credit depth! You should have 5 lines of credit with a good score like yours to be considered excellent credit! I have seen people with 800 scores and one trade line and they didn't qualify for a home loan while some one with a 510 does! The advantage you have is once you get, or if you have 5 trade lines you qualify as a-paper and you well generally get the best rates available for the taking. Good job on that credit score!!! P.S. 620 is the national average!!! Also that is probably just one bureau so check all 3 and the score in the middle is your tri-merge the score that matters most when trying to purchase a home. If your looking to buy a car many well except whatever bureau has the highest score!

Answer 2

Is 732 A Good Credit Score

Answer 3

Since you know how you got it, I dont think you need to ask if it is good.

Before you get to wrapped up in the score itself, do you know what kind of report was pulled? Auto, bank, FNMA, etc?

I can run a standard credit report, then run a FNMA report and the fico can vary up tp 50pts. Once the lenders I work with pull thier own credit, the fico usually drops even more. I have seen ficos vary 100+ points in a short period of time. Do yourself a favor and never run your credit or let others run it unless necessary. Credit inquiries are tabulated over a year and each one hurts your score, in 1 month my credit was run 4 times while applying for a mortgage and my score dropped 32 points. The very next month ( after taking a mtg with a higher rate because my fico dropped) the score went back up to the 700's.

Answer 4

RE:
How good is a FICO score of 732 for a 23 year old?

Answer 5

732 Credit Score

Answer 6

That is a very good score, but it means almost nothing if your tradelines haven't been established for more than 24 months.

Mortgage lenders want to see at least 3 tradelines, all of them open for at least 24 months. Otherwise, you may as well have a sub-prime FICO score.

Don't get any more credit. Don't close the accounts you have, once you pay them off. Keep a moderate to low balance. Always pay on time and you will finish ahead.

***10 Years Experience Mortgage Lending***

Answer 7

good fico score 732 23 year

Answer 8

A FICO score of 732 is EXCELLENT!!!!!! You are considered someone with Good credit:) Now...don't mess that up. Can it go higher? Yes. But 732 is excellent.

Answer 9

That is a really good score. FICO scores range from 300 to 850. The higher the better. For your age, I think your score is pretty good. Things that effect your score are time you have had a credit card, time in a certain job, time at a certain address. Since you don't have a lot of adult years to accumulate in those areas, you a doing pretty good.

Answer 10

723 is above the Median score and a excellent score for a person of your age most people such as my self had to work YEARS to obtain such a high score.

Fico is based on

35% payment history
30% amounts owed
15% length of credit history
10% new credit
10% type of credit used

Please see source link for explanation of percentages