What is a good credit score?

Question

Also how can I get my credit score to go up? I have a few bad things on my credit that i paid off. A few of them will be erased by February so it should go up a little then. I also have student loans, a closed credit card that i have less than $200 to pay on, a Dillards that has less than $500 on, a Visa that has less than $500 on and then another bill that I am paying by the end of this month. I want to purchase a house in a year so I want to work on bringing my score up some. Any sudggestions?

Answer 1

First thing is pay off what you still owe and then go to annualcreditreport.com and print all 3 of your reports. Then check it and re-check it cause 90% of the time it is wrong especially if you have had bad credit. Dispute what you know for sure you can prove and then dispute things that might be yours but if it is old and they don't have all the paperwork to give to the credit company then they will delete the negative. But do something for me and watch your dates one of the things that they base your score on is how long you have had credit so if some of these negative things are old they are also helping, do not dispute them. I know double sword and confusing but it really does make sense.

There are alot of web sites you can go on and read. For instance if you have collection accounts and u r going to pay off contact them and make a deal with them if you pay off will you delete totally from my credit report. Get that in writing on paper in your hand before you pay them, just in case they don't report it you can with copies ofthe letter.

Any other questions just ask I am pretty good at helping people with this. (know from experiance :)

jodi_lynn_124 is my messenger name yahoo

P.S. - a good credit score actually 720 that will get you the best interest rates for car or home. But 650 is considered fair and will just pay a little higher rate.

Answer 2

A good credit score will vary by creditor depending on the factors they are looking for with specific loan requirements. In general though, anything above a 700 would be considered "A" credit. Most lenders would give you the best rates with that score and above. Then anything around the 620 - 699 range would be considered "B" and so on.

As far as improving your credit:

- Review your credit report and take steps to fix any mistakes you find.
- Make all payments promptly. This will keep new, negative items from appearing on your account.
- Pay down your existing credit balances.
- Do not add new accounts in order to lower balances on old accounts.
- Do not close long-term accounts
- Establish new credit, but only if you have little or no existing credit history.
- Use automatic payment plans or set up a bill paying calendar to ensure that you pay all your bills on time.
- Develop a written plan to correct any negative item(s) that are affecting your score. Specify what you have to do and how you will know that you have fixed the problem.
- Limit your credit applications to no more than 2 per year

Answer 3

It's sad that life revolves around your credit score!! OK-- I would go to freecreditreport.com and pull your credit so you can see EVERYTHING that is on there. The best part is you can dispute anything on it. SO-- if the closed accounts still say open you can dispute it! Because any lines of credit that are just open and sitting there will count against you. If I were you I would pay off all your credit cards and just have one for emergencies only. Try to pay cash for everything.. A great book to read (and I don't like to read) is Dave Ramsey's book about "Total Money Makeover" My boyfriend and I are doing it and it really helps to put money and your finances in perspective!! Just make sure that you keep paying everything on time .. but really I would check that book out. I can't believe how much it has helped our lives and how much we have paid off!! It amazes me!
I also worked for a mortgage office... There is a lot you can do to get loans for a house. If you are young and a first time home buyer there are programs for you! They score in A , B , and C categories (some companies may be different) A is usually 680 + and B is 630 + and so on.. Best of luck to you!! It feels awesome to own a home.. I just bought one in Feb!! If you have any other questions let me know!

Answer 4

Whatever you do do NOT close your credit card accounts. Pay them off and keep them open. The more credit you have available to you that you are not using, the better. What's the credit limit on these cards that you have balances on? IF your credit limit is 600 and your balance is 500, that's almost maxed out- it looks bad to a creditor- if your limit is 20000 and your balance is 500- then you're in business.
Look at your credit report and make sure it's accurate too- there are usually some mistakes that affect your score.