2006-09-23 12:34:50 · 6 answers · asked by lovelostboys 4 in Business & Finance ➔ Credit
Highest-800 something,lowest 500 something!
2006-09-27 11:30:55 · answer #1 · answered by Juliette 6 · 0⤊ 0⤋
Last I looked the US Average score was 689.
Here is one of the best explanations I have seen in 7 years employed in the credit industry.
Recipe for a credit score
To calculate a score, Fair Isaac uses 22 pieces of data collected from the three major credit bureaus, Equifax, Experian and TransUnion). The lowest possible score is 300, while the highest is 850.
The final number is a composite of individual ratings in five categories:
•Payment history (35% of the rating)
•Length of credit history (15%)
•New credit (10%)
•Types of credit used (10%)
•Debt (30%)
Income is not a factor. "A person can have a very high income and never pay their bills," explained Craig Watts, public affairs manager for Fair Isaac.
Fair Isaac calculates a FICO score based on the data provided by each credit bureau. It's not uncommon to see up to a 50-point differential between ratings. The reason: Bureaus collect data at different times of the month, and one bureau may have inaccurate information.
2006-09-24 04:10:06 · answer #2 · answered by Jacque w 3 · 0⤊ 0⤋
National average is +/-685
Each agency does it a little differently, but 350 is generally the lowest, 850 is the highest (I think one goes up to 900).
I have found that a 720 score is good enough to get the best rates that any bank offers, assuming your debt to income ratio is in check. When I worked in consumer lending, only twice did I ever see a score over 800.
2006-09-24 00:16:37 · answer #3 · answered by j-man 4 · 1⤊ 0⤋
Good to Excellent is 750-850.. Weak to Fair is 550-650.. Very weak is 350-450
2006-09-23 19:41:23 · answer #4 · answered by laughsall 4 · 1⤊ 0⤋
Highest 750-800
low 300-400
Hope this helps...
2006-09-25 18:00:23 · answer #5 · answered by Ms.Capulet 5 · 0⤊ 0⤋
Average is around 700.
2006-09-23 19:42:27 · answer #6 · answered by WestCoastin4Life 7 · 0⤊ 0⤋