2006-11-21 12:48:36 · 11 answers · asked by Direktor 5 in Business & Finance ➔ Credit
Each credit company has their own "criteria" on credit scores and how they read them. The big three are just a broad overview of your credit history. Here's an example: You use myfico and get your combined credit score of 713, then apply for a car loan and the dealership reveals they have established their own criteria to determine your score and they only give you a score of 690. When you ask why so many points lower, they come up with some lame excuse, but the real reason is they do not want you to get a great APR since they make more money on the higher APR loans.
Credit score analysis changes daily, the average consumer is so confused by the ever changing rules it is ridiculous.
It used to be back in the day, when you paid your bills on time your rating was R1 and you received credit. Now there is a "formula" that does not reward you for paying on time, but penalizes you for having high balances regardless if you pay on time or not.
Issy
2006-11-21 19:13:30 · answer #1 · answered by Issy 2 · 0⤊ 0⤋
615 ain't bad. If you are young under 28-30 your credit history is playing a big part(not your age) you only should have a credit history beginning at age 18. If less than 10 yrs credit history then your missing out on a few points. If you have high credit card debt like 80% or more of your limit try paying it down more. If you have one card with high debt try spreading out over more cards. Also pay on time. If not on time at least before a 30 late. Make sure all info is accurate on credit report and dispute any negligible info.It may come off. 615 will get you approve for house w/o a down payment, a car, or anything else. You just wont get the best APR.
Hope this helps and god bless.
2006-11-22 01:49:58 · answer #2 · answered by bamaboy_t 2 · 0⤊ 0⤋
Credit scores can range from 300 to 850. Currently the national average is around 723. The higher your credit score the better offers for credit you will get. 615 would be considered 'fair' credit by most lenders. If you goto www.myfico.com you can learn all about credit scores, how they work, and what goes into calculatiing them. You can also see what average interest rates are for your credit score. The nice thing about your credit score is that you can do things to affect and cause it to go up. I hope this helps!
2006-11-21 21:18:30 · answer #3 · answered by sgrady68@sbcglobal.net 1 · 0⤊ 0⤋
Unfortunately, it's not. A 700 and above is considered good credit. A rule of thumb anything good is a credit score above the national average score.
2006-11-21 22:56:30 · answer #4 · answered by Maria Gallercia 4 · 0⤊ 0⤋
Slightly below. To get above the subprime rates, you need to get above 620 and to get the best rates, you need to get above 700. Your credit score is better than some though.
2006-11-21 21:29:24 · answer #5 · answered by Mariposa 7 · 0⤊ 0⤋
At most web sites this is considered fair credit (it's better than bad credit!), you can check up the figures at the bottom of this page -http://www.credit-cards-guru.com/Fair-Credit-Card-Deals-955776-page.php. It is just related with fair credit card deals. Good luck!
2006-11-22 00:30:32 · answer #6 · answered by Shirrwood 2 · 0⤊ 0⤋
It's not great, but it's not the worst either. Over 700+ is best.
2006-11-21 20:51:59 · answer #7 · answered by Justcurious 3 · 0⤊ 0⤋
Nope , nope, nope.... Start paying your bills (on time) or find better ways to repair your credit..
2006-11-21 21:13:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋
no! start to pay all your bills early.
750 and up is good
2006-11-21 20:52:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋
no
2006-11-21 20:50:37 · answer #10 · answered by Anonymous · 0⤊ 0⤋