If your score is 815 for example and it states your score is 'fair', how do you know what the next 'cut off' is for a 'good' score, example 850 and above? Does anyone know what the cut off chart is, poor would be the next score, is that below 800, 750, 700??
2006-12-01 07:03:39 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
different credit companies use different schedules as to what they consider a poor/fair/good rating.
2006-12-01 07:48:38 · answer #1 · answered by dave a 5 · 0⤊ 0⤋
815 sounds like you've used experian. I think they score out of 1000. If you went on equifax your score would probably be about 480!!!
Different companies use different score systems. And banks don't always use the same one.
The best thing to do is look at your credit report. If it's good then fine. It'll show you areas to improve on, which would improve an overall score. Banks use this information to work out their own scorecard for descisions.
2006-12-02 08:25:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
815 out of what? a million?
Ignore any internet, mail whatever company that says it'll calculate your credit score, it's Bo!!ocks.
All the banks use their own credit score cards with their own passmarks, adapted every month according to the type, quality, quantity of the customers they're trying to attract.
Your existing bank will have an internal credit score based on your info and the way you run your account, this is the only accurate credit scored assessment of you.
2006-12-01 16:08:45 · answer #3 · answered by phooey 4 · 0⤊ 0⤋
As far as I know your scores are on a scale of 1 to 10, not percentages. You should ask your bank, they are quite helpful. xx
2006-12-01 17:08:41 · answer #4 · answered by RUTH M 3 · 0⤊ 0⤋