What does a credit score of 691 mean?

Question

I have been working 3 years to repair a 9-year history of credit problems. My score is now 691 after 3 years of working on it. Does this qualify me for prime rates? How about a lower down payment for a home?

Answer 1

691 means that most lending institutions will view you as an acceptable risk. All lending institutions use your credit score as a measure of the risk in lending to you. The higher your credit score the less risk you represent. First it would be important to know which credit reporting agency you went with to obtain your score - there are several models FICO (from Fair Isaacs and Company - used by Equifax). Beacon (used by experian) and a new score model that Trans Union just unveiled.

Typically your score will be higher with Trans Union that with the other agencies, so it is important to average the score out.

Back to your question though.. Right now you would not qualify for prime rates (the best of the best) however you will have access to many more types of loans all of which should have reasonable, if not great - rates. A credit union (if you belong to one) would probably be able to give you the most competitive rates at that credit score.

A lower downpayment is possible at that credit rating, however you would need to demonstrate a significant amount of financial solvency (credit score is only a piece of the puzzle- your capacity to pay and debt to income ratio are going to be the major deciding factors).

Hope that helps

Answer 2

Is 691 A Good Credit Score

Answer 3

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RE:
What does a credit score of 691 mean?
I have been working 3 years to repair a 9-year history of credit problems. My score is now 691 after 3 years of working on it. Does this qualify me for prime rates? How about a lower down payment for a home?

Answer 4

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Answer 5

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To really understand the credit scoring system and how healthy your own score is, it is actually important to know some other information as well: 1. A FICO score can range from 300 to 850. 2. The national AVERAGE FICO is 678. 3. The MEDIAN American FICO score, however, is higher at 723. Even middle school math made my eyes glaze over, so if you are anything like me it may help to have a refresher on the difference between "median" and "average" at this point. "Median" means that half of all credit scores fall below 723 and half of all credit scores fall above 723. However the "average" score is what you get if you add together every credit score in America, and then divide that total by the number of scores that were added. Why is the median score of 723 higher than the average score of 678? The reason is because there are more really low scores between 300 and 723, than there are really high scores between 723 and 850. In fact, 60% of scores are between 650 and 799. Of the remaining 40% of scores, more are below 650 than are above 799. 4. Anything below 620 - 650 is considered a poor score. And remember - the lower you score, the higher the interest you are charged, assuming you can get credit in the first place. 5. There is nothing wrong with having a median score of 723. This is a good credit score and lenders will perceive you as unlikely to default and offer you a competitve interest rate. 6. A score of 770 and up is considered excellent and people with these scores get the very best deals. However, the advantage between having a score of 800 versus 700 is minor compared to the difference between having a score of 700 versus 600. 7. At below 550 you would be considered to have damaged credit and be in need of credit repair. In short, aim to get above the median of 723 instead of the national FICO score average of 678. The best things you can do to raise your score are: KEEPING A CLEAN PAYMENT HISTORY 1. Pay on time. At 35%, payment history is the largest area of concern to lenders. The only thing that will damage your score more than late payment is total non-payment. 2. Did I mention pay on time? AMOUNT OWED - NOT TOO MUCH (BUT NOT TOO LITTLE) 3. Ideally keep your debt to credit ratio to 30% or less. This means only using 30% of your available credit per card.For example, if you have a card with a credit limit of $1,000, keep the balance at $300 or less.

Answer 6

691 means from a score of 0-820 you score is 691. Which is an average score, but you can always work on your score to help you out with future loans.

Answer 7

Yes...691 is considered A minus.

Here is some good info on that

Answer 8

Overall, a score of 650 or above is a sign of very good credit, and a very good credit score. People with scores of 650 or higher will, all things considered, have a good chance of obtaining quality loans at the best interest rates.

Scores of 620 to 650 indicate good credit, but also may point to potential trouble areas that creditors will want to look at and review. A lender may require additional documentation before a loan will be approved.

With scores of below 620, consumers may find that they can still obtain a loan. However, the process will be lengthier and more involved, as creditors consider scores below this threshold to be an indicator of greater credit risk.

Answer 9

In regards to auto loans (the only thing I have experience with), you have a good enough score to land near-prime rates with a good deal of lenders. Above 550 is enough to get an approval, but the rates will be far from top notch. Basically, most folks would now say you have "good credit" or "decent credit." You probably won't get perfect rates, but banks won't run screaming from you, and will most likely be happy to rent you some money :)

Answer 10

You have a decent credit score. I congraulate you on a fine job bring it up. I have been using programs called Coming Back Strong Financially. They have helped me with my credit score and how to get a hight rating. They are pricey but have paid for themselves over and over again. They also tell you what kind of credit cards you should have to help your credit. If you are interested in the programs check them out they have a website now. at the same name.just add the dot com.