2007-01-24 07:01:04 · 6 answers · asked by midi_junkie 3 in Business & Finance ➔ Credit
A credit score of 595 is good. It would fall in the mid average range. This kind of credit score will be ok to finance a vehicle through a secondary car dealership or to purchase a house with a higher percentage rate.
2007-01-24 07:05:24 · answer #1 · answered by Please help 2 · 0⤊ 2⤋
According to Equifax, the average score in the US is 675.
A 595 score is not good. Anything under 620, and you can expect to pay higher interest rates than the general market would otherwise offer. A 595 score implies about a 15-20% chance of default, meaning going more than 90 days late on an account within one year.
Go to http://www.annualcreditreport.com, get your free copy, read about how to improve it, and start disputing anything negative that's inaccurate.
2007-01-24 07:06:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In the United States your credit score (FICO) can range from 300 to 850. I have yet to see anyone with an 850 score. But the average in the US is 670. Here is how credit scores break down:
300- 550 You will be laughed out of a bank and 99% of mortgage lenders won't touch you.
551-620 Poor Credit (hig risk) Since 2001 you can get high interest loans for cars and mortgages. This is now beginning to change as mortgage lenders and banks are returning to the practice of lending only to those with the so called "A and B" paper loans. So those of you with low credit scores get your affairs in order if you want to obtain a mortgage this year.
621-719 Good Credit: You qualify for very good financing but not as good as those with an excellent credit score. If your score is 667 or higher you will generally qualify for "A" paper loans at this point but as I mentioned, that is beginning to change as our economy is improving.
720+ EXCELLENT! You walk on water as far as lenders are concerned and they will bend into a pretzel shape to offer you a loan. They will beg you to borrow their money at GREAT interest rates. You will be able to get that 0% financing on cars and that 4-6% on mortgages. This is where everyone wants to be.
Alas, the lending institutions don't want you at 720 or above because they can't charge you higher interest rates. That is why they perpetrate misleading myths about credit management and credit management services.
To be fair, there are SOME honest lenders out there. I have seen them and know they exist. So don't lose hope!
2007-01-24 08:10:27 · answer #3 · answered by nebula7693 4 · 0⤊ 0⤋
It is bad credit. I think the range is 550-800. I may be wrong but that is what I heard. I dont know what is average but one would assume that 650 would be about average.
2007-01-24 07:18:10 · answer #4 · answered by Mystie 3 · 0⤊ 0⤋
The overall average is 675, that makes you a poor risk
2007-01-24 07:44:37 · answer #5 · answered by MRGQ 2 · 0⤊ 0⤋
slightly below average
@ 650 is considered average and good
2007-01-24 07:09:03 · answer #6 · answered by sunbun 6 · 0⤊ 0⤋
I worked on a RV lot. If you were under 650 they booted you off the lot.
2007-01-24 07:10:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
So happy that I found this topic already answered! its like you've read my thoughts!
2016-09-20 01:11:08 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Was going to ask this too
2016-07-28 07:54:52 · answer #9 · answered by ? 3 · 0⤊ 0⤋
Was wondering the same thing
2016-08-23 16:05:47 · answer #10 · answered by Anonymous · 0⤊ 0⤋