Credit score question?

Question

I recently found that my credit score is 677. What should I know about my score? I am 21 and out of school and looking to rent my first apartment. (I lived in student housing prior).
Thanks in advance!

Answer 1

677 is at the high end of the average range. So for 21 you are doing very well. I was at around 630 at 21 and now ( 7 years later ) I am at about 700. At 677 you can qualify for most loans, and certainly it is high enough to get an apartment. Of course you would still need to prove income enough to handle the rent, but other then that you should be fine. Apartment renters are ussuall not to picky, they just want to see a somewhat clean credit history and proof of a job.

Answer 2

A score of 677 is very good but score is not nearly as important as what makes up your score. Credit scores are a combination of the following;

1. Payment history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%

I have seen people with scores as high as 700 that could not qualify to purchase a vehicle because their score was based on a single credit card and some student loans.

People who think score is everything are simply not informed.

Answer 3

677 is so good you can buy a car at zero interest for 60 months.

Answer 4

There are many articles on the web about credit scores and how to improve them. You can read about credit scores on www.bankrate.com and also here is a good article: http://www.mortgage101.com/Articles/Credit.asp?ArticleID=1320&p=mtg101