i have a credit score of 690-700 and want to know what does this mean and does give give me an oppertunity for a discover card or amercian express blue. i currently have captitol one, a visa, a kohls card and firestone card.
2007-03-10 14:57:07 · 6 answers · asked by Jonathan R 2 in Business & Finance ➔ Credit
i also am considering canceling my capitol one
2007-03-10 14:57:47 · update #1
00-549: Extremely difficult to find any lender that will offer you credit.
550-619: You may be able to find credit, but very high interest rates and fees will likely apply.
620-679: You should be able to obtain credit, but you will probably be offered a higher interest rate.
680-749: You should have no problem getting credit and you will receive good interest rates and repayment terms.
750-850: Lenders are happy to offer you credit and provide you with their best rates and terms.
You don't need to cancel the Capitol One. Just don't use it anymore. It will show up on your report as you have that card but it will also show that it has a zero balance. Zero balances are a good thing on credit reports.
2007-03-10 15:00:19 · answer #1 · answered by Faye H 6 · 3⤊ 0⤋
First, you have to actually USE the card. Just having the card will do nothing to build your credit. Second, you will have to use that card for at least 6 months before it even begins to count in your FICO score. You need at least 24 months of consistent, on time payment history to have any kind of decent score. Even then, only one account would be considered a limited credit history and you would be turned down for larger loans. It really takes YEARS to build good credit. To get a FICO score in the 700 range, you would need several lines of credit (mix of credit cards and installment loans) over 2 or 3 years minimum.
2016-03-28 23:45:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
700 is a decent credit score, however, there is still much room for improvement. Don't cancel the credit cards unless they have annual fees, because they contain your history which makes your score what it is. 2-4 cards is a good amount, however, anymore may damage your credit score.
2007-03-18 14:05:38 · answer #3 · answered by financial-guru 2 · 1⤊ 0⤋
High 600-700. Yes!,700 A yes! Do not worry about having 3 cards,The kohls&firestone ar a secured debt,pay them off,Borrow money,pay it off fast,2/3ds. of your mail will be card offers.
2007-03-10 15:11:47 · answer #4 · answered by cr-bren 2 · 2⤊ 0⤋
Ok, I am a loan Officer for a mortgage company, and I can tell you, please, be careful with how many credit cards you get! Keep 1 or 2 and pay off and cancel the rest. To maximize your credit rating, keep your balances at 30-50% at all times. You have a great score! Keep it that way! Also, if you are looking to purchase, sell or refinance a home, visit our website www.gofrf.com. Click on agents, I'm Kim! ;) Oh, and FYI, never leave a card at zero balance, credit companies don't like this because they think you dont know how to be responsible with your credit. Just like you never keep it maxed out, either!
2007-03-10 15:06:56 · answer #5 · answered by Miss Kimmy 2 · 0⤊ 4⤋
It means you are in good shape when it comes to credit. Depending on your income, you can get a mortgage and/or a car without any money down.
2007-03-10 15:02:49 · answer #6 · answered by Anonymous · 2⤊ 0⤋
it means ur credit score is very good.
2007-03-10 15:01:17 · answer #7 · answered by woodzy 1 · 2⤊ 0⤋
Yes, your score is great. I would advise against opening more accounts just for the sake of ordering them. Your score will drop.
2007-03-10 15:06:15 · answer #8 · answered by Mariposa 7 · 1⤊ 2⤋