2007-03-12 06:37:33 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Most people/sites claim that the average score is in the 660-680 range.
To get it back on track:
Pay all delinquent bills/collections/etc.
Pay all bills on time every month.
Pay down credit card debt to below 30% of their limits.
Do not open any new accounts unless you have VERY FEW accounts now. -- allow the old accounts to 'age" so that your average account has been open longer.
Do not rack up inquiries.
2007-03-12 06:41:22 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The FICO numbers determine what makes a good credit score as a range that generally lies amid 300-800. Usually higher the number, better the score. E.g. a person whose score is 700 can easily answer what a good credit score is by considering the interest on loans they get. Usually they get excellent offers because of their rating.
Answering what a good credit score is is vital before applying for a major loan. If there is a big mismatch in your actual score and what defines a good credit score, spend time in repairing credit before proceeding further. This step is essential for you because the interest rates on loans depend on your credit score and higher score entails best possible interest rates on loans. Very low scores will make you pay more, at times much more over the term of a loan.
2007-03-13 02:47:40 · answer #2 · answered by hendy h 2 · 0⤊ 0⤋
I thought I read that the average score was around 620.
Tips to raise your score:
1. Keep c/c balance below 30% of your limit.
2. Make you payments on time. - Don't be late and don't skip!
3. Don't apply for credit too often. Each inquiry usually cost you around 2 pts. Plus, applying for credit too much will scare off lenders thinking you're overextending yourself.
4. Payoff any collections.
5. Dispute any inaccuracies.
These are the main ones. The important things is too remember that it takes time to build a good credit score. Just be patient.
2007-03-12 07:05:41 · answer #3 · answered by reandsmom77 6 · 0⤊ 0⤋
All of the above answers are mostly correct. I will add this: paying off old collection accounts will not improve your score. Also do not close any credit lines you have establised. You can pay them off but don't close them. I am in the mortgage business.
2007-03-12 07:32:00 · answer #4 · answered by Gary b 1 · 0⤊ 0⤋
Your beacon score should be above the 600 mark and should pay your debts to improve your score
2007-03-12 06:42:35 · answer #5 · answered by Gentleman 7 · 0⤊ 0⤋