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I have recently got a Credit Check from Transunion and my Credit score is almost 700 but my creditworthiness is Poor
So what can I do to make my creditworthiness better or should I even worry?

2007-08-02 13:22:45 · 4 answers · asked by ? 2 in Business & Finance Credit

4 answers

Pay all your bills on time. That's the best way to improve your credit history. 700 isn't great but it isn't that bad either.

2007-08-02 13:31:14 · answer #1 · answered by bdancer222 7 · 0 0

This is not uncommon. I look at credit every day and see people every month with 700 scores that can not buy a car because their score is based on 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.

While this profile generates a great score it doe's not show the ability or the willingness to actually pay anybody.

Your score is based on the following;

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

As you can see 1,2& 5 are the most important as far as score goes.

What you will need for the best score and profile is 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 cars, boats, homes, furniture or personal accounts (installment) all with good long pay history's.

This type of profile will allow you to be approved for just about any loan you will need in the future at the best rates.

2007-08-03 02:53:47 · answer #2 · answered by ? 7 · 0 0

I can only speak from a mortgage industry point of view. We review the "creditworthiness" of a borrower by analysist of the ability to repay a debt. A borrower may have a very good credit score, but no cash reserves, high debt-to-income ratios, or temporary, irregular employment all reduce the creditworthiness of a borrower.I have put a web site below to give you some additional information, hope it helps

2007-08-02 13:35:06 · answer #3 · answered by Etta P 4 · 0 0

Credit worthiness depends a lot on how long you have had credit in your name. I have a credit history for over 23 years, and I think my worthiness is only good.

Having a 700 credit score is a really good thing. I would not put too much emphasis on the worthiness.

2007-08-02 13:28:32 · answer #4 · answered by cbmttek 5 · 0 0

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