is 704 a good score for a 20 year old...im new to this whole financial thing, and im lookin to buy my first house when i turn 22. All my bills are perfect without a later payment ever. also i have 7000 saved so far would it be a good idea to put it in a high yield savings account since im only gonna be saving for another 2 years.
2007-08-05 13:27:35 · 5 answers · asked by greenman 4 in Business & Finance ➔ Credit
704 is actually good for a 20 year old, since most twenty year old doesn't have credit. However, you might want to check with all three credit reporting agency. Since if your score is from transunion, they have a different scale on reporting credit than that of equifax and experian. On Transunion the highest score is 1000, Equifax and Experian the highest are 800. So if you have a 704 with Transunion, you probably have somewhere in the 600 with the other two.
I myself have 720 score with Experian and Equifax and, I have 880 with Transunion, see how the difference is?
If you want to have a high yield savings, it is better for you to put it in an Roth IRA or something that is geared toward education, because this will let you have savings later without a hefty tax incurred on you investments.
2007-08-05 13:49:20 · answer #1 · answered by Anonymous · 0⤊ 1⤋
704 is not bad at all. I belive the top score would be 800 and I've come across plenty of people with scores in the 520-560 ranges who've had problems with debt. The thing to think about is it's not just what score you have. A good credit score will help you to get a better interest rate, however a major factor is your debt to income ratio. A bank will be hesitant to give a loan to someone who has too many monthly payments in comparison to how much they make each month.
2007-08-05 13:35:57 · answer #2 · answered by sublime9co 2 · 0⤊ 0⤋
If 704 is your FICO score (there are many credit scoring models, the FICO ranges from 300-850) then it is very good, and if you keep things up you'll be in excellent credit territory by the time you're ready to buy your house. check out this link to learn more about FICO scores:
http://www.myfico.com/CreditEducation/Default.aspx
Also, ING Direct has a high yield savings account, no minimums, awesome bank to say the least... I have my savings account, mortgage, and soon to be checking account with them.
Good luck with your finances!
2007-08-05 13:43:22 · answer #3 · answered by dlishs1 3 · 0⤊ 1⤋
The average FICO score is 725. That should give you an idea of where you stand.
Congratulations on being smart enough to save for a downpayment for a house!
2007-08-05 14:31:39 · answer #4 · answered by bdancer222 7 · 1⤊ 0⤋
I found interesting information about your answer Here:
debt consolidation loans:
http://all-debt-consolidation-loan.blogspot.com/2007/07/debt-consolidation.html
Good Luck!
2007-08-06 02:29:13 · answer #5 · answered by Anonymous · 0⤊ 1⤋