What is fair credit score?

Question

I checked on free credit report and it indicated it was 631. Is says it is fair ? Can i purchase a vehicle with that credit score?

Answer 1

For an auto loan you have some breathing room, especially if you have a considerable down payment or a decent trade-in. Your score isn't so bad (you want at least 700), but you would save yourself a world of hurt if you focused on building your score for a month or two before buying a car. Your payments will be lower, and you'll likely get accepted for a much better loan than if you try now.

It doesn't take long for short term changes like account balances, payments, and available credit to show up on your credit report and effect your score -- likely these are the things to have impact over the short term, and you have a better change of fixing your score if you try to address one of those issues, which you can do easily in a matter of weeks.

Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year:

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...

Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
* 35% - Payment History
* 30% - Credit to Debt Ratio
* 15% - Credit History
* 10% - New Credit
* 10% - Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.


How Can I Increase My Credit Score
* http://millionster.com/articles/debt/ask-1mil-how-can-i-increase-my-credit-score/

Answer 2

Credit scores range from about 350 to 850 depending on which credit agency, a 596 would be like a c- or a d+, if you want to get your score up quickly pay down your credit card bills, and of course pay everything current. good luck. Anything over 700 is very good by the way.

Answer 3

Fair? I guess so. Certainly not a good score. Closer to poor then good.

Yes, you can probably purchase a car with that score. Especially as I hear pretty much all the automakers have had really crappy sales lately.

You may not get the most favorable credit terms.

Answer 4

Generally a score above 720 is a good score, which can qualify you for better interest rates, loans, mortgage rates, auto loan premiums and credit cards. The lower your credit score, the harder it is to get these types of things with good rates.

Answer 5

sure, but you will not get a good interest rate. so you'd probably be better of getting a cheap car or even better a used one you can buy for cash while you build up to better credit.

By the way, FAIR Isaac is the company that does the FICO scores, so I'm not sure if they rated your credit "fair" (I would), or if you saw the company's name or logo?

Answer 6

most car places now only require a score of 500 or higher(yours isn't too bad) you should have no problem getting a car.

Answer 7

sire if u have a decent down payment and not to much other debt and a steady stream of income!!!