2007-09-21 08:36:37 · 13 answers · asked by rima c 1 in Business & Finance ➔ Credit
For only two years it's OK.
Credit scores are based on the following;
1. Payment history 35%
2. Time in bureau 15%
3. Type 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 but score is not everything you also need a good profile which is your mix of credit.
To get the best score and profile you will need 3-credit card accounts (revolving) with balances below 30% of your limit and 2-cars, boats, homes, furniture or personal accounts (installment) all with good long pay history's.
I look at credit every day and see people every month that have 700 scores and can't 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 lonas.
While this profile generates a great score it doe's not show the ability or the willingness to actually pay any one.
2007-09-21 09:11:47 · answer #1 · answered by ? 7 · 0⤊ 13⤋
Is A 645 Credit Score Good
2016-10-19 03:08:10 · answer #2 · answered by drusilla 4 · 0⤊ 0⤋
Well it's not bad but which Fico score is it? Experian, Equifax, TransUnion? They are all slightly different. Also just a note if you didn't get the score from MyFico then it's not a real Fico score and could be anywhere from 50 to 100 points off.
But with only 2 years sounds like you are doing better than some people after 20 years so keep it up!
2007-09-21 09:04:29 · answer #3 · answered by Delaina77 3 · 0⤊ 0⤋
Average FICO score is 725. So your score isn't too bad.
Are you carrying balances on your credit cards? A good part of your score is based on the debt to available credit limit ratio. Pay your credit cards down to less than 30% of the limit. Better yet, pay them in full every month.
Most important thing is continue to pay your bills on time.
2007-09-21 08:46:31 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
With only 2 years of history, 645 is a good score.
Go to myfico.com and it will give you all the ins-and-outs on your FICO credit score.
2007-09-21 08:46:17 · answer #5 · answered by mister_galager 5 · 0⤊ 1⤋
For it's worth the best credit is never using it to begin with. It you have a credit card, pay it off, and cut it up. If you have more debt then that get out from under it.
I've lived 49 years under the belief that having and using credit was good. After the last 20 years, I've come to believe debt is an anchor that sinks our boat.
I'd recommend if you are just starting out in life reading "Total Money Makeover" by Dave Ramsey and paying heed to what he says. More wealthy people are wealthy because they don't use credit.
Please consider it. Don't look back in 20 years and say I wish I'd never got the first credit card. Save your money, you can use a debit card, but get the credit card companies out of your life.
http://www.daveramsey.com
2007-09-21 08:49:19 · answer #6 · answered by Anonymous · 1⤊ 4⤋
It is decent, but not quite good. Keep your balances well under your limits and keep your inquiries to a minimum and your score will go up. Needless to say, ensure your accounts are paid w/i 30days of the statement date as well.
2007-09-21 09:34:30 · answer #7 · answered by Rick Ven 3 · 0⤊ 0⤋
Yes, that's a good point
2016-07-30 03:38:45 · answer #8 · answered by ? 3 · 0⤊ 0⤋
645 is not a great score.
2007-09-21 13:53:42 · answer #9 · answered by OhiosGirl 4 · 1⤊ 1⤋
Its pretty good, yes. Go to http://www.myfico.com for information on approx interest rates you can expect with that score.
2007-09-25 03:57:36 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Jeff Dove and Tyrone Williams asked the same question. You should see their answers side by side.
2016-08-24 16:55:58 · answer #11 · answered by Anonymous · 0⤊ 0⤋