2007-10-04 23:34:44 · 9 answers · asked by svari09 2 in Business & Finance ➔ Credit
To actually answer your question.
Credit scores are made up based on the following factors;
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, but there is a lot more to it then just having a good score which you do.
I look at credit every day and see people with scores like yours that can not buy a car because their score is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this type of profile generates a great score, it does not show the ability or the willingness to actually pay any one.
The profile you will need is 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 cars, boats, homes, furniture or personal loans (installment) all with good long pay history's.
This will give you the score and profile to get the best rates on any loan you may need in the future.
2007-10-05 03:33:29 · answer #1 · answered by ? 7 · 1⤊ 20⤋
yes, your credit score is good. Make sure you may all your debt on time, because if you don't your credit score drops and all of your credit info stays with you. Keep up with a good credit score and you'll have more opportunities for lower interest rates on buying a home , cars , etc.if your score goes down into the 600 or 500 your interest goes up and creditors make not take a chance at lending money to you in the future.
2007-10-05 02:12:22 · answer #2 · answered by dawn d 1 · 0⤊ 0⤋
Yep , it shows banks are willing to allow you more of a chance to drown in debt than the average 19 year old , you are well on your way to bankruptcy caused by the credit trap .. ( stats show that nearly 40% of bankruptcies are ages 18 - 25 ) You would come out better saving all you can , and pay cash ..it is much cheaper that way ...
2007-10-05 01:47:36 · answer #3 · answered by Insensitively Honest 5 · 2⤊ 2⤋
yeah its good, im 19 too and my score is 712 but have too many credit cards *_*
2007-10-05 04:56:24 · answer #4 · answered by ★→Damian←★ 4 · 0⤊ 0⤋
its good but who cares about credit scores?
2007-10-05 03:11:49 · answer #5 · answered by Anonymous · 0⤊ 3⤋
Yeah... its not bad at all. Almost unbelievable, as your accounts were open for less then 2 years.
It shows you are really good at being slave to the lender.
2007-10-05 01:22:42 · answer #6 · answered by Mike 6 · 1⤊ 3⤋
Don't think so
2016-07-30 04:25:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
very interesting question
2016-08-26 01:44:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
fantastic keep it up
2007-10-05 03:59:51 · answer #9 · answered by Michael M 7 · 0⤊ 0⤋