Question regarding Credit Score Ratings?

Question

I scored a 791 out of 850 with Eqiufax in Feb. 2006

I just scored an 888 out of 990 with Experian Oct 2007

Do the 2 agencies have different rating systems or scales?

Has my credit score improved from Feb. 2007?

Experian said that I am "Prime" Plus and my Risk Grade is B. My Credit rating ranks higher than 85.15 of US Cosumers.

Is this a good credit rating?

Answer 1

Yes, they have two different scoring methods.

Sounds like Equifax used FICO, which is the industry standard. A 791 is a very high score. I have a similar score and it tells me I'm in the top 2% or so. You'll get the best loan deals available.

A FICO tops out at 850, so obviously Experian uses their own scoring system, which doesn't mean squat, as no major creditors use it. FICO is the only one that matters.

To find out if you've improved, check your Equifax again, or all three, by going to myfico.com and pay for your FICO scores.

Never pay extra to find out your score, unless they tell you up front it's the FICO score.

Answer 2

Anything higher than 720 should grant you the best rates available for any type of loan that you need. It is also a bargaining chip to use with credit card companies to call and get them to lower your rates. As for your rating going up, you probably just hit a milestone (like the minimum required residency or job history) to go up another notch. As long as it doesn't drop below the mid 700's I wouldn't worry as many things affect credit scores.