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I want to know what is a good credit score number

smckaybiz · Posted: Wed Aug 20, 2008 7:28 pm Post subject:

I would say maybe 650-700 could be called "good". "Great" would probably be more like 701-759. And "Excellent" 760+. Everyone may have a different view on this but I think that's got to be pretty close. Just remember, it's not always the score itself but what's actually showing on your credit reports that really matters.

I've known people to bounce back from bankruptcy within one to two years and have scores of around 700 but that doesn't mean they would have an easy time finding a loan...

Hope this helps or if anyone thinks my "scoring system" is "out of wack" then by all means let us hear what your take is.

gmakerley · Posted: Thu Aug 21, 2008 9:35 am Post subject:

based on adjustments we have to make on our loans these days, i don't entirely disagree with scott, but i think "good" needs to be a bit higher - probably as high as 680 now. in the overall scheme of things, however; i would agree that 650 is fine - generally, it will reflect prompt payment of bills, which is essential, but it might reflect that balances are high in relation to credit limits, or relatively short duration accounts.

with conventional loans, pricing adjustments start when a borrower has a score of 720 and below (soon to be 740), and they become larger as the score is lower. with fha loans, however, though there is a slight variation in the mortgage insurance factors, there is little difference in rate and points for a borrower until scores dip below 600.

by all means, strive for 680 and above; and once you have achieved that; go for 700-plus or 800-plus, which would be superb.

nricklee · Joined: 22 Aug 2008 Posts: 1 1.32 Dollars($)

I think the best number to have is 720 or above. If your score is 720, there's really no need to try and raise it because lenders lump you in the same category as folks with a score of say 800 or 820."

[Link deleted as per the forum rules]

jerry · Posted: Sat Aug 23, 2008 4:19 am Post subject:

I doubt whether lenders would offer the same rate and terms to anyone having 800 or above credit score, just as he offers it to one having a 720 score. Is it true George?

banker0679 · Posted: Sat Aug 23, 2008 10:06 pm Post subject:

That is correct. Anything over a 720 is considered the same as an 850 with most lenders

msnover92571 · Posted: Tue Feb 10, 2009 2:14 pm Post subject:

Correct 700+ is about as good as it gets with lenders. But there are other factors the come into play other then the score.

eric1 · Posted: Fri Feb 13, 2009 6:50 pm Post subject:

No...700+ is no longer "as good as it gets". You definately need 720+

In this new world of uncharted mortgage waters, banks are penalizing (rate or price adjustments) borrowers even if their score is between 700-720.

gmakerley · Posted: Mon Feb 16, 2009 8:33 am Post subject:

there are new fannie mae and freddie mac guidelines that have come out, which are effective as of april 1. there are hard-hitting adjustments that will apply to virtually every loan originated from that point on.

a few examples...someone with a score of 699, with a 25% down payment, will be charged an additional 1.5% "delivery fee" on top of all other fees when obtaining a new mortgage.
a buyer with a score between 700 and 720 will pay an additional .75% fee.
a buyer with a score between 721 and 740 will pay an additional[b] .25% fee.

where does this all leave us? how about a rush to fha loans come april 1? unless fannie and freddie see the error of their ways, that's going to be the last resort for people with good-to-excellent credit. none of the abover borrowers would suffer additional fees with fha financing. there is mortgage insurance, yes; but the prohibitive fees far outweigh the cost of mortgage insurance.

gmakerley · Posted: Mon Feb 16, 2009 8:34 am Post subject:

oh well...not all of that should have been bold - i was only trying to highlight "an additional" in each case. it still works, though.

Guest

i want to know if our credit score improve since then we pay our credit card on timewe dont have a big loans except our new car.

msnover92571 · Posted: Fri Feb 20, 2009 5:13 pm Post subject:

Yes you should have a pretty good score though. But it does help holding balances on ur available credit but just try to keep it under 30 percent of your total avail credit, As if you ever need a huge loan amount as in mortgage, car loan credit history would do you good.

gmakerley · Posted: Sat Feb 21, 2009 11:18 am Post subject:

paying your credit cards on a timely basis is admirable, but it's expected. an increase in your score would be seen, yes; but it's not going to be monumental.

Guest

My husband and I are working on refinancing our mortgage, my credit score is 780 his came up as 669 due to an old outstanding hospital bill that showed up on his credit report in Jan of 2009 it was from august of 2002. We got a notice in January and set it aside thinking I would try to research it, I do not have records that old sitting around. I ended up paying off the balance because I was told it would have an immediate impact on my husbands credit score. That was the only negative thing that showed up, Did it help me to pay that off right away?

jameshogg · Posted: Wed Mar 04, 2009 10:51 pm Post subject:

Hi Stacie,

It is always better to pay off the outstanding dues. As you have paid it off, it will have a positive impact on your credit report and it will also improve your husband's credit score. But, I guess, the credit score will not improve immediately.

Thanks

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