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Established Contributor
plasticguy
Posts: 563
Registered: ‎02-21-2008
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Fico Website Is Confusing Me

I was under the impression that a score of 760 or above is considered excellent. However according to what I see based on scoring , excellent is at 720? 12 Recommended Cards for a FICO Score of 720 - 850† Will someone explain?
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user5387
Posts: 1,794
Registered: ‎07-01-2010
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Re: Fico Website Is Confusing Me

I'm not sure how much of a standard there is here, and lenders apply their own criteria to determine what is "excellent".

 

For example, some lenders set APRs based on score, and the best rates typically start at 740+.

 

In terms of future delinquency rates based on score, one table I've seen looks like this:

 

   600-649 --> 31%

 

   650-699 --> 15%

 

   700-749 --> 5%

 

   750-799 --> 2%

 

   800-850 --> 1%

 

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w003ptr
Posts: 247
Registered: ‎12-01-2013
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Re: Fico Website Is Confusing Me

The median FICO is ~720 if I remember correctly.  So it's not just about your score, but how your score compares to everyone elses.

Last App 12/8/13 - BoA Better Balance Rewards

Wallet: Discover IT $4500, Chase Freedom $3k, Citi Forward $3000, AmEx BCE $2k

Sock Drawer: Citi Diamond Preferred $10500, BoA BBR $7500, Citi Platinum Select $2200, AmEx Clear $2k, J.Crew $1850, US Bank Platinum $500

12/2013: TU = 763, EX = 791, EQ = ??
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Repo-ed
Posts: 2,960
Registered: ‎02-09-2012
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Re: Fico Website Is Confusing Me


w003ptr wrote:

The median FICO is ~720 if I remember correctly.  So it's not just about your score, but how your score compares to everyone elses.


I have a HUGE problem with trying to believe that the median FICO score in our country is 720.

 

Maybe it is, just have a hard time believing it.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
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user5387
Posts: 1,794
Registered: ‎07-01-2010
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Re: Fico Website Is Confusing Me


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