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In a rebuild... at 29% util on a 6300 total cl - is 651 a good FICO ?

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Sk323i
Regular Contributor

In a rebuild... at 29% util on a 6300 total cl - is 651 a good FICO ?

Is 651 a good FICO score?

 

Technically, it falls into good?

 

But I don't suppose i'd qualify for an good auto-loan or a mortgage interst rate until i'm in the higher 700's but what should I expect in terms of growth?

 

Is the best way to to raise your score by continuously spending and paying off balances within at month -- applying for better and better cards ?

 

Keeping util low?

 

I don't understand how I am supposed to grow?

525 score as of 9/2015 --- only way to go is up!
Message 1 of 6
5 REPLIES 5
Imperfectfuture
Super Contributor

Re: In a rebuild... at 29% util on a 6300 total cl - is 651 a good FICO ?

A. Get any baddies off your reports. My rebuild included two rebuilder cards, with all efforts spent at cleaning reports.

B. Folowed another thread that was bi to 700, though got rid of baddies instead of BK. Keep reported utilization at 9%. For best Fico scoring, 5% or below. If you have six cards, let only two report a balance, total util 9% or below, 5% or below better.

C. If carrying 0%, try to keep overall util (all cards combined) at 9%. The one card should be below 30%. I have one card at below 20%, other cards at below 10%, overall util around 6%.
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Message 2 of 6
takeshi74
Senior Contributor

Re: In a rebuild... at 29% util on a 6300 total cl - is 651 a good FICO ?


@Sk323i wrote:

Is 651 a good FICO score?

Good is highly subjective regardless of topic.  It all depends on what you intend to do.  651 may be sufficient for some things while insufficient for others.  Keep in mind that you don't have just one score.  There are many scoring models used by creditors and for most models you have a score with each CRA.  Always consider the specific scoring model as well as the CRA when you're referring to scores.  Also consider the relevance if scoring model/CRA to a given creditor.  It's the creditor's underwriting criteria that are used to determine what your credit and income qualify for.  Keep in mind that it's never just about score.

 


@Sk323i wrote:

But I don't suppose i'd qualify for an good auto-loan or a mortgage interst rate until i'm in the higher 700's but what should I expect in terms of growth? 


Growith isn't a matter of your score.  It's matter of how your credit profile improves.  Having a score of 651 doesn't tell us whether or not your score will improve, remain the same or end up worse.  It's how the various factors are assessed and total that determine your score.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 


@Sk323i wrote:

Is the best way to to raise your score by continuously spending and paying off balances within at month -- applying for better and better cards ? 


The best way to raise your score is to identify deficiencies and to address them, tackling the biggest impacts first.  Derogs tend to have the biggest impact and hold one's scores down.  If you have any then look into addressing them.  Carefully research in the Rebuilding subforum.

 

After that. take a look at the link above and tackle the factors from biggest to smallest.  Derogs will impact your Payment History.  Revolving utilization falls under Amounts Owed.  Most of the other factors will take time and responsible usage.  It's really the reported revolving utilization that matters and not so much spending and paying though you do want to pay every statement balance in full to avoid incurring debt and interest.

 

As for better cards, you can only apply for cards as your credit profile supports such growth.  Building and rebuilding are long, slow processes so make sure you're setting realistic expectations.

 


@Sk323i wrote:

I don't understand how I am supposed to grow?


If you can't assess your own credit we can help but we need to understand your credit profile and you have to be willing to disclose enough information in order for us to assist.

 


@Sk323i wrote:

Re: In a rebuild... at 29% util on a 6300 total cl


30% is a suggested maximum. You don't want to be at the maximum. Lower in generally better as long as you don't have all your revolvers reporting 0 balances. Number of reporting balances also matters. Do you only have one card? if so, you'll want to get to at least 2-3 for scoring purposes as your profile allows you to add new accounts.
Message 3 of 6
Anonymous
Not applicable

Re: In a rebuild... at 29% util on a 6300 total cl - is 651 a good FICO ?


@Imperfectfuture wrote:
A. Get any baddies off your reports. My rebuild included two rebuilder cards, with all efforts spent at cleaning reports.

B. Folowed another thread that was bi to 700, though got rid of baddies instead of BK. Keep reported utilization at 9%. For best Fico scoring, 5% or below. If you have six cards, let only two report a balance, total util 9% or below, 5% or below better.

C. If carrying 0%, try to keep overall util (all cards combined) at 9%. The one card should be below 30%. I have one card at below 20%, other cards at below 10%, overall util around 6%.

+1

Message 4 of 6
Anonymous
Not applicable

Re: In a rebuild... at 29% util on a 6300 total cl - is 651 a good FICO ?

The DW and I were at that level earlier this year. Now both of us have scores like in my siggy (we both have 1 medical collection only showing on TU, hers $700 reported in 2014, mine $250 reported in 2013 hence the 670 to 690 scores on TU). I got to a high of 692 on TU with the medical collection.Plan on working to get it removed.

 

As you build more credit and get limit increases it will be easier to use your cards more and decrease utilization. With total credit of only $5000-$10,000, it is hard to have utilization in the teens and single digits.We were in the 30% range and once some larger limits kicked in, we dropped into the teens and now are at 10-11%. After we pay down the holiday and time off for the holidays spending around early spring we should be under 8% utilization and our scores  should rise. 

 

Once you gradually reach $30,000+ in credit you should be able to drop your utilization in the teens and still carry a balance. Now you will move into a different scoring bracket or "bucket". That new bucket should propel you over the 700 hurdle provided your negatives are removed, have aged, or minimized.

 

Ex scores higher on average than Eq.

 

As others have said work in clearing your reports. How many negs do you have and how old are they? Try to strategically get new accounts you will qualify for. DW got to a high  Ex of 740 and me at 732, and Eq's  between 725-728. You'll  get there. Hang tight.

Message 5 of 6
tntexans72
Valued Contributor

Re: In a rebuild... at 29% util on a 6300 total cl - is 651 a good FICO ?

Imo for anyone who is rebuilding, don't carry debt. Chances are your interest rates is over 20%. Get that util % down to something more manageable like under 10%. You should see a boost in scores over a period of 6-12 months and then you can app for another card to give yourself some padding. Because if you app now, chances are you will be declined or get another card with unfavorable terms. You'll spend more time climbing out of another hole. Be ahead of the 8 ball, not behind it and good luck. 

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