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Is a 651 credit score considered good or bad?

Frequent Contributor

Is a 651 credit score considered good or bad?

Well, I successfully disputed with transunion and was able to get 2 of my 4 negatives deleted. (Posted on this earlier today) So I decided to order a score from TU and it was 651. Up 10 points in less than a month. So is this a good score? Granted I want to try to get it up into the 700s if I can but my open TL are still fairly new. I have 2 CC one is a joint account and each one has a 500 CL they were just increased from 300. Unfortunately only one is showing the increase. They also have not updated on the amount that is owed. I paid them down to about 20% but they are still showing high balances. Another thing mentioned was my amount of inquiries. I have 5 but one is due to drop in August and another I am disputing. I guess I didn't think 5 was that many but it looks like TU doesn't agree with me.

Message Edited by mainemedic on 05-01-2008 10:50 PM
Message 1 of 18
17 REPLIES
New Contributor

Re: Is a 651 credit score considered good or bad?

Welcome to Fico Forums.

651 isn't "good" but it isn't horrible either. Many on forum have started much lower (I started rebuilding credit after BK and had a 580).

5 Inquries is a lot for FICO. Remember only inq is the last 12 months count towards score (even though they stay on credit report for 2 years).

If you look on your report the section "how lender's see you" you can see where a 651 compares to the scale of consumers. There should be a line like "A FICO of 651 is better than xx% of US Consumers. I think the "average" FICO is a 720. Anything above 720 is considered prime. For most purchases a high 600 (680-690) will have a good chance of approval with decent rates.

Look at your top 3 negative reasons. That will let you know what will help you the most in improving your score.
Message 2 of 18
Valued Contributor

Re: Is a 651 credit score considered good or bad?

I think I read somewhere recently (msn?) that the average score is now 670.  With all the foreclosures and tightening of credit going on, the average score evidently has dropped.
 
Although the FICO site may state a 651 is not good, it wouldn't surprise me to see them revise this to be more realistic. I'd say a 651 is  good - but like the rest of us, there's always room for improvement.
New York Yankees - 2009 World Series Champions. 27... and counting.....
Message 3 of 18
Senior Contributor

Re: Is a 651 credit score considered good or bad?

9 points away from prime. 660 is the start of most approvals. Smiley Happy I would wait until you have 660 to start applying if that was your plan. HSBC and many others will except 660s.

Message Edited by ilovepizza on 05-02-2008 08:01 AM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 4 of 18
Valued Contributor

Re: Is a 651 credit score considered good or bad?

What I've seen before is that the median is designed to be 720, and 671 or so was the average score. So half of everybody with a score has a 720+, but since that's above the halfway point, the average is skewed lower than the median.
Message 5 of 18
Valued Contributor

Re: Is a 651 credit score considered good or bad?



cobra19 wrote:
I think I read somewhere recently (msn?) that the average score is now 670. With all the foreclosures and tightening of credit going on, the average score evidently has dropped.
Although the FICO site may state a 651 is not good, it wouldn't surprise me to see them revise this to be more realistic. I'd say a 651 is good - but like the rest of us, there's always room for improvement.






I think they get that number from the people that actually check their scores -- not everyone. A lot of people, when having bad credit, go into slumps thinking that they will have bad credit for 7 yrs and there is nothing that they can do about it, so they don't check there credit, let alone their scores.

Just my opinion, I was thinking about the same thing the other day.
If at first you don't succeed... hang up and try again!!
Message 6 of 18
Contributor

Re: Is a 651 credit score considered good or bad?

You know, screw "the average american's score is 720". BS...I know for a fact that seven of my closest friends are not above 650. Not that seven people equal the US, but still I do not believe that statement.
Message 7 of 18
Senior Contributor

Re: Is a 651 credit score considered good or bad?

The average includes all the older people that stopped using credit too. Their scores are higher. They should break up the average or medium in to age groups. I suspect you will see very different scores.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 8 of 18
Established Contributor

Re: Is a 651 credit score considered good or bad?

 
I love this site, average credit scores by state!
"WTB Access Number"
Message 9 of 18
Valued Contributor

Re: Is a 651 credit score considered good or bad?



fender wrote:
I love this site, average credit scores by state!






Heyyyy, I thought everything was bigger in TX. We have the lowest score! UGGGHHH!!!
If at first you don't succeed... hang up and try again!!
Message 10 of 18