FICO scores

[burgalie]

How bad are FICO scores of 704 and 688?

burgalie

[SocalMark]

lol wow

[marty56]

Welcome to the forum.  Your score goals should support your financial goals which is always to reduce  CC debt and possibly getting a car loan or mortgage.  Short term things to raise your score would be to only have 1 CC reporting a balance of 9% or less of it's CL.  Also make sure everything is correct on your CR and if not, dispute it with the CRAs.

What is your short term credit goal and long term?  Also if you have collections on your CR, there are some very smart people here who can help you tackle them.

[haulingthescoreup]

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burgalie wrote:

How bad are FICO scores of 704 and 688?

burgalie

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Hi, welcome to the forums!

Those are very nice scores. Room to improve, but certainly way better than lots of folks here. (I once hit 590 on Equifax. )

If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.

[Anonymous]

FYI.

The US avg. credit score is 699.  I think I read this from the CNBC website.  Either way, you are doing good.
"On the Money" is a show on CNBC.  It's very informational and credible.  It's like the myFICO forums but live on TV with real people voicing their concerns and situations about credit, other financial issues.  I believe it's on Saturdays now.  Check it out.......www.cnbc.com. 

[Anonymous]

But the median FICO score is 723. 50% of the population is below 723. The other half has 723 or above. According to FICO.

[Anonymous]

The median score is officially reported by Fico as 723, although it seems like that should drop slightly from effects of the economy and actions of banks (CLDs, closures, etc.).

If I remember correctly, the mean score has generally been estimated to be about 680, although Fico doesn't officially release that number.

I'd be curious as to what the CNBC number was based on. I don't recall ever seeing 699-ish quoted as a reference point ... 

[RobertEG]

I like what Marty said.

Credit scores of around 700 are clearly good.  But the issue is, will what is in your CR cause them to remain stagnant for a time, or can they be improved in the near future?

What, in you CR, can you address that may lead to score increaes?  I agree that if you have a CA reporting, this is something you can tackle, for it will remain as just that for 7 1/2 years from its DOFD.

% util of existing revolving accounts is the most immediate way to improve credit score, for prior % util has no memorry.

Anything in your CR that you dispute?