what score is consider good?

[Anonymous]

A score over 800 can be a sign of excellent financial stewardship...or being born with a silver spoon in your mouth...or just plain luck. Being over 40 doesn't hurt, either.

But you're right about the Dave Ramsey philosophy...credit is evil, boycott the system, don't care about your credit score, etc. As I've often pointed out, you can get a very respectable FICO score without going into significant debt. If I were fresh out of high school, I could revolve as little as $100 amongst four or five credit cards and have a 700 FICO by my second semester of college, and a 750 by the time I was a junior or senior. So the whole FICO-management-vs.-debt-aversion argument is specious.

[jjosh122]

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[jjosh122]

So your 800 credit score is a sign that you live within your means? I say it is only a sign that you know how to play the game! What if I choose to not waist my money on interest and pay cash for everything? Would that be living within my means? And you can bet your bippy my score would be nowhere near 800 in that case. 

[MidnightVoice]

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jjosh122 wrote:

So your 800 credit score is a sign that you live within your means? I say it is only a sign that you know how to play the game! What if I choose to not waist my money on interest and pay cash for everything? Would that be living within my means? And you can bet your bippy my score would be nowhere near 800 in that case. 

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I think that people with an 800 score live within their means.  That does NOT mean that all people who live within their means have an 800 score.  I lived within my means for years with little credit, and had a low score; now I play the game, get free gas and airmiles, pay no interest and live within my means and have a high credit score.  Which will come in very useful when I have to move house and buy a new one.  I am in a better position than I was before.  And this is supposed to be bad?

[Anonymous]

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@jjosh122 wrote:

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You flunked. ZING!

Just kidding. Welcome to the Forums there, jjosh122.

Oh, and you can have guns and butter, FICO-wise. You can get a very good FICO score without revolving significant balances. Give me $100 to revolve over three or four years, and I could get almost anyone without a recent BK or very recent major baddies a FICO of 725 or better...which is enough to qualify for about 90% of financial opportunities out there.

Message Edited by TheNewWorldMan on 08-31-2007 09:41 PM

[Anonymous]

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jjosh122 wrote:

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C+

You can submit your extra credit by Tuesday.

[Anonymous]

I don't claim to never have used credit, how else would I have a payment history to base a fico score on?  My past credit was used responsibly, and never more than I could afford.  I know that is basically not the American Way.  

Paying bills in full and on time every month my whole life can earn you a 800+ too.

[Anonymous]

I work in the credit business and not having a 720 does not mean that you cant get just as good of a rate as if you had a 680. At least in the mortgage business I can get someone the same rate that has a 680 with 2 yrs W2's than I would for someone self-employed with a 780. I think 660 is a good start but getting above 700 or 720 should always be your goal (anything beyond that is just for bragging rights). Keep in mind that other business' are score only meaning that they do not ask for w2's they just go off of score and yes in that case you definately want 720+. Another tip I have for people is instead of taking whatever financing deal your car dealer gives you stop yourself and say that you are going to shop the financing to some small community banks. Instead of choking on a 15% rate for 3-5 years you can get a respectable 7-9% rate on a used car. If he says the deal is only good for a couple of days he is full of it. Unless its a nationally advertised deadline he will give you the same deal as before and if he doesnt take your business elsewhere.

[Anonymous]

I was financially irresponsable for many years. There are multiple reasons for that, all the ones who have been there know what I am talking about.

Like netpanther I have come a long way correcting my credit. It can be done, all it takes is discipline and the pride to acomplish a Fico of over 700.

Five years ago my Fico was below 600. As of today is very close to 700.

A good Fico score is definitely over 720, but dont forget that this is part of the equation when it comes to grant credit, your income, home owner, things that the creditors see as stability.

Netpanther,  we will make it to over 720!!! GOOD LUCK!!!!!

[fused]

It's my understanding that a good FICO score is 680+, very good 720+ and excellent is 760+.