Magic number...exactly what is it?

[Anonymous]

I'm curious. Exactly what is the magic number that pushes you from bad to good credit?

When I was trying to apply for a mortgage with a 565 median score last year, I was told the number was 580. Then I was told it was 620. Then I was told it was 650? Does anyone really know, or is it purely subjective depending on the lender or credit card company?

[Tuscani]

There is no magic number. Each creditor has their own stipulation on what "good credit" is and isn't.

[Anonymous]

OK..that's what I thought. Then why does the myFICO page have the colored meter that says bad credit...good credit....when explaning where one's credit score stands....there must be some threshold.

[MidnightVoice]

It is a rough guide to help you know on what areas to concentrate to improve things

[Anonymous]

I spoke to a mortgage lender today. 640 mid score is the new 620 due to the Mortgage crisis in the U.S.

[Anonymous]

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Zen wrote:

I'm curious. Exactly what is the magic number that pushes you from bad to good credit?

When I was trying to apply for a mortgage with a 565 median score last year, I was told the number was 580. Then I was told it was 620. Then I was told it was 650? Does anyone really know, or is it purely subjective depending on the lender or credit card company?

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Sounds like you're trying for 100% financing or close to it.

One year ago, most subprime lenders would do a zero-down purchase at a 580 score.  Then it was 620...now most won't do it at all, you have to qualify instead for Flex 100 or MyCommunity through Fannie Mae.  The score isn't a hard and fast number with Fannie, but you're generally looking to be at 620 or better.