What is an 'excellent' score in real application? - Have the rules changed?

[phxphun]

I got this tidbit from the Credit Scoring 101 thread...  "Scores higher than 720-750+ are ideal. Any higher really doesn't matter.  Once you get this high, you have excellent scores regardless".

My EQ = 776, TU = 772 and EX = 781.  All of these are higher than the 720 benchmark, but my BofA monitoring service puts the 776 and the 772 in a lower category called 'Good'.  While the 781 is shown separately in an 'Excellent' category.

If I go to apply for a loan, are the 'Good' scores looked at any differently than the 'Excellent'?

[MarineVietVet]

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@phxphun wrote:

I got this tidbit from the Credit Scoring 101 thread...  "Scores higher than 720-750+ are ideal. Any higher really doesn't matter.  Once you get this high, you have excellent scores regardless".

My EQ = 776, TU = 772 and EX = 781.  All of these are higher than the 720 benchmark, but my BofA monitoring service puts the 776 and the 772 in a lower category called 'Good'.  While the 781 is shown separately in an 'Excellent' category.

If I go to apply for a loan, are the 'Good' scores looked at any differently than the 'Excellent'?

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Hello.

One thing I will ask is where did you get those scores? No one has been able to pull their own Experian score since mid-February. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com and your Transunion score at www.transunioncs.com.

If you are offered a "credit score" from someone but not a "FICO score" then it's not the real deal.

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

[phxphun]

Thanks marinevietvet!

Those scores came from BofA's 'Privacy Assist' credit monitoring service.  I also get a monthly report directly from Experian's own 'Triple Advantage' credit monitoring service.  The report from Experian actually shows their score to be 764, so I guess I should really use that lower score, rather than BofA's higher 781 number.

So, my question is still, to a lender are these scores considered 'excellent' in the sense that they would offer me the consideration of the best available rates (if all other decision factors also looked excellent), or are they 'good' and would keep me out of the very best rates on their own accord? 

[Anonymous]

Neither the scores from Privacy Assist nor from Triple Advantage are FICO scores. The value of non-FICO (AKA FAKO) scores for purposes of credit evaluation is questionable and debatable. Relying on FAKO scores and the advice that comes along with them can lead down a path that will actually degrade your FICO scores.

To answer your original question a FICO score of 760+ is considered "excellent". If you have a FICO score of 760+ you are considered a FICO High Achiever.

All of my Plus scores are all 760+, but none of my FICO scores are. I am not a FICO High Achiever. 

[MarineVietVet]

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@phxphun wrote:

Thanks marinevietvet!

Those scores came from BofA's 'Privacy Assist' credit monitoring service.  I also get a monthly report directly from Experian's own 'Triple Advantage' credit monitoring service.  The report from Experian actually shows their score to be 764, so I guess I should really use that lower score, rather than BofA's higher 781 number.

So, my question is still, to a lender are these scores considered 'excellent' in the sense that they would offer me the consideration of the best available rates (if all other decision factors also looked excellent), or are they 'good' and would keep me out of the very best rates on their own accord? 

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Those scores came from BofA's 'Privacy Assist' credit monitoring service.  I also get a monthly report directly from Experian's own 'Triple Advantage' credit monitoring service.  The report from Experian actually shows their score to be 764

Those scores mean nothing. They are not FICO scores.The scores Experian sells on that site are called Plus scores. You will not find the words "FICO scores" offered for sale from Experian.

You cannot in anyway compare non-FICO scores such as those to what lenders actually look at.

[Anonymous]

Gotta be careful here. Some issuers/lenders actually do look at other scores, Vantage being one of them. And yes you can buy your EX Vantage score. I think both of those named sources are Plus scores, however and I don't know of anyone that use a Plus score for anything.

[MarineVietVet]

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@Anonymous wrote:
Gotta be careful here. Some issuers/lenders actually do look at other scores, Vantage being one of them. And yes you can buy your EX Vantage score. I think both of those named sources are Plus scores, however and I don't know of anyone that use a Plus score for anything.

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I stand corrected. I guess I was trying to say that the majority of lenders don't care about Plus scores. If I am incorrect about this and someone tells me I will be more than happy to make a public apology.

[Anonymous]

Don't worry - be happy!

[Anonymous]

Lenders pull EX and use them alot.  For instance CCCU used them as did my apartment office.

[marty56]

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@phxphun wrote:

So, my question is still, to a lender are these scores considered 'excellent' in the sense that they would offer me the consideration of the best available rates (if all other decision factors also looked excellent), or are they 'good' and would keep me out of the very best rates on their own accord? 

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Just to muddy the mix, my CU states that the interest rates they charge on CCs are also determined by the number of products (auto loan, mortgage) you have with them.  I do not know how much of a factor it is, all I can say that they state it does affect the interest rates.

IMHO CC rates are not important since you should strive not to revolve a balance, unless it is at 0%.  What matters more is the CL and the stability of the card (AA proof).  My Sams card interest rates suck, but in many ways its my most usefull card.