Hey all, I just ordered a credit report for myself and my score is 768. What exactly does that mean in the grand scheme of things? Is 768 good for a 19 year old?
I have almost the exact score; here's what Equifax has to say about it: * FICO scores range between 300 and 850. * Higher scores are considered better scores. That is, the higher your score, the more favorably lenders look upon you as a credit risk. Your score is well above the average score of U.S. consumers and clearly demonstrates to lenders that you are an exceptional borrower. The Bottom Line: What a FICO score of 764 means to you More than 75% of the applications for credit in the U.S. last year were decided with the help of a FICO score. Lenders consider many factors in addition to your credit score when making credit decisions. Looking solely at your FICO score, however, most lenders would consider this score as excellent. This means: * It is extremely unlikely your application for credit cards or for a mortgage or auto loan would be turned down, based on your score alone. * You should be able to obtain relatively high credit limits on your credit card. * Most lenders will consider offering you their most attractive and most competitive rates. * Many lenders will also offer you special incentives and rewards targeted to their "best" customers. It is important to understand that different lenders set their own policies and tolerance for risk when making credit decisions, so there is no single "cutoff score" used by all lenders. Also, As a group, the consumers in your score range, 750-799, have a delinquency rate of 2%, as illustrated in the graph. This means that for every 100 borrowers in this range, approximately 2 will default on a loan, file for bankruptcy, or fall 90 days past due on at least one credit account in the next two years. Most lenders would consider consumers in this score range as extremely low risk.
When i worked as a finance manager, anyone who had a fico score of 700+ was automaticly approved via computer for a car loan within reason.
768 is great, but being 19, it probably means you have one credit card that you've paid on time. Lenders on big ticket items like to see Installment (car loans, mortages) and revolving credit (credit cards) that have a good payment history. That is a really good score. Ed
one other reason why you will be unable to hit 850 for a long while - you are 19. this doesn't go against you, but basically, when you hit 30, you get an extra 60 or 70 points. I cannot remember the exact figures. but that score is very good for your age. it shows you are developing credit. just maintain it and stay ahead of the curve.
Getting a jumbo mortgage, one usually needs a credit rating above 700. You have a great FICO rating. keep paying those bills on time
