Similarly, showing you've been able to manage a mix of different credit types (e.g., credit cards versus installment loans like a mortgage or auto loan) counts for 10% of your score. At 10% of your total score, this can have an impact, but it is far less important than the factors above. And scores of 629 or below are bad credit. ![]() A score of 690 to 719 is considered good credit. There are also industry-specific FICO scoring models that use a different scale. How many times you've applied for new credit in the past two years can ding your score if it's a high number. A score of 720 or higher is generally considered excellent credit. FICO is the oldest and most widely used credit score brand and uses a scoring range of 300 to 850. This is part of the reason older consumers tend to have higher credit scores. But a credit history that stretches back a few decades, rather than just a few years, will improve your score. At 15%, the weighting of this factor is notably smaller. In other words, how much debt do you have relative to your available credit lines? Lower utilization rates are better for your score. subprime credit score ranges used can vary by lender. A credit score can range from 300 to 900, with. ![]() Also heavily weighted, at 30% of your score, credit utilization refers to how much of your available credit you are using at a particular time. Consumers with scores in the top range are the most prime (or 'super-prime'), and borrowers in the bottom range are considered 'deep subprime.' Prime vs. Credit scoring methods may include information such as your income or how long youve been at the same job. It measures how often you have made payments late or on time. This is the single most impactful factor in your score, weighted at 35%.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |