Are credit scores ranging from 697 to 710 good or bad for a 19 year old?
My TransUnion score is 697, Experian is 710, Equifax is 703. I don’t know if this is good, bad, or average for someone my age. What do you think?
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January 28th, 2011 at 6:37 am
This should help you to understand how credit scores work..
FICO scores from 300 to 850 and Vantage scores from 501 to 990.
Here is the breakdown for both systems.
Vantage Plus system scores from 501-990.
A-901-990
B-801-900
C-701-800
D-601-700
F-501-600
FICO system scores from 300-850.
Elite-740-& up
Prime-700-739
Preferred-660-699
Standard-625-659
Sub-prime-624-& under
FICO is the only one that matters since it’s the one that all major lenders look at.
So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.
As far as what makes up credit scores it’s the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%
And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.
To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history’s.
Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what’s called a FAKO score which makes it even worse because they all have their own system to calculate scores.
January 28th, 2011 at 6:37 am
It’s not "excellent," but it’s good for someone who presumably hasn’t had a very long credit history. Keep managing finances well and as you build on your history, your credit score will improve. Generally, a "very good" FICO score is 720 and an "excellent" score is 760.
January 28th, 2011 at 6:37 am
That is decent for a 19 year old.
January 28th, 2011 at 6:37 am
I’d say that is really good for a 19 year old. Once you obtain credit your score will go up assuming you pay it regularly and don’t have late payments. Don’t worry about your credit score – that will not dictate your life. Get a great education, work hard and make lots of money – that is the way to control your life…don’t let credit determine what you can or can’t have in life.
January 28th, 2011 at 6:37 am
Did you get them from a lender? If not, they are probably useless. They could be off by as many as 100 points. When you buy a score, make sure it is labeled a FICO score. You can only buy Equifax FICO score and Transunion FICO score. Experian is not available for us except through a lender.
That said, if you have FICO scores in that range, that’s great for a 19 year old. Keep treating your accounts well and you’ll be qualifying for the best rates in no time at all. Your credit history is a great tool and you are wise to be careful with it. You are certainly on the right track!
January 28th, 2011 at 6:37 am
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