credit score range for teenager…?
Hello,
I am a college student who has recently opened up 2 credit cards. I pay them off on time, and always try to pay off the full balance. I have had the cards for a few months and my credit score is 709. Is this score good enough to receive an auto loan and be approved for an apartment? One thing I did notice in the credit reports is that my credit card companies reported my credit in the middle of the month, when I had somewhat of a balance on the cards, so I suppose I should pay them off immediately after purchases…?
|
Check the Situation That Best Applies to You... And Then Click the Button Below to See Your Credit Scores Free I want my free credit scores I want to apply for a credit card I want to protect my identity Just curious
(Click the button above to see your Experian, Equifax and Transunion credit scores absolutely free) |
May 30th, 2010 at 9:17 am
Auto finance is what I do for a living and it takes a whole lot more then just a good score to be approved for a auto loan.
Auto loans are based on the following factors;
1. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Auto lenders look at score but they require 3-5 years in the bureaus depending on the lender, 4-open trade lines paid as agreed with at least 1 being a installment loan paid 12-times for at least $150.00 a month, job time and residence time needs to be at least 2 years and monthly income must be adequate to make the payment plus insurance and rent and your total D.T.I. ratio can not exceed 45%.
May 30th, 2010 at 9:17 am
I believe a good credit score is 640, so your score of 709 is really good and you would definately qualify to rent or get an auto loan. As for your credit report, it’s no bad if they report when you have a balance on the credit cards, as long as the balance is not too close to your credit limit on the cards.
May 30th, 2010 at 9:17 am
make sure to pay them off asap so u dont pay much in intrest…but that is just my oppion
May 30th, 2010 at 9:17 am
yes its a great score. They also look at how long you have established a credit history so if your really new to credit you should wait a while especially if you are looking to get a new car. They really dont care about your score its all about payment history. I had a great score and could not get a car without a co-signer because I was 19 and only had credit for a year so I was considered new to credit and had to establish a longer history
May 30th, 2010 at 9:17 am
709 is a good credit score. Good for you for paying on time and being responsible with your credit. One of the factors that affects your credit score is how much of your credit you are using. However, if your balances are only a small percentage of your available credit, I wouldn’t worry too much about paying immediately after purchases. If you don’t already pay online, you may want to consider doing that if your credit card companies offer it for free. Figure out when your bill is generated, and pay a few days before that.
As far as getting approved for an auto loan or apartment, your credit score is certainly good enough. However, the length of your credit history would also be a consideration. Based on what you’ve said, you have a credit history that is only a few months long, so you may be required to have a co-signer to get approved for a loan.