My credit score is 695?

The report I got said PLUS: ALL bills paid ontime (no red marks) and do not have any negatives on my report
and NEGATIVE: I am over half limit on one of my credit cards and my credit history is young (less than 4 yrs)
I have a lot of school debit but other then that I do not and our house hold income is k(I’m not shy :) ) with just me and Hubby (who doesn’t have good credit)

I want to buy a car and get a new apartment next year around the same time. Do you think I will have trouble? I am moving and my rent now is 00 a month, I am looking in the 0 a month range in Denver CO

ANYWAYS, Is 695 good, fair, bad? I am not too sure what that number means!

5 Responses to “My credit score is 695?”

  1. Joe M Says:

    I linked a graph that shows a very basic overview of credit score ratings. 695 leans slightly towards fair between fair and good according to the chart.

    The result is that you will probably have no trouble getting a car and a new apartment. The bad news is you can probably expect to not get a great rate. If there are low finance rates being offered to "qualified buyers" you may not be one. You will still be able to buy a car just not at a stellar rate.

    Some of the biggest factors affecting your rate are:

    Debt to credit ratio = How much available credit you have and how much of it is used. Having more available is better. If you have, for simple example, $1000 total credit available and you have used $850 then you are nearly maxing out the available credit and it reflects poorly. If you have $2000 available with $850 used it looks better.

    Payment habits = On time payments and no negative remarks or judgements.

    Credit history = Having accounts longer looks better. This is a fine line to walk sometimes when you are offered better rates. It’s worth it to keep an account open and accept a new account but not use the higher rated card unless you can pay it off monthly. This takes discipline to be able to control your spending and if you can’t leave a card alone when you have available credit then this isn’t an option you should consider.

    There are lots of other factors but those are your biggest concerns. Wikipedia had a good graph that is also linked below to show what contributes to a credit score.

    Hope this helps.

  2. Mr Chris Says:

    695 is pretty average, not great, but certainly not bad. If you can prove your income, you will have no problem getting a car or an apartment (assuming nothing changes).

  3. WisTex Says:

    Not all apartments run a credit report check, although it is becoming more common. Most look in an apartment industry database to see if you broke a lease instead of running a credit check. So it may not even be an issue if they don’t check. But more and more are checking.

    If they do run a credit report check, the apartment will usually do one of three things: decline you, require a large deposit, or require a small or no deposit.

    Paying down your credit cards so that you are using less than 50% of your available credit would give you a small boost to your credit score. Also, in a year, your credit score should automatically improve since your credit history will be longer. As long as you keep paying on time, and don’t use more than 50% of your available balance on your credit cards, your credit score will be better by next year when you plan on moving.

    Hope that helps. :)

  4. Staci Says:

    Be careful school debit is just that it’s collecting interest and has to be repaid which if u get too much in debt with living expenses including a car and rent… can be potential problem. Ask yourself, how much do u have in saving? How much do u have in emergency fund? If your hubby doesn’t have good credit, u need to try to get him to clean up his credit. I didn’t say u clear it up but he needs to cause eventually when u look for a home, his bad will drag you down. Your score is good but it’s young credit. Your trying to get your FICO score in the high 800. Even 790 is where u want to reach and stay there! Teaching yourself and your spouse to pay in cash and not take on more debt is important. Student loans can ruin a marriage, only borrow what u really need vs. what u want. good luck u should be proud to be at that score and just keep up the good work.

  5. Duane B Says:

    It’s not bad, but you are in the sub-prime mortgage area. You need to boost your credit score and clean up your reports. Pay down those bills as much as possible. You said your hubby’s credit is not that great, well your married now and you also married his credit rating too.

    There is one of the benefits of being able to get married in the good ole USA! If your credit is good and your partners is not, your score is going down like it or not.

    Go to the website below and read it all! You should be able to clean up your credit reports relating to your hubby. 4 Years is not a long credit history and his bad credit is bringing you down!

    I got my score from 485 to 720 in a little over a year with the help I got from here, but your hubby really needs to get involved in his own case and you should get a credit monitoring service covering all 3 credit reporting agencies, Transunion, Equifax and Experian.

    You are free to challenge negatives in your credit reports and you can check it as often as you want to without damaging your score! You will find a link here to Lexington Law Firm and I used these guys and they really knew their stuff and I highly recommend them!

    They got 10 negative items removed from my report and this sounds like what your hubby needs to do, but you can sign up as a family plan and it is really affordable! They helped me rasise my score by 140 points out of 235!

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