Question by Judah: Credit Score of 609 good or bad. And what is considered a good credit score so i can get a credit card?
i just want to build my credit score. i dont want a big credit card, just a small one to start building my credit.
Best answer:
Answer by s
yes it is good you can get a cerid card
Know better? Leave your own answer in the comments!
There is only one way to use credit cards to get good credit worthiness.
You get a card and you pay it in full each month.
Any other way will harm your credit.
Please remember that for life.
Consider calling your bank where you have a checking account and asking them for a secured credit card.
You put money in the account and again, for good credit, you pay in full each month for what you use.
If you use it unwisely it could take years for it to become a credit card.
Remember: Ignore all those old ladies that tell you that carrying balances are good for you.
Nothing could be furthest from the truth.
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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
its ok not great
That score is bad. Nobody is going to give you any kind of credit. You might want to find ways to increase your score because many employers now pull your credit before offering you a job.
I had my fair share of credit problems, no bank or company was willing to give me a loan. I honestly examined the reasons for my financial troubles and had tried my best to solve them. In my searches I got on-line and I found this great article about credit repair:
Good luck fixing your credit problems.
http://credit-fix.bestof-the-net.com/
it has changed my life for good. Now my family and I are living in the house we’ve always dreamed about
Good Luck!
Matthew.
bad, very bad. Good is now about 720. Clean up your credit if it’s that low and try again in about a year.