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What is the
average credit score range or Beacon Fico Emperica score and
what is the definition of a
good FICO score range? Credit scores are complex
algorithms used figure scores by the 3 Majors Credit Reporting
Bureaus. The scores are named differently but use the same model.
A Beacon Fico Credit Score ranges
from 350 to 850 and all three use similar scoring factors.
I
should know my FICO
BEACON Score free.
720 721 722 723 724 and 725
plus is considered an almost perfect or excellent credit score.
A 640 - 719 is a
good score range and the average American credit score is a 680 681 682
683 684 685 686 687 688 689 688 687 686 685 684 683 682 681 680 679.
A credit score of 639 to 652 is
figured to be a low credit score or a less than below average and any score less than a 575 is
figured as a very bad low low credit score.
The highest or best beacon score a person can get is 850
Understand your credit score range
What Is the Range of Possible FICO Scores and What Do They Mean?
FICO scores range between 300 and 850. Ratings are as follows:
~ Excellent: Over 750
~ Very Good: 720 or more
~ Acceptable: 660 to 720
~ Uncertain: 620 to 660
Transunion uses the
Emperica Score FICO
Equifax uses the Beacon Score
FICO
Experian uses the
Fair Issac or FICO Score
Here is the definition of how a fico credit score
works
Timeliness of my bill payments (35 percent): Includes late
payments, bankruptcies and delinquencies. A 30 days late payment, a
collection, a judgment can decrease my score 15-40 points for each
entry even if it has been paid and shows paid in full. Catch these
before 1 month expires and I have a chance of total removal or
non-placement.
My outstanding credit (30 percent): Includes the amount of
debt I have accumulated on your credit cards as well as how much I
owe on installment loans (compared to the original amount of the
loans). I've seen credit reports that show no late payments and the
credit score will be a low 600. It's because there are some accounts
that show I am 80% or more against my high credit limit. My work
mate found his score at 621 with no late payments. He moved around
some money, reduced his debt to high credit ratio and his score
jumped to 706 in less than 3 weeks.
The length of time my credit has been active (15 percent):
Takes into account how long I have had credit accounts and how often
I use them. Most banks look for "3 rated trades", or 3 accounts that
have been open for at least 12 months. I've also seen people who
have many credit items, but haven't borrowed in 2 years and
oops now I have no beacon score at all.
The types of credit I have (10 percent): Includes credit
cards and loans such as installment loans, mortgages and car loans.
Small finance company loans and large numbers of open credit cards
can sink a beacon credit score as much as 20-40 points if it looks
like a serial get a loan person is on the loose.
Any
acquisition of new credit (10 percent): Assesses how
much credit I have opened over the length of my credit
history. Opening a number of new credit accounts over a short period
of time may be detrimental to my score.
Generally, people with high FICO scores consistently pay bills on
time, keep low or no credit card balances. Only apply for new credit
accounts as necessary. If my score is not in the high range I would
like then, I review the four "score reason codes" that accompany my
score. Common score reasons include serious and / or frequent missed
payments, multiple accounts with high balances, bankruptcies, liens,
foreclosures or judgments.
What is the average Beacon Fico credit score or national
average fico beacon credit score?
The average American has a credit score ranges around
677. Credit scores
range from 350 to 850 Low interest rate banks want a Beacon Fico score of at least 640.
Middle to high interest banks want a Beacon Fico score of 540 or
higher. A very bad credit score is a 575 or lower. A below average credit score is a 576 - 639.
A good credit score is a 640 - 720. A great or perfect credit score is a 721 - 850.
Here is a car loan rate sheet at a major bank and the acceptable
credit scores.
775+ Preferred
725-774 Platinum
724-700 Gold
680-699 Standard 1
640-679 Standard 2
639-620 Standard 3
Don't submit any deals with beacon credit report fico scores lower
than 620
Here is a car loan rate sheet from a major name 2nd tier credit bank
Credit scores
700+ Super Preferred rates in the 7's
660+ Preferred
rates in the 8"s
659-620 Standard
rates in the 11's
619-580 Special
rates in the 13's
579-560 Regular
rates in the 17's
Don't submit any deals with a score lower than 560
This is something I know as past car salesman with 12 years
experience. There are values other than just credit scores associated with
getting some loans. Long term job time and a very high incomes can get many
people loans with bad credit scores. If I have 2 repossessions or an active chapter 13 I will be
disqualified. Most big time lenders require at least 3 rated credit files. I
might have a very high fico score but if I only have one reported
line of credit or loan I may not qualify.
If I have a debt to income ratio over 45% I will be disqualified.
This means my monthly bills reported on my credit report must total
less than 45% of my monthly GROSS (before taxes) income.
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