What is the quality of a credit score of 642?
4 people found this useful
Credit Scores For years, creditors have been using credit scores to determine if you'd be a good risk for credit cards and auto loans. More recently, credit scores have been used to help creditors evaluate your ability to repay home mortgage loans. Here's how scoring works. Scoring is a system …creditors use to help determine whether you will be able to pay your future bills on time. Information about you and your financial experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your application and your credit report. Using a statistical program, creditors compare this information to the past performance of consumers with similar profiles. A scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points -- a credit score -- helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due. Because your credit report is an important part of many credit scoring systems, it is very important to make sure it's accurate before you submit an application. To get copies of your report, contact the three major reporting agencies, Equifax, Experian (formerly TRW), and Trans Union. A credit score is based on real data and statistics, so it usually is more reliable than subjective or judgmental methods. It treats all applicants objectively. Judgmental methods typically rely on criteria that are not systematically tested and can vary when applied by different individuals. To develop a credit score model, a creditor selects a random sample of its customers, or a sample of similar customers if their sample is not large enough, and analyzes it statistically to identify characteristics that relate to creditworthiness. Then, each of these factors is assigned a weight based on how strong a predictor it is of who would be a good risk. Each creditor may use its own scoring model, different scoring models for different types of loans, or a generic model developed by a scoring company. Under the law, a credit score may not take into account certain characteristics ï¿½ such as race, sex, marital status, national origin, or religion ï¿½ as factors. However, creditors are allowed to use age in properly designed scoring systems. But any scoring system that includes age must give equal treatment to elderly applicants. (MORE)
You have to have credit to have a score. If you have never had a credit account, you will need to take steps to establish credit. Good ways to start include secured credit cards, auto loans, department store cards (although I strongly recommend staying away from those). After six months, a credit sc…ore can be calculated based on your history of payment. Take care managing debt and credit. Even though derogatory information has a 7 year statute of limitations, the information does not "go away". It is still factored into credit scores. (MORE)
Answer . Having a credit card is a great step to starting your credit score. However, just having the card and not doing anything with it have very little impact. The best way to take advantage of it is to periodically use and payoff the card to establish yourself in the world of credit.\n. \nY…our credit score is based on your credit to debt ratio. Get a couple of cards open and keep balances low or zero (but use them from time to time) and you will find yourself enroute to a great credit outlook! (MORE)
This completely depends on the bank you are going to and their guidelines. Currently, most banks are turning people down with credit score below 660. If your score is not high enough, one of my favorite ways to boost a person's credit card score is to teach them about the magic of authorized users.… Authorized users are people who have permission to use other people's credit cards. For instance, your husband might have a Citi card. His name, and his credit score, was used to apply for the account, but you have permission to use the account. Becoming an authorized user is a powerful way to boost your credit score because you get to borrow the account holder's good credit history. If you are an authorized user on a credit card in good standing, your credit score will reflect the credit card's positive payment history by increasing. Beware, though: If you are an authorized user on a credit card in poor standing, your credit score will reflect the credit card's negative payment history by dropping. (MORE)
Requesting a credit report will NOT affect your credit. You have the right to look at your credit report without it affecting your credit or score. When you request your credit report it's called a "consumer pull" and has no affect on your credit. The only time when requesting a credit report can af…fect your credit is when you ask a possible creditor to inquire about your credit. This is because it implies that you're possibly opening a new line of credit. . (MORE)
If you don't have credit, you **can't** have a score, since they are solely based on your use of your credit. The bureaus return a report saying "no credit information on file".
Here's a couple ways... By law, each of the three major credit reporting agencies have to give you one free credit report (in addition to other opportunities you have to look at your report when you are denied credit based on reports for any of the three) The three agencies are Equifax, TransU…nion and Experian. The place to get the free credit reports is listed in the related links below. These reports do NOT include your credit score but, for a nominal fee you can have your score included. I think the last time I got my score in this manner the fee was six dollars. There are other ways to track your credit score. Some banks such has Washington Mutual offer credit cards which include availability to your TransUnioin credit score anytime as an extra perk of the card. Also, the higher end Microsoft Money software packages include a year of free credit score monitoring, I think there's was from Experian and you could get that score anytime you wanted. (MORE)
Your credit score is determined from the data on your credit report. Most credit reporting sites sell or give away for free a credit score with your credit report. Some site only give away a credit score. So, the answer to your question is, yes, your score generally comes with your credit report but… it is not always included. (MORE)
Your credit score - is a numerical value based on your credithistory. It takes into account such things as how much dbt you owe,if you've ever been late in paying bills, ever had court casesraised against you for defaulting on payment, or how many timesyou've moved. The higher your score - the more …likely you are to be approved forloans, mortgages or credit cards. (MORE)
That would depend on what you are using your credit report for as many industries have changed their criteria for credit lending. For example, in the mortgage industry fair credit use to be 580-620...now it is 680-720...
A credit scoreis a tool used by lenders to help them make lending decisions. Acredit score is determined by the information in a credit report.While credit scores depend on specific scoring systems used,ultimately they represent the risk level that you represent to apotential lender. Using the PLUS …Score, one educational scoringmodel, a good credit score is between 700 and 725. (MORE)
If a credit bureau does not have a credit score for you, it is usually because they do not have enough credit information about you on file to give you a score. This usually occurs when you have not had traditional credit accounts such as credit cards or mortgages with banks that report to the credi…t bureaus. For more information about credit scores and credit reports, see the link below. (MORE)
No, it is impossible to have a credit score without any credit history. But you should check to make sure. You might find lines of credit reported in your name that don't belong to you which is a potential indication of identity theft.
There are many sites that offer credit scores. Just do a search on "credit Scores". But, remember, although you can get your credit report for free (once per year) at each of the three credit agencies at the government mandated site you cannot get a credit score for free at this site. Other sites… will offer a free credit report and score if you agree to try out their membership services which usually includes monitoring of your credit profile. And there is one site that offers a free score but no credit report. (MORE)
When you ask a possible creditor to inquire about your credit, it may affect your credit. This is because it implies that you're possibly opening a new line of credit. But you have the right to look at your credit report without affecting your credit. When you request your credit report it's called …a "consumer pull" and has no affect on your credit. (MORE)
A personal credit score is numerical representation of your credit worthiness. It is based on the data contained in your credit profile that is populated by the lenders you have borrowed from currently or in the past. Your on-time payment record, number of loans you have outstanding, the percentage …of available credit you are currently using, and other factors all go into calculating your credit score. The higher the number the less risky your are considered by potential lenders. (MORE)
3/4 off if you buy credits! PLEASE use this code , it would mean a lot.. thanks THE CODE: PGRSWNXUBG once again .. THANK YOU :D
In most situations, if you have no credit record, there will be no credit score produced by the agencies. However, many banks and other credit providers have techniques to produce internal credit scores for customers having "thin files" or no credit record. These scores are never given/shared with t…he public as they are proprietary to the particular company. If you are trying to get a loan for a vehicle, unless you can document a solid income, you will likely need a co-signer to cover lack of credit experience. (MORE)
Answer . Credit counseling will appear on your credit report, but it's not factored into your credit score. Lenders and creditors may be hesitant to issue new credit if the credit counseling is recent. . Answer . Debt consolidation may not result in the best notation on your credit report. …Chargeoffs may not be as favorable as a paid and the loans may be sold to collectors later. However, if you are going to Consumer Credit Counseling Service and the notation is there, creditors will know you are trying to pay off your debts. In the long run, paying what you owe will work out for the best credit score. To learn more about CCCS and the educational opportunities available to you, call CCCS toll free at 1-800-501-SAVE . This is a nonprofit, service organization. (MORE)
google : "establish credit" Or use a credit restore company - they can help as well and get you off on a great score ;) Wayne
If your personal credit is tied to yourbusiness credit, you run the risk of having your personal creditaffect your business credit. When, establishing a business, it mayseem easier to use your personal credit to get loans, but thiscould increase your personal risk should the business fail orundergo …financial strife. For this reason, it is beneficial toregister your business as a completely separate entity from yourpersonal credit. One of the best ways to do this is by registeringto receive a D&B D-U-N-SÂ® Number for your company. (MORE)
Of course you have to open an account or a credit cards for you to be able to get a credit score. I personally get a credit cards and check my three credit report from different bureaus.
Take the time to handle your credit responsibly and wisely, andkeep an eye on your credit report to avoid errors and incorrectdata creeping in there. Doing so only takes a bit of effort and canpay off in spades for you and your financial future. Make sure to keep credit accounts under 30 percent of …what theavailable credit is. Whenever possible, pay balances in full, notthe minimum payment. Make sure any old debts lingering on a creditreport are paid. (MORE)
A credit report is a list of your credit accounts with differentcreditors stating your payment history with them. A credit score ismade up of different items on your credit report using an algorithmincluding payment history, credit length, debt to limit ratio,credit types, and inquiries. A FICO cred…it report has 5 components that are used to determineyour credit score: . Payment history . Percentage of available credit in use . Length of time (how long each account has gone since the lastaction, and the age of each account has been open) . Amount of new credit . Variety of debt (MORE)
642 is good enough to get approved for a mortgage loan. Currently the cut off is at about 620 but there are plans to raise the minimum to 640 as credit is getting tightened. The $8000 tax credit for first time home buyers has been extended as well as a new $6500 home owner credit if you have owned y…our current home for over 5 years. If you are located in Texas, we would be happy to help you with any further questions you may have. Mortgage America of Texas http://www.mtgamericatx.com (MORE)
Yes, it is possible to have a credit score even though you don't currently have any credit cards. If you have ever applied for credit of any type then you are likely to have a credit score.
Payment History 35% New Credit 10% Type of credit 10% Length of Credit history 15% Amount Owed 30%
Poor would probably be a better adjective to describe 580. Fair Isaac describes anything as below 550 to be "awful".
Yes it is! A credit consolidation is a bad credit item which ultimately lowers your credit score. It remains in your creditreport till 7 years and constantly affects your credit scores and your credit worthiness.
I can't personally tell you, but I can give you some tips on how to check it for free.
No, not unless you fraudulently use your child's identity in obtaining credit in their name.
No. The only thing that can lower your score is when you apply fornew credit. Many companies do background checks that include acredit report, but this will not lower your score. There are waysto avoid lowering your score on accident. Make sure you're notfalling into these credit traps.
No, if you fill out applications to open a line of credit then that will change your credit score but simple inquires of your personal credit score will not ruin it. It is better to keep an eye out on your score and report to make sure no one has opened an account in your name or to dispute anything… that doesn't seem right on your report. Always pay your bills on time and more than the monthly payment to increase your score. A Excellent score is above 800 points and 700-799 is a good score. (MORE)
If you have a 611 credit score, there's a good chance you will not be approved when applying for a credit card, assuming it requires good or excellent credit. Put simply, most creditors refer to credit scores below 620 as "subprime." So a credit score below that range likely won't be sufficient f…or most credit card approvals. If you apply and aren't approved, you may want to inquire about getting a so-called "bad credit" credit card. Alternatively, you can visit your local bank or credit union and ask about available options. If that too is out of the question, you may have to settle for a secured credit card, which requires cash as collateral. Just keep in mind that credit scoring is very subjective, and credit card issuers look beyond your actual three-digit score to determine your creditworthiness. (MORE)
If a consumer does multiple inquiries into their credit file, your score will drop, especially if your inquires are from credit card companies. The theory is: a consumer may not have enough money and needs more credit to sustain his/here lifestyle which bring in more debt, thus applying for more cr…edit. (MORE)
One's partner does not affect the other partners score because score are based on the individual consumer. But if a lender is asking for both individual's information ie) co-sign loan, then both scores may be taken into consideration since both are responsible for the loan if the other does not pay …on time. (MORE)
It depends on what type of report you get. The cheapest form of credit report won't actually tell you the actual score the agency has for you - just show general information which you can check to see if there are any errors that need correcting, or old information that ought to be removed. They …also have a subscription service which will actually detail a credit score which should be clear in the report, however each agency will have it's own criteria to which you are judged and you will find the score differs across each credit agency. (MORE)
A credit report basically contains information about your credit history, whereas Credit score is a number which is generated on the basis of your credit report. Score totally depends upon one's credit record, if history is good, credit score will be high. I always check my credit score free at Fr…eecreditscore.com. (MORE)
Credit counseling helps people by putting them on a plan to get outof credit card debt. Without this, most people would have no clueas to how get out of debt. ----------------------------------------------------------- The fact that you may be receiving credit counselling will not beknown than thus …will not affect your credit rating. (MORE)
just about anything depending on your income thats my issue. i get approved for a lot because i make 3 to 4 thousand a month so it just depends on your income
No. Credit Ratings should not be viewed as an assurance of credit quality or the exact likelihood of default. Instead, ratings denote a relative level of credit risk that reflects a rating agency's carefully considered and analytically informed opinion as to the creditworthiness of an issuer or the …credit quality of a particular debt issue. (MORE)
A credit crunch is related to your credit score, because it means that banks are especially strict about who they will lend to. They are less likely than usual to extend credit to someone with a low credit score, so maintaining a high score is even more important than usual.
The only time that your credit score will affect your spouse's credit score is if you both agree and sign together for a specific loan (e.g.-Auto Loan, Mortgage, etc.) Usually if whom ever is typically responsible for paying on the loan fails to make the payment, both yours and your spouse's credit …score will drop since you both are on the loan. If for any reason your financial situation begins to fall due to being laid off, reduction in pay, or anything within those situations, contact your lender immediately, as just ignoring the problem and letting the loan become delinquent will only make matters worse. Banks are more than willing to assist in any way possible, because they lose money if the loans are not repaid. (MORE)
FICO stands for Fair Isaac Corporation, which is a company that calculates the credit score that most creditors use to determine your creditworthiness. So, your FICO score is a type of credit score. They use the information that each of the three credit bureaus (Experian, Equifax, TransUnion) posses…s on each consumer, and they turn that information into your FICO score. However, there are many other companies, including the credit bureaus themselves, the create their own versions of your credit score, and these scores are often different than your FICO score, since they are not using the same mathematical calculations to come up with your score. (MORE)
The selection of cards you may qualify for with that score may depend on your locality, but typically secured credit cards are the most likely cards you can get. There are several unsecured cards you may qualify for with subprime terms, yet these cards might have unfavorable terms.
Credit score is ranges from 300 to 850. Credit is a evaluation ofyour credit card bills, mortgage and other loans.
In general terms, any score above a 740 score is considered excellent. However, every lender sets their own standards and their own tolerance for risk. At this time many lenders will consider that 650 is the point between what most consider a prime and sub-prime lender. What is considered a good… score will be different for different lenders. Auto lenders like to see scores above 700 while a FHA mortgage lender likes to see a score of at least 640 for the best interest rates. (MORE)
In general, yes a score of 735 is considered a great score. With this score you should get the best interest rate at almost all lenders. However, each lender and each industry has a different tolerance for the risk they will take. Your FICO score is really only a measurement of the risk of you defau…lting on a debt. Some lenders for example may require a score of 740 or 760 to be granted their best interest rate. For a FHA mortgage, a FICO score of 640 will get you the best rate available. (MORE)
What happens if a finance officer changes your credit score to get you to qualify for something you wouldn't quality for?
Some companies have the ability to directly communicate with thecredit rating company and can effect changes. However, like you, Iwould be leery. Only you know the financial situation you are in,but if your credit rating is low, it indicates late pay, judgementsand other issues that you should take …care of, not get in deeper.If you have cleared all of the issues and it is less than two yearssince doing so, your effective rating may be higher. Just remember,you will be paying for whatever he is selling you, so make sure itis within your means and that you have a solid job. Maybe a usedcar, a house payment less than 1/2 of your pay would make sense atthis time so that you can build your credit. (MORE)
If you use the card sensibly... by paying off any purchasesquickly, and don't need to increase your limit (unless thecard-issuers offers it) - using credit cards properly is a greatway to boost your credit score. If you use it responsibly - itshows potential creditors that you are a trust-worthy pro…spect. (MORE)