Average Credit Score
September 30, 2008 by awjolls
Filed under Credit Scores, Top Posts
The average credit score varies depending on the scoring model you are using.
According to Fair Isaac, it is a 723. This is the FICO Score model used by a majority of mortgage lenders. But if you ask the folks over Vantage Score, you are probably going to get a much higher number as they have a scale that unlike the FICO range of 300-850 goes from 501-990.
You can get even more confused with the National Score Index which states a national average credit score of 694. This is based on a 330 to 830 range.
What does average mean anyway? Not many lenders are looking for average candidates these days. They want people with the best credit. And while an average of 723 used to be fine, now you need an above average credit score to get the best rates or even get a loan at all.
This is why it’s important to check your FICO credit score as it’s most likely the one your lender will use in your lending decision.
745 Credit Score
March 18, 2008 by VideoCreditScore-Andy
Filed under Credit Scores
A 745 Credit Score is a good rating on the FICO credit score scale. It used to be a great credit score, but it depends on the scoring model. Is your score a FICO credit score? You can start watching it for free using a Free Trial product called Score Watch.
This 745 Score is:
- 15 points lower than the highest break point of 760 FICO credit score to get the best interest rate loans according to myFICO.com.
- 105 points lower than a perfect 850 FICO credit score.
- 745 score would be a “C” rated score on the VantageScoreSM, scale.
- 245 points lower than a perfect score in the VantageScoreSM scoring model
- 156 points away from the best tier of 901+ for VantageScoreSM
- 85 points away from a perfect score on the PLUS score system, which scale goes from 330 to 830.
Which credit score did you get? Check out my post on what a credit score includes. If you have a non-FICO score, you should probably get your FICO credit score to see what most lenders see. myFICO Score Watch monitors your FICO score by delivering email alerts and cell phone text message alerts each time your FICO score changes.
