What kind of Credit Score is 660 right now?
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Aaronpants wants to know:
This is BS! I just checked my credit score for this year and right now it’s 660 only since buying my car back in May. When I bought my new car, the dude told me that my Experian score was 703! Since then, I haven’t had [NOT EVEN] ONE negative thing acquire against me, not one late payment on ANYTHING but this is my score. The only thing that I can assess is that it happened by purchasing a new car, which seems ironic and contradictory. How the hell did I go down 43 points by moving up?
This is BS! I just checked my credit score for this year and right now it’s 660 only since buying my car back in May. When I bought my new car, the dude told me that my Experian score was 703! Since then, I haven’t had [NOT EVEN] ONE negative thing acquire against me, not one late payment on ANYTHING but this is my score. The only thing that I can assess is that it happened by purchasing a new car, which seems ironic and contradictory. How the hell did I go down 43 points by moving up?
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Tagged with: Credit Score • Experian
Filed under: Credit Reports
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I understand!!! There should be a law. I think it is criminal they can do what they please, considering credit score is everything.
The credit agency thinks you have to much “debt to income” ratio.
I would dispute it with them. 660 is not to bad but of course you deserve much better in my opinion.
Suzi Orman has good ideas what to do about credit score.
I will hate the credit agency with you!!
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.
Since Experian uses the Vantage Plus system it’s natural for your score to be higher on Experian then any of the other 2 bureaus.
And for those the obviously don’t know debt to income has nothing what so ever to do with your credit score.