Community Answers

1. 

   3-31-11

   truluv78 says:

   a 791 is a very good score. I have been in the credit industry for over 5 years and I have never seen a credit sore above 820. Your score is derived from amount of available credit in contrast to the amount used, and also the willingness to pay.

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2. 

   3-31-11

   Matt says:

   Credit scoring is between 350 and 850 with the Fair Issac model, the most widely-used model for credit scoring. The one you are looking at is your Vantage Score. You should find out what your 3 FICO scores are from the three different agencies. But even under Vantage scoring, with a score of 799, you have amazing credit. You are right though that the three different credit agencies have a slight variation of how they calculate your score.

   If you haven’t already done so within the past year or if you didn’t know, you can find out your credit report/score for free at annualcreditreport.com.

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3. 

   3-31-11

   SPIFIMAN1 says:

   Experian uses the new Vantage score not the old reliable FICO.

   Vantage scores from 501 to 990 as follows;

   A 901-990
   B 801-900
   C 701-800
   D 601-700
   F 501-600

   So, with your score of 799 you are a C but only 2-points away from being a B.

   Most lenders and banks still use the FICO score and most do not use Experian.

   You have whats called a thin credit file, while your score is very good you have nothing to back it up.

   For the best score and profile people need 3 credit card accounts (revolving) with balances below 30% of their limits and 2 cars, boats, homes, furniture, computers or personal accounts (installment) all with good long pay history’s.

   Student loans alone while generating a great score do not show the willingness or ability to actually pay anyone.

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4. 

   3-31-11

   jaws21 says:

   Most score models only go up as high as 850, unless experian is having a different score model that I am not aware of, anything above 740 is consider Excellent Prime, any higher than this and there is not much difference between the rates that you will get with various things such as credit cards, cars, mortgage etc. What will be different with a 799 score is the amount of paperwork and documentation that the credit provider might ask you for. Instead of asking you for proof or income they will just make a phone call to make sure you work there, and if you are buying a car or house most likely you will qualify for a 0 down payment, all you have to do is sign.

   600 or less Bad
   600 – 620 Fair
   621 – 680 Good
   681 – 720 Good Prime
   721 – 740 Excellent Prime
   741- 800 Excellent Prime plus
   801 – 850 Super prime

   And as far as higher than 61% of the US consumers, well the last time I check only about 14% (according to experian annual report) of the population might have that score, think about it the average score in 2007 was between 650-675.

   All I can tell you is, take care of that score because it will allow you to save thousands of dollars in interest on your future loans.

   Good luck to you..

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5. 

   3-31-11

   Bob says:

   Think of it as starting with a number in the middle and subtracting “bad” points and adding “good” points. You haven’t done anything to get hit with “bad” points, but you haven’t done much to get “good” points either.

   It’s called a “credit” score and you’re not a big user of credit. Don’t worry about it.

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