[graham]

What do you mean by a good score ?

[simon]

Hi Graham,

Credit scores (usually) range from 340 to 820. The higher your score, the less risk a lender believes you are in. As your score climbs, the interest rate you are offered will probably decline. FICO scores provide the best guide to future risk based solely on credit report data. The higher the score, the lower the risk. But no score says whether a specific individual will be a "good" or "bad" customer. And while many lenders use FICO scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable for a given credit product. There is no single "cut off score" used by all lenders and there are many additional factors that lenders use to determine your actual interest rates.

Thank you for the participation. Looking forward to more of your presence and posting in the forums. We wish you and your family very special moments of joy at Christmas.

Regards,
Simon

[Jason]

What do you mean by a good score?

As you might know that each of the credit bureau has its own unique system of calculating Credit Score. Even though, the scoring models have been normalized so that a numerical score at one bureau is the equivalent of the same numerical score at another.

When you talk about mortgage industry most of the mortgage companies use FICO scores, as an important factor in the decision whether or not to offer credit. The scores mostly range from 375 to 900 points. But these numbers mean a little on its own. It becomes significant only within the context of a particular lender's own cutoff points and other terms and guidelines.

If your credit score is above 650 then it shows a strong credit history. A score between 620 and 650 (this is average FICO score range) indicate basically good credit, but this also suggest to lenders in the market that they should look at the potential borrower to assess any particular credit risks before extending a large loan or high credit limit. This range can get you credit at good rate but will require few documentations and papers for explanations.

A score which is below 620 can prevent a borrower from obtaining the best interest rates in the market, as 620 can be considered a greater credit risk.

Please feel free to ask more queries in details.

Regards
Jason

[puchodog]

LISTEN I HAVE A SCORE OF AROUND 600 DEPENDING WHOM I RECIEVE REPORTS FROM. MY PROBLEM ISNT WITH THE SCORING ITS WITH THE INTEREST RATES THEY GIVE YOU DEPENDING ON YOUR SCORE. SCORES ARE A BIG DEAL. AND IN ORDER FOR YOUR SCORE TO BE IMPROVED YOU NEED TO PAY THE PIPER. I THINK RATE SHOULD GO ACCORDING TO YOUR ANNUAL INCOME AND AND HOW MUCH MONEY YOU HAVE STUCK IN "REVOLVING CREDIT".

[simon]

I found this post by debt_tintin http://www.debtconsolidationcare.com.../about252.html , it is quite impressive.

[BlogTintin]

Simon Thanks , nice to hear that my posts were useful 8)

Hi group, what's the news tonight?Somone here want to talk about the news?What's a good topic here to disucss?I'm a newbie here so just want to say hello.