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Old 10-04-2012, 04:02 PM   #1
Crazy4Disney06
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Credit Scores

Does anyone know where I can get an accurate scale of Credit Rating Scores? When I search online I come up with several different scales. I'm wondering at what point is one considered to have excellent credit? Also if one does have excellent credit does it really matter where in that range the credit score lies? For instance if two people have "excellent" credit but one has a 750 score and the other has 800 or up does this really matter or is excellent credit just that excellent credit, good credit good and poor credit poor or is the actual credit score what matters?

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Old 10-04-2012, 04:41 PM   #2
danceintherain
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Quote:
Originally Posted by Crazy4Disney06 View Post
Does anyone know where I can get an accurate scale of Credit Rating Scores? When I search online I come up with several different scales. I'm wondering at what point is one considered to have excellent credit? Also if one does have excellent credit does it really matter where in that range the credit score lies? For instance if two people have "excellent" credit but one has a 750 score and the other has 800 or up does this really matter or is excellent credit just that excellent credit, good credit good and poor credit poor or is the actual credit score what matters?

I'm not an expert, but I'm pretty sure it's going to depend on what you actually need your credit for. There are other factors when they determine loans. Every bank has a particular line that they use to determine whether or not someone qualifies, and for how much. As long as your score is above a certain point, then they start looking at other factors, such as income, and other credit holdings.
For example, my brother had perfect credit when he applied for his first car (they think it was actually a glitch). However, my parents still had to cosign for it, because he didn't have an income to support it.

In another situation, my parents had a 6 figure income, good credit, and no debt other than their house, and they could only qualify for a 3% interest rate on a car, even though the dealership advertised no interest loans.

For the banks that issue the VA loan, they want your credit to be above 620, but it needs to be even better if you want to get a really good interest rate.
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Old 10-04-2012, 06:22 PM   #3
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With a true FICO, the scale is from 0 - 850. Most financial institutions do "risk based lending", meaning they have a set internal scale that determines the risk a person will pay based on their credit score. A fairly typical risk based scale might have 7 or 8 rate levels for any given type of loan. Generally your A+ credit is going to start somewhere around 750 or 760.
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Old 10-05-2012, 05:06 AM   #4
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I always thought that each of the 3 credit bureaus would show a different credit score as well.
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Old 10-05-2012, 05:24 AM   #5
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750 plus is really good but in our experience there is a slight tipping point for over 800. YMMV.
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Old 10-05-2012, 08:28 AM   #6
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I have pretty much perfect credit in the fact that there are no negatives on my report. Scores in the low to mid 700's just because I'm only 21.
Sadly I still needed a co-signer for a decent interest rate on a car because I have never had a loan before. So it really depends.
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Old 10-05-2012, 01:13 PM   #7
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To get your true FICO score for Trans Union and Equifax you need to go to www.myfico.com. Experian no longer does FICO so you'd have to buy their score from them. Any other place you'd by a credit score are not really your score, some call them FAKOS because of how innaccurate they can be.
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