FICO scores range from 300 to 850 Sub-prime = 624 and under Standard = 625 to 659 Preffered = 660 to 699 Prime = 700 to 739 Elite = 740 and up How to improve you scores, 1. Payment history 35%, the longer the better. 2. Length of credit 15%, the longer the better 3. Types of credit, mixed, installments, etc., 10% 4. New credit, the less the better 10% 5. Debt to available credit ratio. The lower the better 30% Take care
by Blubber - 17 hours ago
It means you likely won't be approved for any credit. A mortgage typically requires 620. Car loans and credit cards will be harder to get also. If you can get a loan you will pay a higher interest rate. Some room for improvement then. Good luck!
by bloomorningglory - 17 hours ago
It means you have credit that would be equal to getting a D on your term paper. It isn't good. It won't qualify you for a mortgage, loan or any credit card. Keep working on it.
by Genuine Guidance - 17 hours ago
It's not bad, but it needs improvement. You want to get into the 700 range. The easiest way to give your credit score a quick boost, is to pay your debts down as much as you can. Continue to pay bills on time. View my source and it will give you further insight into how you can repair your score (my source is from the education tab on the official FICO website) good luck!
by RJ - 17 hours ago
a 616 is ok but not good enough.. for exsample-- to buy a house you must be at a 630 min.
by Drgnette - 17 hours ago
Setting up Your Company to Obtain a Small Business Loan
If you’re looking to expand your business, you may be considering getting a loan. In order to achieve that goal, you’ll need...
From hobby to wine in the sky: Whitewater Vineyards
Gout de terroir. Wine aficionados are familiar with this phrase, which refers to the “taste of the soil” that...
Less Stress Spells More Tech Spending for Small Business Owners
More than half of small business owners would now rather invest in their businesses than stockpile cash, according to new...
Volume of Loans to Small Business Increases First Time Since 2010
Healthy sales and strong profits are making private U.S. companies increasingly attractive prospects to bank lending...
Starting out: It’s Time to Get Organized
You are the creative mind behind your business. The entrepreneur. The genius. Certainly, you shouldn’t have to spend a lot...
The lien on your business you never knew you had
If you have ever applied for any type of business loan, you may be shocked to learn that there could be a lien filed against...