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    What does a 616 FICO score mean?

    I have a 616 FICO score and I would like to know what that means exactly. I'm trying to repair my credit.
    a few seconds ago 6 Answers

    Best Answer

    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. Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what's called a FAKO score which makes it even worse because they all have their own system to calculate scores.
    a few seconds ago

    Other Answers

    • 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 - 13 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 - 13 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 - 13 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 - 13 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 - 13 hours ago

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