Question

my credit score is 679 is that bad or good?

In like a year and half my husband and i are planning on selling our current home and buy a new one, but im scared that my credit score will affect our future purchase (he has perfect credit.)The only thing that i had was a credit card and i wasn't able to pay for it on time for 2yrs. some payments were late a lot, but its completely paid off ($2,388.87.) I have department credit cards but i don't use them. I was told not to cancel them. Also it states that my credit is fair but is it good enough to buy a home in 2 yrs?

3 years ago - 2 answers

Best Answer

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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.

Credit scores are based on the last 24-months of activity, and they can change daily depending on what information has been submitted by your creditors.

Source(s):

3 years ago

Other Answers

use your cc and pay it off on time religiously. keep your cards open and don't apply for any new cards. constant good payments will raise your score over the year.
if you use your department store cc pay it early so that you don't forget and end up getting charged interest.

by Dave - 3 years ago