What is a great credit score rating?

Credit and mortgage advice Forums Consumer Credit Improving Your Credit Score What is a great credit score rating?

This topic contains 5 replies, has 3 voices, and was last updated by  Anonymous 7 years, 11 months ago.

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  • #208253


    What numbers are poor, fair, good, excellent?

  • #273202


    Healthy – about 800
    So-so – about 600
    Poor – less than 600

  • #439331


    There are two schools of thought on this.

    One says that they look for credit history, so having an open account that you’ve had for a while would establish that.

    Another says that they look for how much credit you have available; too much makes you a credit risk. So if the card has a very high credit limit, it might be good to cancel it.

  • #439332


    my personal believe is to close those accounts. its an accident waiting to happen in this uncertain economy the last thing you need is more debt.

    now, to answer your question if what you want is to improve your credit score you should at least keep one credit card open and use it for groceries or small purchases and pay them before the month is over so you have a zero balance at the end of the month. this improves your credit.

  • #439333


    Believe it or not, generally it hurts your credit score to close credit card accounts. The credit industry wants you to be in debt your entire life. In fact, the older the account the better it is for your credit score. So, pay off the accounts but keep them open.
    Now, if you have a lot of accounts they can work against you. Even if you don’t owe anything on them. It’s all a racket. If you don’t play the game you credit score decreases and you pay more for loans even though you pay stuff off early and watch yourself.
    And, we all know how wonderful credit scores protected people and creditors in the real estate market this past few months. LOL

  • #439334


    ~~It is better to leave them open as far as the credit rating goes. Just stay disciplined and don’t use them again. Not using available credit actually raises your credit score.~~

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