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What is considered to be a good credit score?

What is considered a "good" credit score?

  • I am 21 years old and I am a very independent person. I pay all my bills ALWAYS on time and I do have a credit card. Recently, I received something stating I have a credit score of 750. This is considered good, right? This past September I was looking to lease a car and they stated I had great credit but needed a co-signer. If I have such a great credit score (so they said) then why did I need a cosigner?

  • Answer:

    Though the definition of "good" has been increasing over the past few years....YES, 750 is considered good. Credit score is not the only determinant for extending credit. "Ability to pay" also pays a heavy role. This simply means having enough income to support all the obligations that you have. Maybe at the time you were car shopping you weren't employed? Or you had been with your employer for a short time? Or, maybe the car payment was going to be high enough that in the algorithms of the car dealer it made you appear as though you could become "financially stressed" with the additional payment. Good luck with the car shopping, and keep up the great work in managing your credit!

Lindsey at Yahoo! Answers Visit the source

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Opinion: Fico Scores above 740 to 760 are considered exellent. 680 to 730's would be good. Note: Leasing a car is considered by Money Magazine to be one of the top 10 financial mistakes a person can make in their lifetime. They state that it is better to "buy" the car and drive it at least 7 years. This way you can financially get ahead someday in life. Only very wealthy or business people should lease cars. * A score is not everything. You need income to support the loan. It almost sounds like you are trying to buy "too much" of a car.

Go with the flow

receiving "something" tells us nothing it good be a scam or real. The only legit score would come directly from a lender. Income plays a big part in whether one gets a loan. Just because you have perfect credit is more meaningless then most people realize. Your score determines your terms of the loan but plays a small part in getting the loan unless it is recent activity that brings your score down. You must have verifiable sufficient income to get a loan.

Calvin C

It could depend on how long you been employed. Usually they require at least 24 months and 12/18 months of activity.

Stan

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