My credit score is 678 and Im 22.. is this good?
by Author on Monday, July 19th, 2010 | 3 Comments
It said on the site that I have fair credit. But all they are going off of is credit cards. So really I don't have much credit. For being 22 and not having very much credit, is that a good credit score?
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Hi,
Where did you get the number 678 from? There’s no such thing as "a credit score". You actually have different scores, according to the information reported on you to each of the three credit bureaus. It is rare that all three of them will assign you the same score so in all probability you have three different credit bureau scores—also know as fako scores because these are fake scores, not the ones that banks use when deciding to give you a loan or a credit card.
The only scores that matter are the FICO scores. You have a FICO score for Equifax, a FICO score for Experian, and a FICO score for Trans Union. Therefore, you have three FICO scores, and most lenders look at all three when you apply for credit. Forget about all other credit scores that you can buy cheap on other websites. You can buy a FICO score only from FICO itself at myfico.com or from one of the credit bureaus that partner with FICO, or from reputable financial websites like SuzeOrman.com. Each FICO report costs $15.
If that 678 is a FICO score then its a fair score but not a good one. A good FICO score is one thats in the low to mid 700s. A very good score is one that’s in the high 700s. An excellent score is one thats 800+.
For more information about this go to the Fair Isaac Company website at myfico.com. They have a lot of information that you can read about credit and credit scores.
Today way too much emphasis is placed on credit scores. Read your credit report. Is there anything derogatory? Is everything accurate?
If you pass those two tests, you are doing well. Use credit sparingly and pay in full when you bill comes if at all possible. This will keep you in strong financial position, especially if you also save each month.
Be proud of being solvent and don’t worry so much about your credit score. Just don’t mess up.
I’m 23 and thats pretty much what mine is. It can’t much higher since our credit history is young, lol. Its good. If you go to the website below it’ll tell you what to do and what not to do for your specific score. It told me not to apply for credit in the next 7 months and deactivate anymore of my credit cards. Its worth it.