FICO Score?
by Author on Sunday, August 8th, 2010 | 4 Comments
Is a FICO score of 730 good? and what does it mean?
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FICO scores run from 300 to 850 with anything that calculates to below a 300 defaulting to a 0.
Scores are based onn the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
To have the very best score and profile people need 3 credit card accounts (revolving) with balances below 30% of their limits and 2 cars, boats, homes, computers, furniture or personal accounts (installment) all with good long pay history’s.
I look at credit every day and see people all the time with scores over 700 that can not buy a car because all that makes up their score is 1-credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this produces a great score it doe’s not show thae ability or willingness to actually pay any body.
FICO score of 730 is good/borderline very good, and it is just a determining factor that lenders use in deciding to extend you a line of credit. Other factors would be involved with this decision, such as income, length of credit history, what’s in your credit file, etc.
But the score itself….730, is a good score.
Hi there!
"The Median FICO Score in the U.S. is 723."
Your score 730 is consider as :EXCELLENT CREDIT" . Most lenders would consider this score as " Very Good."
I hope it help..
730 is pretty good. It means if you apply for a loan, you’ll be considered a creditworthy and low-risk borrower, and you’ll probably get approved, with a low-interest rate.