My Credit Score

[Shlane]

My bank told me that my credit score in May was 684 or 624. I dont remember exactly, but what does that mean? Is it good or bad?

[teresathegreat]

Check out MyFico.com for a full explanation. The difference between these scores is pretty big, so find out which is the right one! The scores are okay but not great, so look through your credit report carefully to improve it.You get one free credit report from each agency (Transunion, Equifax, and Experian) each year, so order one and look through it carefully to make sure all the information is accurate, and work hard to correct any mistakes or fix any black marks on your record.

[msyak2000]

You're right about average for credit scores in the US. Scores in the 600's are still considered low by lenders, but getting credit is not impossible. You will just pay a higher interest rate until the score goes up. Remember that your score will be low until you build credit. Its not always a reflection of poor money management. 700 and 800 scores require 3-5 years of consistent credit history. No one starts out there. Don't give up!Its not a bad idea to pull your own credit report occasionally. You can get a free one annually or pay for a service online (usually about $10/month). Keep an eye on who's doing inquiries and why. Nothing wrecks a credit score like fraud... Good luck!

[mphsblue]

First of all, you have THREE credit scores. One from Experian, one from Equifax, and one from Trans Union. Chances are, they will ALL be different! People shouldn't answer if they don't have a clue what they are talking about. 620-679 is 'fair' credit rating. What most companies look at when they decide whether or not to extend credit to you is your MEDIAN, or middle score of the three. Get that up above 679 and you will have 'good' credit in the eyes of lenders and receive a better interest rate.