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Jenn
Lv 4
Jenn asked in Business & FinanceCredit · 8 years ago

Question about Credit Score?

For a person in their 30's is a credit score of 560 good or bad?

9 Answers

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  • ?
    Lv 7
    8 years ago
    Favorite Answer

    This should help you to understand how credit scores work..

    FICO scores from 300 to 850 and Vantage Plus scores from 501 to 990.

    Here is the breakdown for both systems.

    Vantage Plus system scores from 501-990.

    A-901-990

    B-801-900

    C-701-800

    D-601-700

    F-501-600

    FICO system scores from 300-850.

    Elite-740-& up

    Prime-700-739

    Preferred-660-699

    Standard-625-659

    Sub-prime-624-& under

    FICO is the only one that matters since it's the one that all major lenders look at.

    So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

    As far as what makes up credit scores it's the following;

    1. Payment history (longer the better) 35%

    2. Time in bureau (longer the better) 15%

    3. Types of credit (mix of credit cards & installment loans) 10%

    4. New credit (new accounts and inquiries) 10%

    5. Debt to credit ratio (lower the better) 30%

    So as you can see credit is based on opening and paying accounts. So without that you would have no score at all.

    The credit bureaus use different scoring systems, Equifax scores from 250 to 843, Experian from 253 to 893. Transunion from 250 to 877.

    There are also 3 different types of scores. The standard that you see, the auto enhanced that only auto dealers and lenders see and the factual which only mortgage companies and lenders see.

    So each person can have 12-15 different scores none of which will match. Great system huh. Add to this the fact that all lenders do not even report to all 3 credit bureaus and some don't report at all and you begin to see the problem with our current system.

    As far as a real score goes, go to myfico.com it will cost $20.00 but you will get a real FICO score. You might also go to annualcreditreport.com and print out all 3 of your reports for free, no reason to pay a credit monitoring service.

    Good luck.

    Source(s): Finance Manager for over 12-years, 2013 edition Consumer Action Handbook.
  • Anonymous
    7 years ago

    Excellent Credit: 750+

    Good Credit: 700-749

    Fair Credit: 650-699

    Poor Credit: 600-649

    Bad Credit: below 599

  • Sassy
    Lv 6
    8 years ago

    For someone in their 30's it is not considered a good score. Anything below a 600 is considered a bad score. Anything over a 700 is considered a 'good' score.

  • Anonymous
    7 years ago

    560 is bad credit score. You can improve your credit score by paying on time your bill/debt, maintain credit card low balances..

  • 5 years ago

    ===Here====>>

    Attachment image
    Source(s): www.bestonlinereport.com
  • ?
    Lv 4
    8 years ago

    Horrible for any age. You should be around 680 on the low end, 720 to get better offers, higher to get the best.

  • 8 years ago

    I could repeat what every1 is saying cuz everyone is right but if I was u I would give best answer to spifiman1

  • 8 years ago

    Thirty years old?

    What have you been doing all these years?

  • 6 years ago

    ====>> http://goo.gl/8KUQl0

    ....................

    Attachment image
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