FICO score...........is 714 a good score?

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%

Things that don't effect your score.

1. How much you make or how long you have been on your job.

2. Where you live or how long you have been there.

3. Any account not considered real credit like cell phones, rent, utilities, cable, insurance or gym memberships.

4. If your a registered voter or not.

5. Having a checking or savings account.

6. How wealthy you are.

So as you can see credit is based on opening and paying accounts. So without that you would have no score at all. To have the best score and profile people need 3 credit card accounts (revolving) and 2 cars, boats, homes, personal loans etc. accounts (installment) all with good long payment historys.

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 where you can see and print free once a year all 3 credit reports. Not scores just the actual reports.

Good luck.

If that is a real FICO score, it would be in the good range. 720 is the median FICO score. 740 and above is excellent and gets the best rates. 800 is just bragging rights.

However, creditors make decisions based on your actual credit report, not the score. You should also understand that there are many different scores. The only place consumers can get real FICO scores is MyFico.com. If you got that score some where else, it is probably a Fakko score -- various formulas and scales.

All third party monitoring services use Fakko scores. All three credit bureaus now sell consumer non-FICO scores that are all on different scales.

IF it's a real actual FICO....not bad at all! If you paid for a credit score from one of the reporting agencies who has a scale that goes to like 950....not so good.

I am curious to see the answer to this too