Quick Answer: Is A FICO Score Of 8 GOOD OR BAD?

What does it mean when you have a FICO score of 8?

To protect lenders and honest consumers, FICO® Score 8 substantially reduces any benefit of so-called “trade line renting.” That’s a credit repair practice that entices consumers into being added to a stranger’s credit account in order to misrepresent their credit risk to lenders..

Why do I have 2 different credit scores?

Credit unions may use different credit scores than national banks because the customers at each use credit differently. … The same is true of credit scores. All credit scores use the same information from your credit report, but they treat the information slightly differently to meet the needs of the lender.

What is the difference between your FICO score and your credit score?

Equifax credit scores are not used by lenders and creditors to assess consumers’ creditworthiness. FICO scores are general purpose credit scores developed by the Fair Isaac Corporation, which are used by lenders and creditors to help assess consumers’ creditworthiness.

Is a FICO score of 8 good?

In general, if you’re trying to get a new credit card, car loan or consumer loan, then your FICO® Score 8 credit scores can matter. Since FICO® Score 8 credit scores are the most widely used FICO® scores, there’s a good chance a potential lender may use it.

What is an excellent FICO 8 score?

FICO Scores by Percent of Scorable PopulationFICO Score RangesRating580-669Fair670-739Good740-799Very Good800+Exceptional1 more row

What FICO score do car dealers use?

This is because car dealerships use the FICO Auto Credit Score, which is a credit score that ranges from 250 to 900. In comparison, the traditional credit score only measures from a range of 300 to 850.

What is the difference between FICO score 8 and FICO score 9?

FICO 9 is similar to FICO 8 but differs when it comes to collections and rent payments. FICO 9 counts medical collections less harshly than other accounts in collections, so a surgery bill in collections will have less of an impact on your credit score than a credit card bill in collections.

What is considered an excellent FICO score?

800FICO® Scores are used by many lenders, and often range from 300 to 850. A FICO® Score of 670 or above is considered a good credit score, while a score of 800 or above is considered exceptional.

Why is FICO score different from Credit Karma?

Bethy Hardeman, chief consumer advocate at Credit Karma, responded: “The scores and credit report information on Credit Karma comes from TransUnion and Equifax, two of the three major credit bureaus. … FICO gives more weight to a consumer’s payment history, while VantageScore emphasizes total credit usage and balances.

What is a good FICO score for a mortgage?

FICO credit scores range from 300 to 850, and the national average is 704. Any score between 700 and 749 is typically deemed “good,” while scores from 650 to 700 are “fair.” Excellent scores are usually those over 750.

Is 650 a good credit score?

70% of U.S. consumers’ FICO® Scores are higher than 650. What’s more, your score of 650 is very close to the Good credit score range of 670-739. With some work, you may be able to reach (and even exceed) that score range, which could mean access to a greater range of credit and loans, at better interest rates.