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Is a 761 credit score considered average or good (experian)?

Discuss the role of Credit Reference Agencies

Is a 761 credit score considered average or good (experian)?

Postby ismael » Sat Oct 08, 2011 2:52 pm

just for my own curiosity :) im hoping its under the "good" range because ive always paid my bills and stuff on time i was hoping it would be at least 800 or something.. anyway the only thing i know is that experian's credit scale goes up to 900 not 850 (or something) thanks :)
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Is a 761 credit score considered average or good (experian)?

Postby ardell90 » Sat Oct 08, 2011 2:54 pm

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

FICO scores from 300 to 850 and Vantage 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%

And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.

To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history's.

Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what's called a FAKO score which makes it even worse because they all have their own system to calculate scores.

Credit scores are based on the last 24-months of activity, and they can change daily depending on what information has been submitted by your creditors.
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Is a 761 credit score considered average or good (experian)?

Postby mainchin » Sat Oct 08, 2011 3:01 pm

I wouldn't pay much attention to this score. It's not your real FICO score, which is really the only score that matters. What you're looking at is probably a Vantage score and lenders don't use them to assess your credit risk. That said, a Vantage Score of 761 isn't great. I would venture to guess that your real FICO scores are somewhere in the 600 range.
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Is a 761 credit score considered average or good (experian)?

Postby brenton » Sat Oct 08, 2011 3:04 pm

The way the credit scores are calculated are kept secret.

I disagree with the answer that said you need 2 home, car, boat mortages etc - My husband and I had a credit score of 825 on the Fico scale (850 is max)

we have below average income
we have one home mortgage that is much below our ability to pay
we have not had a car or boat loan
we have 3 credit cards that we pay in full each month, never on installment
we never ever pay late on anything

I bet where you are getting dinged is you took out some credit cards lately, or else you have too much debt for your income.
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Is a 761 credit score considered average or good (experian)?

Postby mainchin » Sat Oct 08, 2011 3:06 pm

I think you'd be safe in thinking 716 is in the 'good range.' Get a copy of your credit reports...you are entitled to them free of charge and just once yearly.
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