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My credit score is 1200 what does that mean?

Is your credit score looking bad? Tips on how to improve it.

My credit score is 1200 what does that mean?

Postby dabbah95 » Sun Jan 29, 2012 9:59 pm

It means that yoiu are not checking your credit at a valid site.
the FICO credit score maximum is 850.
dabbah95
 
Posts: 840
Joined: Mon Mar 21, 2011 2:42 pm

My credit score is 1200 what does that mean?

Postby josh » Sun Jan 29, 2012 10:04 pm

It means that you got a fake score. Not the real fico score.
This is not bad. Many creditors use their own formulas and their own tier ranges.
What you have to look at is the range.
Ex: if the range is 1,000 to 3,000, then a 1,200 is a bad score.

A better thing to do is to look at your credit reports and know then line by line.
All 3 are free once a year at
Annual Credit Report.com https://www.annualcreditreport.com/cra/index.jsp
If you have items in collections, take care of them.
If you have credit card balances start paying them in full each month for best credit.
josh
 
Posts: 891
Joined: Tue Mar 22, 2011 7:46 am

My credit score is 1200 what does that mean?

Postby weddell » Sun Jan 29, 2012 10:09 pm

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%

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 90% based on the last 24-months of activity, and they can change daily depending on the information submitted by your creditors.

So the score you looking at is a FAKO scoes and mean nothing.
weddell
 
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Joined: Tue Mar 22, 2011 6:58 pm


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