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Bad Credit
Tuesday, May 1, 2007
Question: i have always thought my credit was bad,but recently while starting a new checking account they ran my credit and told me my score was 617,they said that was pretty good,what are your thoughts.
When you say “credit score,” I assume that you are referring to your Fair Isaac score, also known as he FICO score after the company that designed the scoring model, the Fair Isaac Corporation. A FICO score of 617 places you in the lower 20% of United States consumers in terms of perceived credit worthiness, meaning that a potential lender will consider you to be a relatively high risk borrower. While you can probably obtain many loans with a credit score of 617, you should expect to pay higher interest rates than the average consumer,
and may be turned down for credit by some of the more selective lenders.
There are many steps you can take to help improve your credit score. The most important thing you can do is resolve any outstanding delinquent accounts, then make sure to make all payments to your creditors in a timely manner. Having several accounts with long histories of timely payment should have a positive influence of your credit rating. If you do not have many credit accounts, such as credit cards, you may want
There are many steps you can take to help improve your credit score. The most important thing you can do is resolve any outstanding delinquent accounts, then make sure to make all payments to your creditors in a timely manner. Having several accounts with long histories of timely payment should have a positive influence of your credit rating. If you do not have many credit accounts, such as credit cards, you may want
to open some new accounts to help you build a positive credit history. Ideally, you should pay off the balance of your credit cards each month, but if that is not possible, at least make your minimum payments on time to help build your credit score. For more information about credit and ways to improve your credit score, I encourage you to visit the Bills.com Credit Resources page, available at http://www.bills.com/credit/
I hope this information helps you Find. Learn. Save.
Best,
Bill
www.bills.com
I hope this information helps you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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1. Posted by John on Friday 26th October 2007 02:33
I can't understand such people who don't check their credit score regularly. At present, we can do it without delay. As for me, I prefer to get my credit report online - I can say it is fast and convenient.
2. Posted by jon curran on Tuesday 30th December 2008 07:37
my credit is "excellent". my fiances is poor. what happens to "our" credit rating if we get married, or what happens to our ability to get a mortgage with the combined excellent and bad credit ratings? thanks
3. Posted by Bill on Tuesday 30th December 2008 08:12
Your credit will be protected, unless you open a joint account and then default on that new account. When applying for a mortgage, the lender will almost certainly pull both of your credit scores and your spouse may impair your ability to get approved for a new loan, but your credit score still remains intact.
4. Posted by Suzanne on Saturday 11th July 2009 20:04
I just checked my credit score and its 617. I checked it in April and it was 800. I've been unemployed since June 2008, and yes, I've been living on plastic, and yes the banks that got bailed out by "we the people" have hiked my interest rates. Not all of them, but the top 5 banks. I've always had many credit cards, but what I have never had is a mortgage (I'm a renter), or a car (I don't drive). I will never buy a house or never learn to drive. So, if an when I get a job,I will pay off the cards. I paid off ALL my credit cards ($40,000) in Jan 2006, and I will do it again. My question is, why was there a letter in my apartment insurance bill saying they "may" have requested a credit report on me when renewing my insurance. My insurance has gone up $7.00 for the past 3 years. This year its being raised $71.00. I live in a very safe neighborhood and the landlord just installed video cameras in the hallways, so the chances of me being robbed are lessened. Could my insurance carrier raised my premium because of my credit score of 617? Doesn't seem fair
5. Posted by Bill on Monday 13th July 2009 09:04
Check with your state laws to see if credit scores can be used when setting insurance premiums. California, for example, doesn't allow credit history to be used for insurance purposes.
6. Posted by Suzanne on Monday 13th July 2009 09:13
Thank you! One more question - do the credit card companies and/or credit reporting companies know I am unemployed? I pay my credit card and other bills every month, on time and double the minimum. I've never had a late fee assessed, or any delinquent bills. Thank you.
7. Posted by Bill on Monday 13th July 2009 13:42
Employment history is not calculated into a FICO score and appears in credit reports purely for display. I am not aware of any company that relies on that information without other documents to back it up. As a practical matter, it is impossible for credit reporting firms to track the employment of contractors, freelancers, and people who own small businesses who have little or no contact with the reporting firms.