Can anyone explain the experian credit scoring? What is the country average? What is a good score?

Question

Was just wondering what a good score on the rating? Have had some credit issues in the past but have worked hard to get it back to 850. What is the best way to get it in the 900's? Get a credit card and pay it off each month?

Answer 1

Experian uses the Vantage score system they score from 501 to 990 and it breaks down as follows;

A-901-990

B-801-900

C-701-800

D-601-700

F-501-600

FICO scores from 300 to 850 and while they really have no breakdown this is how the largest credit union in Oklahoma see's it;

Elite-740 & up

Prime-700-739

Preferred-660-699

Standard-625-659

Sub-prime-624 & down.

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

Scores are based on the following;

1. Payment history  35%

2. Time in bureau  15%

3. Types of credit  10%

4. New credit  10%

5. Debt to credit ratio  30%

As far as the average for FICO it's 692 right now I have no idea for Vantage because nobody uses it except Experian.

Hope this helps.