Credit score at 19?

Question

about a month ago i got my credit score, it was 580. i was 2000 bucks in debt. im 19 years old and eliminated all of my debt in a month and now its at 708. is this a good score for a person of my age?

Answer 1

yes...very

High credit score can save you plenty

  

By Cari Noga • Bankrate.com

With a cooling credit climate and credit scores driving everything from interest rates to insurance premiums to job offers, a good credit score is possibly the biggest boost you can give your financial life.

It puts you on equal footing with lenders and creditors who want your business. Over the course of your financial life, a good credit score could save you thousands of dollars.

"Everything is negotiable, with the right credit," says K.E. Varner, a former manager at credit reporting agency Equifax and the author of "The Insider's Guide to Credit Repair."

What's good credit? Varner says above 700 is where you want to be.

Answer 2

THAT IS AN EXCELLENT SCORE FOR SOMEONE OF YOUR AGE. IN ORDER TO MAINTAIN AND IMPROVE THAT SCORE CHARGE ABOUT 15% OF YOUR TOTAL CREDIT LIMIT ON ALL YOUR ACCOUNTS, AND THEN PAY IT OFF IN FULL EVERY MONTH. AFTER YOU'VE HAD YOUR CARDS FOR A WHILE, THEN UPGRADE THEM TO BETTER CARDS, I.E. AMERICAN EXPRESS, CITI, AND DISCOVER.

Answer 3

It's not bad.  To get the best rate on a loan they usually want something over 740.  You would get the next best rate.

Answer 4

Yes. Anything above 700 is considered to be good credit. But, be aware that one's credit history is based on your ability to get credit and pay off balances over a period of time. If you have NO credit and NO revolving debt, that 708 credit score could actually go DOWN. Also, opening a new line of credit could also hurt you credit score in the beginning. Sounds strange, I know, but credit scoring works in weird ways. I'm 30 years old now, but when I was in college, I DESTROYED my credit and it haunted me until recently. It can affect your ability to get credit cards, auto loans, car insurance, home loans, an apartment and even a job. Go to www.myfico.com for more info. FICO is the "official" credit scorer. Sorry for the long reply. I just wish I'd known this stuff when I was 19.