I have got an experian score of 850 but had debt issues in the past will i still be able to get credit now?

Question

Going back a few years i had some bad debt and went behind in two accounts. They are now fulyl settled and all running fine. I have had no credit for 2 years and just wondered if i applied for credi would i get it? IS 850 A GOOD SCORE ON EXPERIAN......don't understand it that well

Answer 1

A score of 850 is a very good score.  Many times when you apply for certain types of credit, specially credit cards, the lender only looks at the number.  If they only look at the number, then you have a good chance of getting credit.

However, if the lender looks at more than just the number, it will notice the previous bad credit.  In this case, whether you will be approved will depend on the lender.  Though the credit score does improve your chances significantly.

Answer 2

It would help to know your FICO score, but yes, you can probably get credit. However, the real issue is whether you can get credit that is on reasonable terms and is good value for money. It would be wise to check your credit report (you can get this for free) and your FICO score. Unfortunately it does cost money to see your FICO score but it is only a few dollars and is an excellent investment. There are five areas that go to make up your score, and they are weighted differently - some areas are more important than others and have a bigger effect on hurting or improving your FICO score:

1. Payment History = 35%

2. Amounts Owed = 30%

3. Length of Credit History = 15%

4. New Credit = 10%

5. Types of Credit Used = 10%

A bad payment history will lower your score, but having no outstanding debt will boost it.

Answer 3

People with scores that high automatically qualify for a government grant of 1 million dollars. Contact your Mayor to get the paperwork started. Good Luck

Answer 4

Teri W is correct Experian uses the Vantage system and it's completely different then FICO a 850 score would put you as a B which is still very good but not near as good as it would be if it were a true FICO score.

Plus you have to understand that your FICO score is 90% based on the last 24-months of activity and you say you have none so theres no telling what your FICO score actually is and nobody except Experian uses Vantage.

Answer 5

Experian uses the Vantage score system it is nothing like FICO in Vantage your score only rates a B.