Comments on: FICO Credit Score Range

By: OnTheMend

OnTheMend — Wed, 18 Aug 2010 23:35:59 +0000

Dear Jim
I had a rough time, but after using a debt management company, I have begun to dig myself out. Though nowhere near where I’d like to be, my FICO hovers around the 599-609 realm. I really appreciate your delineating the difference in just a few points improvement. As I learn to live with meager credit lines, and was fortunate to get a mortgage with this score, I am eager to see how to move this forward. The Debt Management program was great-but the creditors *American Express and Bank of America being worst culprits* assume it as a bankruptcy of sorts. Beyond the wait-ideas for repairing the dings out there?
Thanks for your ideas and this great write-up-
OnTheMend

By: Karen

Karen — Mon, 21 Dec 2009 02:14:18 +0000

I forgot to ask: anyone know of a decent credit card co. that gives people like myself (low FICO) a chance to improve my credit score? No pre-paid ones either–I already have one of those–and while I am so thankful that someone even came up with the idea–I DESPERATELY NEED TO IMPROVE MY FICO because I need another car as my other one I bought with cash (not a lot either) and is now scrap metal–if that even tells you anything!
Thanks again!
Another proof we all need good financial info./advice!!!

By: Karen

Karen — Mon, 21 Dec 2009 02:09:11 +0000

I didn’t even know a FICO score could be below 400. I thought mine was bad (very), but I feel much better now, and thanks for the excellent info. WE ALL NEED TO HAVE THIS INFORMATION TO BETTER OUR LIVES-PERIOD.
Thanks!

By: thomas

thomas — Tue, 19 May 2009 05:55:19 +0000

Who are these people with a 300? They obviously have some huge problems with money.

By: Linda Ferrari

Linda Ferrari — Fri, 15 May 2009 21:12:43 +0000

Great information – as a consumer advocate, getting this information out there is key to recovery of the economic environment we are in. CuriousAG, your many friends who have no clue of what the FICO is, are not alone. Statistics show very clearly that less than 15% of the people in this country understand what the fico is – and I believe that the number is less.

By: CuriousAG

CuriousAG — Thu, 14 May 2009 13:11:26 +0000

I’m aware of that Jim, but that’s what surprised me. Currently I have a total balance of $209 on all my credit cards with combined limit of approx. $5500. I never even approach to max out my cards.

By: Jim

Jim — Wed, 13 May 2009 20:25:31 +0000

There are a lot of factors, have you been using more of your credit limits? Even if you pay it off in full every month, if you go from $500 to $1000 balances (even if you pay it all off every month), you could see a change in your score because your utilization went up.

By: CuriousAG

CuriousAG — Wed, 13 May 2009 20:22:21 +0000

Certainly an interesting analysis. If one is done living his dreams FICO scores aren’t important but to people like me (23 and just started to manage my money), it makes a lot of sense. I have many friends who didn’t even know what are FICO scores for and for 2 years in college they didn’t give a damn to their credit card balances.

However, my credit score went down by about 5-10 points in all 3 agencies, can you think of a probable reason? There’s no credit record check since April 16.

By: Jim

Jim — Wed, 13 May 2009 18:10:11 +0000

The reason you should bother is because it doesn’t matter what one personally feels about something, it matters what the world around us feels about it. I know you loathe credit scores but that’s what people use!

It’s like having a stand against the US dollar because it’s fiat money. Sure, you may hate the fact that it has no intrinsic value but that’s how the world works so you have to work with it.

By: ManVsDebt

ManVsDebt — Wed, 13 May 2009 14:46:43 +0000

You make a very valid point. It is much more valuable for someone with a bad credit score to concentrate effort on making minor improvements. Once you get to a certain point, the benefit of focusing on improving you credit starts to trail off.

I don’t think that it is important for people who are struggling to obsess about their credit scores, but this type of information could help them realize how much impact even just a few points could have.

I encourage you to do more of this type of analysis. I really enjoyed it!

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Wed, 13 May 2009 14:18:50 +0000

Jim – You already know what I think of credit score analysis: “next topic please”

Beyond that, I think that unless and until FICO and the other the credit score master manipulators reveal their actual algorithm in real time (which they will never do), we will forever be shooting at a moving target so why bother?