Home > check fico score > I checked my credit a few days ago and my FICO score is 711. Is it good or what?

I checked my credit a few days ago and my FICO score is 711. Is it good or what?

Tuesday

Equifax also says that I have limited credit history and too high balances. I don’t understand why "too high" balances. I pay my bills on time. I have had my oldest credit card for 2 years.

you are havin good score
Based on the information in your credit report, your FICO score is calculated using complex, proprietary formulas that weigh the amount of debt you carry relative to your available credit, the timeliness of your payments, the type of debt you carry, and a great many other factors to assign you a credit score between 300 and 850.
The top 20% of credit profiles receive a score over 780 and the lowest 20% receive scores under 620. Lenders use your credit score to assess your credit risk, or the likelihood that you will default on a loan and offer the best — or lowest — interest rates to credit applicants with the highest scores.

pay your balance regularly .. in future you are havin good score .. best of luck

thanks bye tc

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  1. bdancer222
    August 11th, 2009 at 15:26 | #1
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    Your score is good. But score isn’t everything. Two years is still a limited history. Just how many accounts show on your report? Experts say that the best mix to get the best FICO score is 3 or 4 credit cards and 2 installment loans.

    About a third of your score is based on the ratio of credit card debt to limit. Carrying balances of more than 30% hurts your score. Pay off the balances and your score will rebound.
    References :

  2. overnightdeejay
    August 11th, 2009 at 16:03 | #2
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    first just having one score isnt enough

    you need the scores from all 3 bureaus not just one for a valid picture.

    also you need to look at your balances, anytime the balances on your total credit lines, are over 45% of the total credit lines you have, you are penalized by the reporting agency.

    So, If you have a total of $10,000 in available credit, and your balances on those lines is $4500 or higher, you’ll get that ‘balances too high’ warning’…

    as for the scores, 711 is good, 720 or higher is excellent.
    References :

  3. double t
    August 11th, 2009 at 16:09 | #3
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    711 for a score is great. high balances just mean that your debt to income ratio is to much and you need to bring it down some
    References :

  4. Heretohelp
    August 11th, 2009 at 16:14 | #4
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    you are havin good score
    Based on the information in your credit report, your FICO score is calculated using complex, proprietary formulas that weigh the amount of debt you carry relative to your available credit, the timeliness of your payments, the type of debt you carry, and a great many other factors to assign you a credit score between 300 and 850.
    The top 20% of credit profiles receive a score over 780 and the lowest 20% receive scores under 620. Lenders use your credit score to assess your credit risk, or the likelihood that you will default on a loan and offer the best — or lowest — interest rates to credit applicants with the highest scores.

    pay your balance regularly .. in future you are havin good score .. best of luck

    thanks bye tc
    References :

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