Your Credit-What is a good credit score?

This question really depends on the lender and how they rate individual scores. It is a good idea to speak with your lender, who would be best able to answer that question; however, we can make some generalizations when speaking about FICO (most widely used) scores that range from 300 to 850:

• 770 or above - This is considered to be an excellent credit score. At 770 and above you can generally obtain the best lending rates.
• Between 700 and 770 - With 725 being the average score in the United States, this range is usually considered to be between very good and excellent credit, and can be looked at as the medium.

Once you go below a 700 score, however, it becomes difficult to categorize credit as good or bad.

• Between 650 and 700 - Considered very good credit, although some institutions may consider a score of 650 to be excellent credit. Again, this is specific to the industry and the target market the institution is after.
• Between 620 and 650 - A good credit score. This is generally considered the cutoff point for a prime rate loan. Lenders generally view people with scores between 600 and 620 to be a much higher credit risk.
• Below 620 - Lenders see you as a high credit risk. While you can still obtain loans and credit cards in this range, they will often be secured credit cards and loans at the highest interest rate. If you have a score below 600 you are generalized as someone with having credit problems and probably have open credit problems that need to be addressed.
• Below 550 - Any FICO score below 550 is considered to be awful credit (multiple bankruptcies, loan defaults, past-due accounts, judgments against, etc.)

As I said, this is a general list for FICO scores that are calculated to 850. There is also your Experian score (330 to 830) and your TransUnion Score (150 to 934). There is no “standard” for estimating credit risk by companies, so this information should be used only as an overview when determining your likelihood of being approved for a credit card or loan.

Next time we will get into contacting the three credit agencies and possible ways to clean up your file and improve your scores.

News: Not what it used to be

OK, no links today. No fancy pictures. Just commentary, and a rant. I took my wife to breakfast this morning, it was a treat for both of us. In the seating area was a TV, and it was turned to the news. After eating, while we were sitting and chatting a few news stories caught our ears. I was quickly reminded why I no longer listened to the news for anything other than weather, and I was also reminded of the sad state this world is in.

One story tells of a teacher that left the classroom, only to return to a physical fight two students were in. The teacher broke it up, reported the students and received a surprise reaction from the school, the media, and now it seems from the local government. What was her surprise? She was suspended for allowing the fight, then fired for leaving the room, and now she is facing criminal charges. THIS IS CRAZY! I know teachers. I know their workloads, and the many hoops they must jump through to receive far less then average wage for far more than most accomplish. There is no teacher in America, and possibly the world, that does not find themselves in a situation where they must step out of the classroom on occasion. To be held accountable for students that have not been taught right and wrong at home is not only STUPID, but irresponsible on the part of the authorities in question. It is NOT a teachers job to parent their students. The actions of these students should be the responsibility of the students, and their guardians (parents, extended family, whomever). If you fight at school, then you are punished for doing something wrong. Your parents are punished for doing something wrong, NOT the teacher who is doing their best to make do with inadequate tools, support (from homes, and schools), and in this case students. What part of teaching these kids they can get away with doing wrong while someone else pays the price is right or good or beneficial to themselves or society at large? WE ARE RESPONSIBLE FOR OUR ACTIONS! Wow am I steamed!

Dear God, have mercy on us all!