Credit scores are a way to measure a person’s creditworthiness. They’re used by lenders to decide whether to offer you a loan, and by insurers to decide whether to insure your car or home. There are three main credit scoring models: the FICO score, the VantageScore, and the TransUnion Score. Each model has its own set of criteria that lenders and insurers use when evaluating your creditworthiness. Your FICO score is based on your credit history, including the amount of debt you’ve accumulated, the terms of your loans, and how often you’ve paid your bills on time. A good FICO score is around 700. Your VantageScore is based on factors such as your payment history, how much debt you have relative to your income, and how long it will take you to pay off your debts. A good VantageScore is around 850. Your TransUnion Score is based on factors such as the type of credit card you have, how much debt you have relative to your income, and how long it will take you to pay off your debts. A good TransUnion Score is around 680. ..
Downloading your credit report is a simple process that will only take a few minutes.
Every 7 days, TransUnion provides updates to Credit Karma. Simply check your Credit Karma account once a week to find out where your credit score is at. Don’t worry if Credit Karma isn’t updating; it may occasionally take up to 30 days for information from the big banks to be reported.
A good credit score is generally defined as a score of more than 800. Excellent (score of 961-999) is considered to be anything above 881 (reference: https://www.experian.co.uk/consumer/guides/good-credit-score.html). Callcredit was renamed TransUnion in 2012, and the
650 is regarded as fair, which is better than bad but worse than excellent. It falls below the national average FICO Score of 710 and squarely within the range of 580 to 669.
Your FICO score is Fair, which means it falls within the range of ratings, from 580 to 669. A 600 FICO Score is considered below average. Consumers with scores in the Fair range are regarded as unfavorable credit by some lenders and may have their application denied.
