What does a credit score of 691 mean?

I have been working 3 years to repair a 9-year history of credit problems. My score is now 691 after 3 years of working on it. Does this qualify me for prime rates? How about a lower down payment for a home?

What does a credit score of 691 mean?

691 means that most lending institutions will view you as an acceptable risk. All lending institutions use your credit score as a measure of the risk in lending to you. The higher your credit score the less risk you represent. First it would be important to know which credit reporting agency you went with to obtain your score - there are several models FICO (from Fair Isaacs and Company - used by Equifax). Beacon (used by experian) and a new score model that Trans Union just unveiled.

Typically your score will be higher with Trans Union that with the other agencies, so it is important to average the score out.

Back to your question though.. Right now you would not qualify for prime rates (the best of the best) however you will have access to many more types of loans all of which should have reasonable, if not great - rates. A credit union (if you belong to one) would probably be able to give you the most competitive rates at that credit score.

A lower downpayment is possible at that credit rating, however you would need to demonstrate a significant amount of financial solvency (credit score is only a piece of the puzzle- your capacity to pay and debt to income ratio are going to be the major deciding factors).

Hope that helps

What does a credit score of 691 mean?

You have an average credit rating. You won%26#039;t have to get sub-prime loans, but you would need to have a rating over 720 to get those great advertised rates you hear about.

What does a credit score of 691 mean?

Prime rates start around 740, keep going, no charge accounts you can%26#039;t pay off each mo. low debt ratio(more coming in than going out) should do it.

What does a credit score of 691 mean?

691 means from a score of 0-820 you score is 691. Which is an average score, but you can always work on your score to help you out with future loans.

What does a credit score of 691 mean?

Overall, a score of 650 or above is a sign of very good credit, and a very good credit score. People with scores of 650 or higher will, all things considered, have a good chance of obtaining quality loans at the best interest rates.

Scores of 620 to 650 indicate good credit, but also may point to potential trouble areas that creditors will want to look at and review. A lender may require additional documentation before a loan will be approved.

With scores of below 620, consumers may find that they can still obtain a loan. However, the process will be lengthier and more involved, as creditors consider scores below this threshold to be an indicator of greater credit risk.

What does a credit score of 691 mean?

In regards to auto loans (the only thing I have experience with), you have a good enough score to land near-prime rates with a good deal of lenders. Above 550 is enough to get an approval, but the rates will be far from top notch. Basically, most folks would now say you have %26quot;good credit%26quot; or %26quot;decent credit.%26quot; You probably won%26#039;t get perfect rates, but banks won%26#039;t run screaming from you, and will most likely be happy to rent you some money :)

What does a credit score of 691 mean?

You have a decent credit score. I congraulate you on a fine job bring it up. I have been using programs called Coming Back Strong Financially. They have helped me with my credit score and how to get a hight rating. They are pricey but have paid for themselves over and over again. They also tell you what kind of credit cards you should have to help your credit. If you are interested in the programs check them out they have a website now. at the same name.just add the dot com.

What does a credit score of 691 mean?

Yes...691 is considered A minus.

Here is some good info on that