Is Your Credit Score Excellent?

What is a good credit score? Is it a score over 580, or 620, or 700? Well, the answer is dependent on why you want to know. If you are applying for a mortgage a credit score over 620 will allow you to qualify for a FHA Home Loan. If you are looking for a low interest auto loan, chances are you will need to have credit scores over 700. And finally if you are in competition with your significant other then the one with the highest scores may have the most excellent scores.

Mortgage companies do not care about just one of your credit scores. They care about your middle score. If you have three scores like most people who have credit do, then the mortgage underwriter will look at your middle score for qualification purposes. For example, if you have scores such as: 655, 713, and 680 then your middle score will 680.

You could have a low score of 560, but have two scores above 700. If this is the case, then the underwriter would look at the two 700 plus scores and which ever one was lowest they would use as the middle score.

Knowing that the underwriter wants to know your middle score can also play into your favor if you know what your scores are. If you have a high score of 630, but the other two scores are below 600, then you can go to work with fixing your credit scores to raise just one of the two low scores to above 630. If you do this and you are trying to qualify for a mortgage then the 630 score becomes your middle score and you could then perhaps qualify.

So the bottom line about whether your credit scores are excellent or not depends on why you want to know and what you are trying to do. Keep your bills paid and do not over extend your credit and you may not ever have to ask the question about whether your credit scores are good enough.