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I have 700+ score from two bureaus and 590 from the other one. So do i have good or bad credit?... |
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Date:
August 8, 2007, 8:50 pm |
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I have 700+ score from two bureaus and 590 from the other one. So do i have good or bad credit? Should i apply for a good card or not? |
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Answer:
The credit score is a three-digit number, that is crucial as it helps the lenders to decide whether you qualify for the chosen card or not. This score is calculated by the three bureaus - Experian, Equifax and TransUnion. In theory, all lenders and issuers must report to all three bureaus about all items in your credit history. In practice however the situation may differ. That's why it is extremely important to request your reports from all three bureaus and check them for any omissions or inaccuracies. Otherwise, the scores in time may vary significantly, as it has happened in your case. You highest scores are above 700 that is considered good. However the third score (590) fall into the "bad" category. You see, the lenders generally tend to look at the lowest score, not at the highest one. That's why even your two scores are good you may be eligible only for bad credit offers. To resolve this situation you should request your reports, check them, and correct all mistakes or omissions. In future try to keep you scores equal or at least on the same level. |
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