My credit score is 694 and I'm 18. Is that good / bad / average? How can I improve it?

Answers:2   |   LastUpdateAt:2012-09-12 16:47:04  

Asked at 2012-09-08 20:20:02
According to my Equifax score is 694. Neg Factors include my first account was opened seven months ago , I have only one credit card debt and owe 100% of my credit cards ( not really, is fully paid and probably said that because I let rotate debt 3 months before full pay ) and asked for credit 8 times in the last 12 months ( I was thinking of buying a car ) . Pos factors include 've never missed a payment , my credit limit reported , and I have no installment loan . MedlinePlus MedlinePlus I'm thinking of buying a condo for $ 60,000 in about 8 months and I want to make sure I get approved for a loan after falling $ 10,000 down . What should I do to increase my score and make sure I get the loan in the future? Should I get another credit card student since having only a credit card is listed as a negative factor in my credit report ? However, if I do that then I will have one extra credit inquiry on my report and my credit card will last only 8 months old ... hmm ...
Answer1RichAnswered at 2012-09-10 07:52:04
What lenders really want to see is that it has little or no debt . The payment card will appear in about 30 days in their reports . MedlinePlus This shows that you handle credit well. MedlinePlus The novelty of the credit lines may be a small factor , but showing that the limit of your cards is an important factor . MedlinePlus Debt to credit ratio is 30 % of your credit score . MedlinePlus I was sitting at 38% the ratio d c a couple of months ago . MedlinePlus Fully paid card , and had a ratio d 1% c.
I use clock Equifax FICO score , and within 30 days, my score went up 12 points . If you already have a relatively high score , as it does, then it will not jump a huge amount, but it will put you over the 700 mark . MedlinePlus Then I congratulate you for being a member of Club 700, LOL ! MedlinePlus MedlinePlus Using a card is calculated in the score , so if you maintain an active card , it looks good . I just spent 10 or $ 20 a month on it and pay it monthly. MedlinePlus MedlinePlus
Answer2melonyAnswered at 2012-09-12 16:47:04
For your credit score , this is the guidline MedlinePlus "# 660-720
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