What does a credit score of 816 actually mean?
It says that this is a ‘B’ credit score and that the higher it is the better (this part I know). But as far as apartment hunting, loan getting, credit card wielding power, what does a ‘B’ credit rating actually entail?
Should credit lenders be falling at your feet or gingerly approaching you when ‘A’-credit-rating-folk are hard to find? If one is looking for an apartment and a credit check is required, is this a score to be proud of or shooed under the rug?
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816 is very high, I think the highest is 850. You should have no problem getting a loan or a credit card or an apartment, or whatever you want. I am shocked that is considered a B rating. Any score above 800 is pretty stellar. You could get a report of your credit (sometimes you can get this free from equifax or one of the others) and see what “bad mark” you might have, some can be cleared up. You may have done nothing wrong, some of it is based on rations of credit available, and other things. I wouldn’t do it out of any worry for not getting approved for something, but it is interesting to see your own credit report. Sometimes there are things on there you don’t recognize that were reported to your credit, but is not your history. Or, a credit card you no longer use might have some crazy $35 charge on it you are not aware of.
Maybe 816 is a VantageScore rating, where the rating scale is broader.
You can get 1 free credit report a year from EACH of the three credit reporting agencies. That means 3 free credit reports a year.
Some good reading on understanding your credit score. I think there is another really good article on credit scores on Consumerist.com that I’ll try and find.
Ah! This is the super easy image to see what goes into your credit score.. This is a lot of other info about it. And “here it is”, what you actually cared about. At that article is an image that shows the national distribution of FICO scores in 2008. It came from Transunion, but you can see a more up to date version at MyFICO here. If you are over 800, you are in the top 13% of all scores. Definitely a very good score.
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