Q:

What is a 680 credit score?

A:

Quick Answer

A 680 credit score is the lower threshold of good credit on the FICO scale. This used to be the desirable score to have to refinance a home mortgage or buy a home. According to Bankrate.com, this threshold was raised to 720 in April 2012 and 740 in August 2013.

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Full Answer

While 680 is still the threshold for good credit on the FICO scale, it is not good enough to qualify for better interest rates on mortgages. In 2012, the United States' largest lenders suffered tremendous losses, which resulted in tightened lending practices. There may be more adjustments in the future.

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Related Questions

  • Q:

    Is 670 a good credit score?

    A:

    A credit score of 670 is considered average as of 2014, according to Melissa Ezarik for Bankrate. Although classifications of credit scores change over the years, a score of 720 to 850 is ideal. Credit scores range from 300 to 850 and can vary based on debt and spending activity.

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  • Q:

    Is 597 a good credit score?

    A:

    A credit score of 597 is typically considered subprime or fair, according to Credit.org from Springboard. Within the subprime score range of 550 to 620, approximately 50 percent of borrower accounts become delinquent. Borrowers with a score of 597 may have trouble getting loans, and any credit they are approved for may come with fees and high interest rates.

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  • Q:

    How do you boost your credit score?

    A:

    Boost your credit score by getting a credit card, maintaining a low "credit utilization ratio," keeping the number of accounts with debt to a minimum, paying bills on time and leaving current credit accounts open. This demonstrates responsible use of credit over a period of time, which raises your score.

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  • Q:

    How do you build your credit score?

    A:

    To build a credit score, an individual needs to keep his debt-to-credit ratio low, pay off small balances, keep good credit on his credit report, pay credit card bills on time and pay and charge the same on a credit card. Using credit responsibly also helps a score.

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