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

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    What is a good credit score for an adult?

    A:

    A credit score above 680 is good, according to Credit.org, and a score above 740 is excellent. The median score in the United States is 723, meaning that half of all credit-owning Americans have credit at or above that level.

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    What is the credit rating scale?

    A:

    The most commonly used credit scoring algorithm in the United States is the FICO scale, which produces scores ranging from 300 to 850, states NerdWallet. Lenders typically see 300 to 629 as bad credit, 630 to 689 as average, 690 to 719 as good, and 719 to 850 as excellent.

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    What is considered excellent credit?

    A:

    An excellent credit score usually ranks above 740, indicating that the borrower makes consistent, on-time payments. People with high credit scores usually have a total debt balance that is significantly smaller than their available credit, which is viewed as evidence of responsible debt management.

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    How do you fix your credit?

    A:

    While there are no quick fixes for improving a credit score, there are steps to take to ensure that credit improves over time. According to myFICO, the first step is to make sure that the credit report is accurate and contains no incorrect late charges, delinquent accounts or any other negative items. Having an inaccurate item removed is one way to improve credit quickly.

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