FICO credit score scale. If you are not familiar with the fico scale, it's important that you find out more!
Your fico is actually very important and can affect your life in many ways. Here is a look at the scale, why your fico scores are important, and a look at where you fall on the scale and what that means to you.
First, you may be wondering why your score is so important. Once you have your fico scores explained, you'll realize where you fall on the scale and why it is important.
You see, every lender takes a look at your report before offering you credit, whether it is a credit card, personal loan, or even a mortgage. That score will influence whether they give you a loan and it also influences the rates they will charge you too.
If you have low fico, you may be denied credit or if you are offered credit, the interest rates may be extremely high. Your fico score affects more than the ability to receive a loan or credit card though.
This score is also looked at by landlords and employers, so a bad score could keep you from renting an apartment and may even make you lose a good job opportunity.
Now that you understand why your score is so important, it's important that you know where you fall on the scale.
On this scale, you'll find that there are different levels of scores. There are low scores, fair scores, good scores, and excellent scores. Here is a look at each of these levels on the fico score scale.
Poor Scores - If you happen to fall below 500 on the fico credit score scale, you'll find that this is considered to be a poor score. You have many problems on your report and you may not be able to get a loan. If you are offered credit, interest rates will be extremely high. This means you definitely need to work on improving your fico score credit score.
Fair Fico Credit Scores - Fair scores fall between 500-600 on the scale. Although you still need to raise this score, you may be a bit more likely to get the loan that you want.
Good Fico Credit Scores - Good scores fall between 600 and 700 on the scale. This is a nice place to be and you'll easily be able to get bank cards, loans, and you'll probably get fairly good interest rates too.
Excellent Fico Credit Scores - On the fico scale, scores that are above 700 are considered excellent scores. This high score will help you get great rates and it will be easy to find the loans that you need.
Even if you don't fall where you would like to be on the fico credit score scale, you can take measures to improve your score. Make sure you find out your score and where your score falls on this scale. Then you can get to work on improving your score.
Remember, your fico is used by banks to evaluate risk. If you have a lower fico, you are considered a bigger risk. One way to deal with this problem is to give the bank a reason to consider you less of a risk.
It goes without saying that you want as good a score as you can get. The better your score, the better a bank will view your loan application.
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