The FICO score range does not necessarily have an absolute and steadfast number. FICO and credit scores tend to range from the 300 to mid-800 range. If you want to increase your score this guide will help.
For many years, the FICO score range has been quite important and it is accepted by many lenders as a way to evaluate your credit worthiness. Although the average score lands at about 650, there are people that have scores lower and higher than this number as well.
Basically the FICO credit score scale condenses your entire credit history in one number, which can range between 300 and 850. If you are wondering where you fall within this range and what scores are considered good, excellent, or bad, here is some information that will help you out.
Excellent Credit Scores
When it comes to FICO and credit scores, you'll find that anything that is higher than 750 is considered to be excellent. There are very few people today that have scores that is actually this good. If you do have a credit score so far above the average score, it can be used to your benefit.
You'll find that interest rates will be a lot lower for you, you may receive special discounts on credit, and many lenders will be trying to get your business.
Good Credit Scores
Next on the FICO score range is good credit scores. In most cases, anything that comes between 720-750 is considered very good, which will get you great rates. If your score falls between 680 and 699, that is considered good, and you'll have no problems qualifying for good loans.
Even 620 to 679 is on the low end of good, or it may be called average on the FICO credit score scale. If your score is at this level, you probably won't be denied credit or a loan, but you won't get some of the great terms or interest rates that you would with a higher score.
Low Credit Scores
If you have a score in the range from 580 to 619, you are considered to have low credit. However, most lenders are going to be happy to offer you a loan. At this point, most lenders will give you a loan. If you're wondering why they are so excited about it, it is because they will give these loans on terms that are their own.
While they are happy to give you credit, the interest rates will be high and the terms tough. However, lenders are happy to get the great commissions that come along with closing on a loan that is so costly to you.
Bad Credit Scores
Last, there is the bad FICO score range. From about 500 to 580 on the Fico credit score scale. This means that your credit is really bad.
There is a good chance that you won't be given credit and if you are offered credit or a loan, you probably won't like the terms and interest rates. In some cases, taking that loan may be a good way to start rebuilding your credit though.
Of course, it is possible to have a FICO and credit score range that is below 500. If this occurs to you, you need financial assistance right away. It is time to start repairing your credit. No matter where you land on this scale, it's important that you always know what your score is. If your worried about a low score costing you, take credit repair measures to improve your score.
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