Credit Score Range – Is Your Credit Score Good or Bad? Find Out Now!
Credit scores range from 300 to 850 on FICO and VANTAGE3, the most popular credit scoring models used among creditors nowadays. To find out whether your score is good, average or bad let’s take a closer look at the credit score range chart below.
720 and higher credit score
You have an excellent credit. You will enjoy the same luxury as people with perfect credit – a 850, because creditors know that you pay your bills on time. You need not bother having perfect credit because once you arrive at that 720 mark, you can enjoy interest rates that are often 0% to 3% on credit cards and as low as 3.8% on mortgage rates. 720 credit score or more is what you want to aim for!
720-681 credit score
You have a good credit! You will be approved for almost any line of credit that you try to open and you will also enjoy decent interest rates. Often, you will be offered longer payment terms and sometimes introductory rates on credit cards that are very low or close to zero. Although you won’t get the best loan terms from lenders (as people with the perfect credit scores) they will be just fine in the most cases. There are lots of citations about scores in this range, read them here.
680-641 credit score
You have a fair credit. You will be able to get loans from some creditors, but you will pay high interest rates. If you want to apply for a mortgage or auto loan with this score you may still get fair terms. Nevertheless, it’s always better to be in the higher range. Check your credit report to find out what you can improve!
640 and lower credit score
You have a very bad credit. If you’re in this credit score range you must expect very high interest rates, as much as 2x or 3x times higher than people with good credit scores. You will have a very difficult time getting anything but a secured loan (a loan that requires you to put down money, which matches the total amount of the loan that you want). If you’re in this range make sure to read this article, it will help you out!
You should get a copy of your credit report and check it for errors. It’s also good to keep an eye on your credit scores and identity with the help of good credit monitoring services, such as from Experian, Equifax, TransUnion, LifeLock or others. Also please make sure to read the rest of our amazing credit score guides!