FICO Credit Score Range
A FICO score is the most popular form of a credit score. You want to have a good credit score, so that lenders and creditors will accept your loan or credit card applications. Those who have good credit scores will benefit from advantages that those with a bad credit score cannot have.
For example, a good credit score might get you a credit card with a lower interest rate, and lots of fun extras. Good credit scores give you a better chance of having your mortgage loan approved. Bad credit scores might mean that you can only get a credit card with a high interest rate, or annual fee. You might need a cosigner to help you get approved for a loan, or a credit card. Life is easier if you have a good credit score.
What is a good credit score? A FICO score ranges from 300 to 850. The higher the number assigned to you as your credit score, the better your credit score is considered to be.
If your FICO score is between 850 and 720, it means that you have a great credit score. Lenders will happily approve your loan, and credit card companies will accept your application. If your credit score falls within this range, it indicates that you are extremely reliable when it comes to paying your debts. Creditors will want you as a customer, because they will consider lending to you to be low risk.
A FICO credit score that is between 719 and 700, it is considered to be a pretty good credit score. You won’t have much trouble getting accepted by lenders. However, you won’t get as low an interest rate as a person who has a score that is above 720.
If your FICO score is between 699 and 621, lenders are starting to wonder if it’s really a good idea to give you a loan or a credit card. Your score is somewhere in the middle of the FICO score range. Your credit score isn’t excellent. It doesn’t indicate a big problem, yet. There is still a decent chance that you will get a loan or credit card approved, but it will most likely come with a higher interest rate.
If your FICO score is below 620, this is a problem! Lenders have now placed you into a category called “subprime”. You are considered too risky to lend to.