Credit Score Range – What’s Your Score?

Knowing your credit score, also known as your FICO score, can have a major impact on your financial well-being. Your FICO score gives your level of creditworthiness, which can be viewed as trustworthiness by many creditors. Your credit score gives you the chance to make great purchases such as, a car, home, gain employment, get approved for credit cards, or even rent out an apartment or condo. First, you have to know what your score is and what it means. Lets view the credit score range in detail.

Bad Credit

Scores that fall below approximately 579 are considered very high risk. You may not be able to qualify for any credit with these scores. Scores like these can be a result from foreclosures, a history of missed payments, bankruptcies, and other extreme financial events.

Poor Credit

These are scores that fall in the credit score range of 580 to 619. This would be considered high risk and even though you may be able to obtain financial assistance, you will have very high interest rates.

OK Credit

These are credit scores that fall in the range of 620 and 679. These scores are looked at as medium risk. Interest rates obtained could be from modest to high.

Good Credit

Many people fall within the range of 680 to 719. You can definitely expect to see better interest rates and credit approvals with these scores.

Very Good

If your score falls between 720 and 799—congratulations! You are considered low risk and you will start seeing wonderful low interest rates, increased loan amounts and other perks that come along with having great credit.

Excellent

Have you ever had financial freedom? With a credit score range above 800, you will definitely experience it. You will qualify for some of the best interest rates, perks and rewards, and unlimited loan amounts.

Obtain your Credit Score

If you want to get an estimate of what your score may be (which is the first step to seeing what options you have), then you can visit either the FICO website, Transunion, Experian, or Equifax. To have financial freedom you need to know what your credit score range is. So check today and start improving your score if it needs it.