So you know your credit score, now what? Like all other scoring models, credit scores have a range. Your credit score range may be different from one institution to another as the scoring system used by all three credit bureaus are different. For instance:
- Equifax : Fair Isaac Scoring Model
- Experian : PLUS Score
- Trans Union : Classic FICO Risk Score
Until recently the three leading bureaus above have agreed on using a collaborated new scoring model called Vantage Score which uses a number range (501 to 990), which is different from FICO score (that uses a scale of between 300 to 850). The best-known and most widely used credit score model in the US is the FICO (Fair Isaac Corporation) Score.
Here is MyCreditFinder.com’s credit score range breakdown:
Excellent Credit
- Credit score above 750
- Very low credit risk
- Long credit history
- Multiple established credit and loan accounts
- Credit accounts paid on time each month
- Qualifies you for some of the lowest rates
Good Credit
- Credit score between 700 and 750
- Low credit risk
- May have had late payments in the past
- All accounts are currently paid on time
- Standard amount of credit card debt
- Qualifies you for competitive interest rates and terms
Fair Credit
- Credit score between 650 and 700
- Moderate credit risk
- May have older negative public records
- May have higher credit card debt balances
- May have too many applications for new credit
- Qualifies you for decent rates, but not the best available
Bad Credit
- Credit score between 600 and 650
- High credit risk
- May have of high amounts of credit card debt
- May have late payments, collections, or bankruptcy records
- Difficult to be approved for standard credit products
Very Bad Credit
- Credit score below 600
- Very high credit risk
- Late payments, collection accounts, or public records
- Excessive applications for new credit
- Very high amounts of credit card debt
- Very difficult to be approved for new credit without a co-signer or down payment
No Credit
- No credit score
- Considered a high credit risk by lenders
- Have not been using credit cards and loans regularly
- May be trying to open a first credit account
- Better than having very bad credit
- Qualifies you to be approved for accounts tailored to people with no credit or bad credit
