What is a Credit Score Range?

credit score What is a Credit Score Range?

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