Your credit score is based on number that ranges from 300 to 850. 300 is the lowest end of the credit score range with 850 being the highest. Credit score ranges were developed by Fair Isaac Corporation in 1958.
The FICO credit score ranges between 300 and 850 which is used often by, banks, lenders and financial institution to determine whether to provide you, the consumer, with financial solutions and at what interest rate. A good rule of thumb is: "The higher the credit score, the lower your rate will be."
FICO scores were developed in 1958 by Fair Isaac Corporation - an Analytics company in the United States. A credit score is a number, based on a consumers credit report, which represents the creditworthiness of an individual, or the probability that the person will pay his or her debts. Meaning, the higher your credit score is the better the chances are that you will be able to repay, on time, your car payments, credit card payments, a mortgage, loans, Insurance etc.'.
See specific ranges and their meaning below
An Excellent Credit Score: 800 and Higher
A credit score in the range of 800-850 is almost completely flawless. If you have a credit score in this range, you will probably never be disapproved of a loan, line of credit or credit card. You will also achieve the most prime rates in the industry. Achieving excellent credit ratings in this range requires a lot of financial discipline and a long clean well managed credit history. Generally speaking it means that you must use a substantial amount of credit on an ongoing monthly basis and repay it ahead of time for over 10 years.
A Very Good Credit Score: 700 - 799
A great range to be in. Credit scores in this range are considered excellent and you really don't need to worry if you scores fall in this category. Only 27% of the United States population has a credit score above 750. Being in this range of credit scores you are bound to get good rates and approved for any type of credit loan or personal loan, whether unsecured or secured.
A Good Credit Score: 680 - 699
Scores in this range are pretty much average credit scores. Approvals are very likely in this range but with average to poor interest rates. There will be situations where a credit score in this range will prevent you from getting certain types of financing, so If you're not in a rush and thinking about a long term loan, let Best Legal Credit Repair try to work on repairing your credit for a couple of months to see if we can swing you over 700 and closer to 720. Just a couple of months of effort will be well worth it for you as your long term savings will be quite noticeable.
An OK or Fair Credit Score: 620 - 679
Credit scores in this range are still considered decent by many lenders and creditors. Depending on the type of loan you are applying for and your credit history, you will probably find less than desired interest rates. You will probably be approved for most types of loans or credit cards but certain restrictions will apply to the loan's terms and your interest rates will not be very good.
A Poor Credit Score: 580 - 619
If your credit score falls in this range, you definitely need to evaluate your credit report and take measures to raise your credit score. With credit ratings in this range you can still get an unsecured personal loan and even a mortgage, but, the terms and interest rates won't be pretty. You'll need to pay more over a longer period of time because of the high interest rates. You really need to start paying attention to your budgeting and finances.
A Bad Credit Score: 500 - 579
You may be able to get a loan in this range but it is highly unlikely. If you do, you will have extremely high interest rates because you are considered a high risk. With a 500 - 579 credit score you need to make sure that you don't default on payments or you'll be making your situation much worse. It is strongly recommended that you repair your credit as soon as possible. Sign up with our credit repair program now!
A Very Bad Credit Score: 499 and Lower
Credit scores below 500 are the worst of the worst. If your score is lower than 499, then you probably need professional help with your credit. You are probably making too many credit mistakes and they will only get worse if you don't take positive action. If you are thinking of a loan then keep in mind that if you find a sub-prime lender, the rates will be very high and the terms will be very strict. Let Best Legal Credit Repair start educating you immediately with a free credit consultation to help alleviate your problems. Call us toll-free at 1-800-455-9416 for more information and a free credit repair consultation or sign up online so we can get started working on your case right away!
Best Legal Credit Repair can help you to improve your score no matter what credit score range you fall in. We can help you to clean up your credit report so you can get on your way to improving your credit score. With a good credit score, you won't have to be denied credit and you won't have to fall victim to the worst rates out there from lenders! Sign up now!
