Speaking on the theme of good and bad credit very often we ask the query: what is a good credit score.
This query positively depends on your loan organizations and how this organizations rate personal customers scores. The best idea is to talk with the lender’s clerk, who would be best capable to answer this query. Nevertheless, we can make approximate abstracts when talking about credit scores FICO that rate up to 850.
So, what is a good credit score in FICO rating?
750 or more: This is counted to be a choice credit score. If you credit score is more than 770 you can commonly receive the best loan rates.
700 – 750: Credit score 725 is average credit score in the US, this distance is generally considered to be between choice and very good credit score, such score can be considered as the medium score.
Once your score goes below a 700, nevertheless, it becomes very hard to label credit score as bad and good. And also if your score is less than 700 the question “what is a good credit score?” is not a desired question for you.
650 – 700: Contemplated a high good credit score, although some organizations may suppose a 650 score to be choice credit.
600 – 650: It is a good score. Very often the minimum for term “good credit score” is the number 620, because it is commonly considered the limiting point for the loans with prime rate. Lenders commonly view customers with credit scores from 600 to 620 to be a much higher financial risk.
Below 600: For a week ago one customer asked us: “What is a good credit score? Is 570 a good or bad credit score?”. The answer was that the lenders see borrower with credit score Below 600 as a high financial risk customers. If the borrower has credit score less than 600 he is generalized as a person which having some credit problems.
Below 550: Any credit score less than 550 are considered to be horrible credit (a lot of bankruptcies, credit defaults, trial against, etc.)
It is only a common catalogue for FICO credit scores that are estimated to 850. There are no any standard rules for considering financial risk by lenders, so this topic should be used only as help to answer the question what is a good credit score.