Do You Know What Your Credit Score Range Indicates?

My credit repair quest began when my credit score was in the low 450s. I was unable to obtain a credit card, much less renegotiate my mortgage loan. Increasing your credit score is a process that takes time. It’s the finest feeling in the world to know you can buy that automobile you’ve always wanted or, in my case, a Travel Trailer, so my family and I can enjoy our passion for camping in luxury and, of course, travel. I went out to learn everything I could about credit scores and how to improve them. There was a lot for me to figure out. I began by determining what phrases like “bad credit,” “Fair Credit,” “Good Credit,” and “Excellent Credit” meant in credit score models. My goal is to help educate you so that you understand as well. 

Ranges of Credit Scores (FICO)

Here’s how to figure out where your credit score falls inside the FICO range.

Excellent Credit (780+): If your credit score is 780 or higher, you will be eligible for the best prices.

Very Good Credit (720–779): You should have no trouble receiving good rates in this category.

Excellent Credit (680–719): This is a good credit range to be in, but you won’t be able to receive the best loan or credit card rates.

Average Credit (620–679): Your credit score may be better, but you should still be able to get good prices. Most FHA mortgage loans, for example, are still available.

Poor Credit (580–629): If your credit score is in this range, you’re a higher risk and may have difficulty getting reasonable rates. Some credit applications will be denied as well. If you meet the requirements, you may still be eligible for USDA and VA loans.

Very Poor Credit (579 or less): If your credit score is below 580, you’re a very high-risk borrower. Almost every credit application you submit will be denied. If you are accepted, the interest rates will be exorbitant. But don’t worry; this can be remedied!

Where Can You Get a Free Credit Report?

If you want to examine your most recent credit score for free, go to annualcreditreport.com. You can acquire a credit report from TransUnion, Equifax, and Experian.

Credit monitoring programs such as IdentiyIQ or MyFreeScoreNow, as well as SmartCredit, can help you keep track of your Credit. Your credit score, payment history, credit utilization rate, and account mix will all be displayed.

Increasing the Range of Your Credit Score

So now you know what your three-digit credit score range is and means. If you have Good Credit, you may want to look into ways to improve your score even more in order to obtain a higher three-digit number.

Don’t be too concerned if your credit score has fallen to the lower end of the scale. I will help you increase your score. As long as you devote some time to learning about credit restoration, you can increase your credit score quickly.