What are the ranges of credit scores and what do they mean?
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What are the ranges of credit scores and what do they mean?
Exceptional Credit Score: 800 to 850. Very Good Credit Score: 740 to 799. Good Credit Score: 670 to 739. Fair Credit Score: 580 to 669. Poor Credit Score: Under 580.
What are the 5 ranges of a credit score?
Each lender sets its own standards, but here’s a rough breakdown of how lenders view various groupings of FICO® Scores:
- Exceptional: 800 to 850. FICO® Scores ranging from 800 to 850 are considered exceptional.
- Very good: 740 to 799.
- Good: 670 to 739.
- Fair: 580 to 669.
- Poor: 300 to 579.
What are the different credit ratings?
FICO 8 and 9 consumer score ranges
| Credit score ranges | Rating |
|---|---|
| 300–579 | Poor |
| 580–669 | Fair |
| 670–739 | Good |
| 740–799 | Very good |
What are good credit score ranges?
670 to 739
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What is a good FICO score for a mortgage?
Conventional Loan Requirements It’s recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, you might be offered a higher interest rate.
Whats a good FICO score for a mortgage?
Can you get a home loan with 700 credit score?
A 700 credit score meets the minimum requirements for most mortgage lenders, so it’s possible to purchase a house when you’re in that range. A credit score of 700 also might not qualify you for the best interest rate on your mortgage loan, you may still want to work on improving your credit scores to save on interest.
What credit score is used when buying a car?
FICO credit score
More than 90\% of car lenders use the FICO credit score. An individual FICO score results from an algorithm that factors in many aspects of your credit history, such as unpaid debts, the number and types of open loan accounts, and how long you have kept these accounts open.
Is 679 a good credit score?
A 679 credit score is a fair credit score. 661 is NOT a good credit score. 661 is a fair credit score. Someone with a credit score of 661 will probably be able to get a loan, but pay higher interest and with worse terms compared to someone with a higher credit score.
Is 799 FICO score good?
FICO scores range from 300 to 850. As you can see below, a 799 credit score is considered Very Good. Most lenders will lend to borrowers with scores in the Very Good range. With a score of 799, your focus should be maintaining your credit status to make sure you get the best interest rates available.
What is the highest credit score ever?
Answer: If the credit score range is 300 to 850, the highest credit score possible is 850, although any score of 720 or higher is typically considered “excellent” and may generally afford you a lender’s most favorable credit terms.