What does my credit score number mean?

Credit scores range drastically, anywhere from below 300 to above 800. The higher the number, the better your credit score is and the less of a credit risk you are to banks or loan programs. Your credit score increases over time and as you open more credit and loan accounts. The following includes a more detailed description of where your credit score may lie:

Excellent Credit

  • Credit score above 760
  • Excellent credit risk
  • Long credit history
  • Multiple established credit and loan accounts
  • No negative public records
  • Qualifies you for the best deals

Very Good Credit

  • Credit score between 725 and 759
  • Very low credit risk
  • Credit accounts paid on time each month
  • Qualifies you for some of the lowest rates

Good Credit

  • Credit score between 660 and 724
  • 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 560 and 669
  • 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 280 and 559
  • High credit risk
  • May have high amounts of credit card debt
  • May have late payments, collections, or bankruptcy records
  • May have not been using credit cards and loans regularly
  • Difficult to be approved for standard credit products
  • Qualifies you to be approved for accounts tailored to people with no credit or bad credit

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