Do you have any idea what is a good credit score? Or how about how your credit score compares to the average American credit score? Do you know what the credit score range is? Find out all this information and more in the next few moments along with how to get an absolutely free credit score from the major credit reporting agencies so you can check how you stack up.
So what is a good credit score? The FICO credit score range is from 300 to 850. The higher the better. 850 is a perfect credit score. And 300 is a very bad credit score. Lower 700 credit scores used to be all you needed to qualify for the best insurance and loan rates. But now you need a mid 700 like 740 or 750 to qualify for the best rates now.
From 300 all the way to around 650 these are considered bad credit scores. So if you are in this range there is a lot of work for you to do to improve your FICO. You can do that by paying all your bills on time and not maxing out your credit cards. You want to show that you are a responsible borrower.
Poor or bad credit score range:
350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 (credit score this low may still qualify for an FHA mortgage loan) 581 582 583 584
Fair or average credit score range:
585 586 587 488 589 590 591 592 593 594 595 596 597 598 599 (credit scores this low can still get an auto loan with a big down payment and steady job) 600 601 602 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 618 619 620 621 621 622 623 624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669
Good credit score range:670 671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699
Above average credit score range:
700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721 723 724 725 726 727 728 729
Excellent or best credit score range:
730 731 732 733 734 735 736 737 738 739 740 741 742 743 744 745 746 747 748 749 750 (scores this high and up will get the lowest interest rates) 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 815 816 817 818 819 820 821 822 823 824 825 826 827 828 829 830 831 832 833 834 835 836 837 838 839 840 841 842 843 844 845 846 847 848 849 850 (perfect credit score)
So now that you know what is a good credit score, all you need to do is find out what yours is. You can check your credit score absolutely free and get your free credit report along with a free trial of credit monitoring that can help you prevent identity theft. Check out the box above to get started.
What is a Good Equifax Credit Score?
In order to qualify for a certain loan, there are things you need to consider. These things will help your loan application to be approved. Different companies will look on your capabilities in order to help them assess you whether if you are eligible enough for a certain loan. They will consider your income, and all things essential in order to determine of you are entitled for a loan. One of the most important things they will look into you is your Equifax credit score.
Your credit score is your most essential factor that these companies will look into. They will determine your credit scores, making way for you to know if you are entitled for a loan. However, you need to know that if you have a bad Equifax credit score, your chances of getting a loan will be lessen. Nevertheless, there are some companies that can give you loan even if you have bad credit, but it is not prominent.
A good Equifax credit score will allow you to have a loan in order to help you in whatever purpose it might have. You should also know that there are different companies that specialize in checking your credit score. An example of these companies is Equifax. It will determine if you have credit score enough to fulfill your effort to have the loan you need. Having a good credit score will allow you to land the loan you need in the easiest way.
The Equifax credit score scale runs from 300 to 850. The higher the score the better. A good Equifax credit score will be 720 and above. 740 is what you need to qualify for the lowest rates on car loans, home loans, and credit cards.
However, you should know that there are slight variations when it comes in companies’ scoring if you have a good score. You should know that you need to have the highest possible score in order for you to determine that your credit score is on the scope suitable for good score. Nevertheless, you should also know the different factors that can affect your credit score, because once you determined these factors, you will be able to lessen all the errors you may commit, making way for you to have a good credit score.
Applying for a loan can be easy if you have all the essential things needed in order to have one. Good credit score checked by Equifax will give an upper-hand in landing the loan for you. You only need to dedicate yourself in not committing any errors that may affect your credit score. As long as you keep your credit score into its highest possible level, you are in the right track in landing a loan application that can serve you in every single way.
What is a Good Experian Credit Score?
If you are planning to get your financial history reports, Experian is one of the three major credit reporting agencies that you can consider. This agency is located in Ireland and they provide financial history reports for lenders as well insurance companies. However, these three major credit reporting agencies have their own description of a good credit score. So what is considered a good Experian credit score?
Experian decides if your credit is good depending on the total number of accounts that you opened, your available credit debt, your ability to pay on time and your mode of payment, whether it is full or you only make minimum payments. All of these are considered by Experian. If you are only paying the minimum payments, you can already expect that you will have a low credit score since the interest on your loan builds up on each of your opened account. This is the reason why it is very important to pay more than the minimum payment especially if there is interest.
If you are paying your lenders full every month, you can try using your card even once a month so you can keep your activity level high. You can have a better score if you can raise your activity level. For Experian, a good credit score is between 750 and 800 or more. For a credit score, that is quite high but attainable if you know how to handle your finances properly. However, people with slightly lower score like 740 to 700 can already be approved for a loan. The only thing is that they will have to pay a higher rate. That is the advantage of people with higher credit score. They can get approved for loan for much lower interest compared to people with lower credit score.
If you have an Experian credit score that is not too low and not too high, then your main concern will be the interest rate of your loan. If you have high score, you can have a better interest rate. If you have a credit score of in the range of 700, bringing it up will not be a difficult task. Just make sure that all your bills are paid on time and try to make small purchases using your credit card and pay them off immediately. Like what is said earlier, you cannot have higher credit score if you are not even using your credit card. Use it wisely and increase your Experian credit score.
What is a good TransUnion credit score?
There are many ways you can use in order for you to have the loan you need in order to serve you with whatever purpose you might have. However, you should know that different companies will first look into your capabilities whether you can pay them back once you they have given you the loan you need. It is essential for them to determine if you have all the essential resources in paying them back. One of the most vital things that they will look into is your Transunion credit score.
Your Transunion credit score will play a major role on the approval of your loan. Having a Transunion good credit score is, of course, give you the best possible chance in having the loan you need. Therefore, you need to maintain your credit score into a better level or you can even climb your way up to the highest possible level. In this easy, lenders will let you have the loan you need in order to go on with your life.
One of the best things you need to have is a good TransUnion credit score. TransUnion is one of the three credit bureaus that can provide you help in order to determine the capabilities of your credit score. You should seek help from them because they hold the very key on whether you have a good or bad credit score. You should work your way into them in order to know your credit score in the most effective way.
On the credit score range of 300 to 850, a credit score of 700 to 850 is considered a good credit score to a perfect credit score.
However, you need to know that you have three credit scores; and these credit scores are interrelated with the three credit bureaus, which mean a change in one of the three may affect the totality of your credit score. In this way, you should be more careful in the actions you are doing regarding this matter. Also, your credit account should be active for the last six months in order for the lenders to give you the loan you need in case you pass their requirements.
It is essential to check your credit score every now and then, because it will play a major role for you to be able to have the loan you need. Also, you should work in accordance with your credit bureaus such as TransUnion, because they can also help you in determining the essential information with regards to your credit score. In this way, you can do whatever it takes to have good credit score and eventually, you will have higher chances in claiming the loan that you need.
What is a good FICO credit score?
A lot of people think that their FICO score is not too important in their life. However, this is one of their greatest misconceptions. Your FICO credit score probably have a larger role in your life than you might think off. There will be times in your life when you are going to apply for an apartment, a credit loan or a cell phone. Your credit score will play the biggest part of this applications since it will determine if you are going to be accepted or not.
So how does it affect your applications? Basically, your FICO score is the one that lenders, banks and other companies look at whenever you are applying for an apartment, a credit loan or others. This is mainly because it determines on how you manage your finances. You can have a better credit score if you know how to pay these loans on time. You can have a lower credit score if you cannot pay your loans on time.
If you have a better FICO credit score, it is more likely that you will have better interest rates and terms when you are applying for loans. Probably, it simply means that you can save more money if you have a good credit score. So the question is, How can you determine if you have a good FICO credit score or not?
If you want to know your credit score, you can check your credit report. It contains all the information that you need with regard to your credit score. Your credit score will usually range between 300 and 850 points. A good FICO score that can provide favorable deals for your loan is 700 points and above.
However, some companies already consider around 650 points above. So how can you determine if you have a good credit score if you do not check your credit report? Simply look back at your previous payments on your loan. If you always pay your payments on or before the due date, you kept your debts down and you do not have any maxed out credit cards, then you will probably have a credit score of above 650.
You have to remember that once per year; you can request a free copy of your credit report. But you cannot get a free FICO credit score from the government. Always remember to check your credit score to know if there are any errors on your record. The best thing that you can do is to keep your records clean in paying your debts to avoid deduction on your credit score.