Overview of Credit Score Ranges

800 to 850+ Credit Score
A credit score above 800 is considered flawless. Believe it or not credit scores in this range are pretty common however I have never met anybody that has a credit score of 900.Many consumers have a credit score in the 800 range the moment their credit is established which is when you are 18 years old. However without a real credit history, that score means very little to lenders or banks. On the other hand, having a credit score in the 800-850+ range accompanies by years of rock solid credit history is a good indicator that lenders and banks will give you the lowest interest rate on everything from credit cards, automobile loans, mortgages, and loans. Credit scores in this range represent approximately 13% of the population.

720 – 799 Credit Score
A credit score of 720 – 799 is considered very good credit. Although this range is not considered flawless, you should qualify for most loans, although your interest rate will be a little higher than those who have a flawless credit score. There are certain situations where a credit score in this range will prevent you from obtaining certain types of financing, such as A Paper mortgage loans or the lowest automobile insurance premium. Just know that if your credit score is in this range you do have good credit.

620 – 679 Credit Score
Credit scores in this range are considered “fair or ok” by many lenders, banks and creditors. You will see you have further restrictions and fewer loan approvals when attempting to get a loan or a mortgage. Credit scores in this range are fairly common among consumers. If you know your credit score is in this range it is a good idea to check your own credit so you can evaluate your credit score and work towards improving your credit worthiness.  In this credit range you are not going to get very low interest rates and this means you are ultimately losing money as a result of just having ok credit.

580 – 619 Credit Score
Credit scores in this range are considered bad. Credit scores in this range are below average, and you will have a difficult time securing a loan, mortgage or even a credit card. If you are lucky enough to get approved for a loan you will definitely not get a good interest rate. If you know you are in this range then it’s definitely time to pull your credit report and take the appropriate steps to repairing your credit and improving your credit score. Many consumers in this credit range are considered “subprime” and may have to work with special bad credit banks or lenders to secure financing and you can count on having a high interest rate which is going to cost you more money than if you had a better credit score.

500 – 579 Credit Score
Credit scores in this range are considered poor. If your credit score is in this range, there is a very good chance you probably have a major derogatory mark on your credit report such as a collection, charge off, late payments on a loan, mortgage or credit card or even a bankruptcy. It is absolutely a must that you pull your credit report and carefully evaluate your credit report and history and take action immediately to repair your credit. You are clearly paying very high interest rates if you are even able to get a loan which is not likely going to happen. This kind of credit mess will impact your life for many years to come if you just ignore it.

Below 500 Credit Scores
Credit scores below 500 are absolutely horrible. To fall into this low range of credit, your credit report is going to definitely have major derogatory marks against you and your credit. If your credit score is in this poor range you are going to want to seek the help of a Fair Credit Attorney to review your credit and take appropriate action. Whether it be paying off your unpaid debts or filing for bankruptcy. A good credit attorney will be your best bet for seeking good financial and legal advice. This also means you should start educating yourself about how credit works so you can stay on top of your credit and understand how credit works.

So now you should have a basic understanding of credit scores and what you need to do to should you have bad credit.

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