Only 15-30% of borrowers in this range become delinquent. This means they may qualify for higher loan amounts, higher credit limits, lower down payments and better negotiating power with loan and credit card terms. In the mid-600s range, consumers become prime borrowers. What is a Fair Credit Score range?įair credit score = 620- 679: Individuals with scores over 620 are considered less risky and are even more likely to be approved for credit.

Subprime borrowers typically become delinquent 50% of the time. If you find yourself in this range, you should begin to address any specific credit problems you have to try to boost your score before applying for credit. Although it is possible to qualify for credit, it is often at very disadvantageous terms you will pay much higher interest rates and penalty fees. Poor credit score = 550 – 619: Credit agencies consider consumers with credit delinquencies, account rejections, and little credit history as subprime borrowers due to their high credit risk. There are certain types of loans, like home loans, that are hard to get with a score in this range, but there are still options for getting a mortgage with bad credit. But if you continue to make your payments on time, your score should improve. Statistically, borrowers with scores this low are delinquent approximately 75% of the time. If your score has fallen into this range, improving your score is going to take some work.įiling for b ankruptcy can bring a score down to this level. What is a Bad Credit Score range?īad credit score = 300 – 549: It is generally accepted that credit scores below 550 are going to result in a rejection of credit every time. The other main scoring model used is called VantageScore® now on its third version, and which is called VantageScore 3.0. There are different types of credit scores. According to the Fair Issac Corporation (FICO) first introduced in 1989, the following proportions of consumers have scores in the following ranges: Average Credit Score in the U.S.īased on this information, more than 50% of the population has a credit score over 700, with 42% scoring below that level.įICO is not the only scoring model used in the credit industry. Does “good” mean excellent or good enough ? You can start by comparing your score to national averages. Your score may be considered bad by one loan agency, but acceptable by another.įurthermore, “good” i s a relative term. Every expert, credit bureau, and loan officer has a different opinion as to where the threshold between good credit and poor credit is. But what is generally considered an average credit score?Īnswering this question may be difficult.

Generally, a 680 credit score or above is considered a good credit score, while any score above 740 is considered excellent. In the United States, the average FICO Score is 711 and the average VantageScore is 688. Both FICO ® score ranges and VantageScore ranges use 300 to 850, although VantageScore used to use a range of 501 to 990.

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