There are countless articles out there that will all tell you different things about what the credit score ranges actually are. This is because every institution decides for itself what these numbers mean to them. That doesn’t mean we need to go in blind though! Based on overall reactions we can make some general statements about ranges and what this all amounts to.
To start with, the scale goes from 350 to 850, with individuals on either end of the scale being very rare.
Anything under 600 is bad and will give you a lot of difficulties.
600-649: Most lenders will work with you, but your interest rates on everything, including insurance, will be unfavorable.
650-679: With this you will be able to do things, won’t have the worst interest rates, but I wouldn’t be excited about it.
680-720: You should feel good if your credit score ranges here! You should never be turned down and in some instances the higher end of this will get you the best interest rates.
721 and up: This is fantastic, you will always get the best rates and no financial door is closed to you! Be sure to keep on doing whatever you have been and keep an eye on your credit reports to try and stay here.
Whenever you apply for anything where your finances are judged like loans, rental applications, insurance, or anything else where they do a credit check you will want to have an idea of your score, and what it all means. To get a wider idea of your actual situation you’ll want to look at your credit report. When you look at this, fix anything that you can and that should help get your score to the best it can be for when you need it most.
Hopefully all this information has given you an idea of where you stand financially. It can be hard sorting all this out, but knowing the credit score ranges can help you take control.
For more information on what all those numbers mean check out the Credit Score Ranges or read about how to find funding with lower credit score loans.