Credit Score Scale

To many consumers frustration, understanding what your credit score means isn’t as cut and dry as it should be. This is because every financial institution decides for themselves what is an acceptable range. Based on a sample of opinions, however, we do have a general idea for a credit score range and what all these numbers mean. Take a look at these numbers and you’ll see where you fall and what you can expect from lenders. With just a few small things done for your report you can usually jump from one section of the rating scale to the other without too much trouble, however, to jump from the bottom of the scale to the top is going to take a great deal more effort.

Credit Score Range

720 and above: This is the credit score you want to have! This will get you approvals for basically everything, and the best interest rates on loans, insurance, and wherever your credit counts!

681-719: This is a good place to be. This range will get you approvals and while not always the best rates, close to it.

641-680: This is ok. This will get you decent rates and approval, but you’re not far from a more desirable number either so if you see how to improve, do.

600-640: You will be able to be approved for things with this score, but you will have the highest rates and very selective companies may turn you down.

Below 600: This is what people mean when they say bad credit. A lot of lenders will turn you down and anything you are approved for will have very high rates.

The entire credit score range is between 350 and 850, although some say it’s actually 300 to 900. People on either end of the scale are extremely rare and make up a very small percentage of the population. Most people fall in between the numbers mentioned above of about 500 to 750.

Where you fall here is going to have a significant impact on your life and come up whenever you apply at any company for any type of account. While every company will look at this, individual companies will feel differently about these numbers. Their decisions are based on their past experiences, the economy, your score, credit history, and income. They use all of this information to decide how risky they feel you are as a customer and offer you rates from there. Even though there are all of these factors you can use this credit score range to guide you as to where you would like to be, and what sorts of rates will be available to you.