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| CREDIT SCORE RANGE |
Your credit score is a numerical figure or a three digit
number that reflects your financial responsibility. The credit number assigned
to you reflects how well you have been able to manage your credits. Your credit
score falls with a range or rating scale which classifies you in the excellent,
good ,bad or poor credit score bracket.
This credit score bracket is the credit score range.In
simple words,this is what we say as credit score range meaning.
The credit score rating
scale that is commonly used these days is as follows:
FICO CREDIT SCORE RANGE-300-850
VANTAGE CREDIT SCORE RANGE-501-990
EQUIFAX CREDIT SCORE RANGE-280-850
In this post we shall discuss the different credit score
ranges and their meaning.The higher your credit score the better as lenders
feel there is very low percentage of risk in granting you loans.As a high
credit score reflects your responsibility and the lenders trusts you in giving
their money completely.
800-850 CREDIT SCORE RANGE meaning
This credit score falls under the excellent or best credit
score rating scale.Very few people have been able to achieve this credit
score.800-850 credit score range means that you have a very clean and solid
payment history.You have been very diligent and responsible in handling your
finances and debts.This credit score range will give you the benefit of being
granted loans or credit cards or insurance ,mortgages by financial institutions
at the lowest and best possible rates of interest.
760-799 CREDIT SCORE RANGE MEANING
It falls under the great credit score range bracket.This
credit score range will give you the best possible benefit in terms of rates of
interest.The only difference compared with the 800-850 range is in terms
of pricing incentives which might be
less .
720-759 credit score range meaning
This range is considered to be a good credit score. This
credit score range can offer the borrower with very good loan programs and
offers.
680-719
If your credit score is near the higher end of the credit
score bracket ,you will be able to qualify for most of the loan programs though the rate of interest will be higher and you
might not be eligible for certain type of financial schemes which require a
higher credit score for eligibility.
660-679
Majority of borrowers fall under this credit score.This bracket is an average or ok credit score
rating scale.you might be able to qualify for loans but that would be very few
for which you would be eligible if you fall within this range .and the rate of
interest will be towards the higher end.to get loans on better terms,you need
to work on getting this credit score up.
620-659
This credit score rating scale can be termed as a credit
score on the verge of turning into a bad credit score.one mistake at your
end,be it missing your payments,or late fee charged can bring down this score
drastically and make you fall in the poor credit score bracket.This range might
not get you loans easily and even if you were granted a loan the interest rates
will be extremely high and at very unaffordable terms.
Many lenders do not grant loans for credit score below
650.This credit score is like a dividing line for creditworthiness between the
borrowers and lenders as it shows that you have not managed your credits wisely
and with serious responsibility.
To sum it up
Your credit score falls under a credit score range which
classifies you as being in the excellent,good or poor credit score rating
scale.Your credit score gives an indication to the financial lenders as to what
they can expect from you if they lend you their money. The higher your credit
score,the less risk the lender will have in granting you loan as they can trust
you with their money.
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