January 4, 2007
Understanding Credit Score - FICO Credit Score Range
True or False?
My credit score is 650 so I should be approved if I apply for credit?
True.
The range for FICO credit scores is 300 to 850. The average FICO score nationwide is 677. At 650, you will probably get credit approved, but be careful. Because between the low 600's and the low 700's lenders give out good and bad rates.
So at 650, you will get approved, but you may pay a lot more in interest over the course of the loan. The best rates are generally offered to people with credit scores in the mid-700's or higher.
Remember, if you’re not working the system, it’s working you.
PapaJoe
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