October 20, 2006
Understanding Credit Score - FICO Score Range
Understanding your credit score starts with understanding what it is. It’s a 3 digit number ranging from 400 to 850. It’s called a FICO score and it gets its name from the company, Fair Isaac Corporation, that designed the formula to calculate the score.
So you are probably asking yourself right about now, what is the FICO credit score range? And what exactly is a good credit score and what is a poor credit score?
It varies by lending institution, but here’s an example of credit score range:
750-850 - Excellent
660-749 - Good
620-659 - Fair
400-619 - Poor
Why is this important? Because where you score in the range will determine if you can get approved for credit and what interest rate you will pay for that credit. And the difference in the interest rate could cost you hundreds to thousands of dollars over the lifetime of the loan.
Until next time - be well and prosperous!
PapaJoe
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