After knowing what are credit reports and credit scores, you suddenly wonder what does the 3 digit credit score means. This is a simple table and a brief explanation on how you can understand this 3 digit credit score. Credit scores used is around 300 to 800 and here are the divisions within each range of credit score.
Above 730
Excellent Credit Score – This means that you are paying your bills on time, you don’t have any current debt and you have a lot of credit line available. Garnering this credit score means you are eligible for any type of loan and availing credits from lenders and creditors.
700 – 729
Good Credit Score – You could have some used credits in your credit card and you may have a lot of bills to pay but you are able to pay them in time and you still have a lot of credits left in your credit card. This type of credit report will give you a good credit score which is still eligible for lenders and creditors.
670 – 699
Average Credit Score – There is a chance that creditors and lenders will look into your credit report but there is an average assurance that they will or will not grant you anything. Creditors and lenders will have a second look at your credit report and they will dig deeper to know if it is possible for you to have another account of bills to pay when they allow you to have more credits.
585 – 669
High Risk Credit Score – In the term itself “high risk” it means that your credit eligibility is at high risk since you wont get the best benefits. There is still a small chance that lenders and creditors will entertain you but you won’t get the maximum rate that is offered to consumers that have a better credit score.
Below 584
Poor Credit Score – Basically you have unpaid debts, a lot of delay in paying your bills and a number of credit cards that reached its limit. This will give you a poor credit score and you will get a much lower credit score if you would continue to fail in paying unpaid debts.
Return to credit monitoring articles.
RSS FEED