my credit score good?
If you’ve recently gotten a glimpse of your credit score is up, you’re just one step away from knowing what lenders will think of your application for loans or credit cards. What does your particular credit score means? Do you think your score is excellent or not? We’re here to assist! my credit score good
Select the range below to see the score you fall within to know the exact meaning of your score in real life:
- Over 760. That’s fantastic!
- Between 700 – 759. This is still good.
- Between 650 – 699. It’s only the average.
- Under 650. This isn’t good.
Credit Score Over 760? That’s Excellent!
When you score a credit report that is greater than 760 (out of the possible of 850) Congratulations! You’ve got great credit!
What can good credit mean to me?
A good credit score will get you the absolute best when it comes to applying for a mortgage, credit card loan, or another type of financing. There’s no need to be concerned about whether your application will be accepted since lenders are always looking for people with credit scores similar to yours! They will offer you the best interest rates, and perhaps other benefits including higher credit card benefits or waived fees people with less credit may need to pay.
Your track record that you have paid your debts punctually and not racking up too much debt is proof that you are able to handle credit. Oddly enough, when you prove that you are able to handle credit, lenders will start to fall over themselves to provide you with increasing amounts of credit even when you don’t require it. If you’re in the market, that’s an excellent problem to have.
Credit score between 700-759? That’s pretty impressive.
If the credit rating of yours falls between 700 to 759 (out of a total of 850) it is a good idea to consider your credit score to be acceptable, but still a bit less than perfect.
A good credit score means you’ll be able to get virtually every credit or loan which you’re applying for. But, you might not always receive the most favorable rates, particularly if are at the lower end of this spectrum.
In reality these scores range can be described as grey area, as certain lenders will consider those who are at the top the range of great credit, while others will consider those who fall at the bottom of the range as having just average credit. So , if you score between the bottom and top in this category, be aware that lenders may take you in a different way than they’d treat someone on the middle.
The majority of people who have credit scores within this category are adept at making their payments on time. However, they could have fallen short occasionally. If you make your payments in time, you could have a less than stellar (shorter) credit background or lack of different kinds of credit that can lower your score. Young adults who have managed credit well , but not taking advantage of credit for long generally fall within this category.
Credit scores between 699 and 650? This is only an average.
When your score for credit is or above 700 but not 650 then you need to think about that score to be just average. A “average” credit score means that you may be excluded from certain loans or credit products that are targeted at people with lower risk. This also means that you may not receive the highest rates on the loans you qualify.
Although the credit industry might utilize”average,” or “average” to describe you however the reality is that either you have some outstanding balances on your credit report or are a newcomer to credit, and you haven’t yet had the chance to build your credit score. In either case, the majority of lenders consider you to be dangerous, and they’ll take their time before they grant the credit. Don’t be shocked if you must jump through additional hurdles to be accepted for loans or when it takes a long time to get your credit card application is accepted.
The good news is that you might enjoy the most straightforward experience of any other group in moving toward the next level of credit. Even a year of punctual payment of credit or loan can boost your credit score to “good” range, especially when your score is higher than 699 or 650. Keep working!
Credit score below 625? That’s a problem.
If you have a credit score that falls below 700, you may have poor credit.
There’s no way to hide it. It is likely that you have had problems paying some of your payments at some point in time. You may even have chargeoffs, in which case you put off paying a balance you owed and the creditor decided to stop seeking to collect it. It is possible that you have had a bankruptcy in the past.
For those who are new to credit or obtaining any type of loan could be a challenge. It’s possible you won’t be able to obtain credit that is unsecured (no collateral) or be offered a loan with low rates, and have charges, high interest and credit lines that are very limited.
The positive side is that lenders are eager to increase your score so that they will be able to lend you money again. But, your way forward might require you to provide some kind of collateral in order to enter the game. Secured credit cards that require an initial security deposit are a great alternative. Certain of these cards come from banks with a reputation for being reliable and will assure you that they will consider you for an unsecure, regular credit card after you’ve made the payments on time for a period of one year (or often, even lower). Visit the Secured Credit Card page to find secured cards that will aid in building credit so that they can allow you to get an ordinary credit card.