Good credit score is 680 to 719 and less than 500 credit score is consider as bad.
And the difference between the 720-plus range and the average score is even more dramatic for used car loans (3.56% vs. 7.55%). On a 48-month used car loan, an average-credit borrower can expect to pay about 115% more interest, so the difference is indeed significant. As of this writing, an average FICO score should get you a 30-year mortgage rate of about 4.16%, which is not too far off from the 3.76% rate the top tier of borrowers (760 FICO and up) can get, according to myFICO.com. Good credit score: 680 to 719. A credit report score in the 680-and-up range is good news for you. You can still get decent terms from lenders, although not as nice as those offered to borrowers with truly excellent credit scores. Miserable credit score: Less than 500. At this point, your credit score is so bad that getting any type of financing is almost impossible. If you can get loans, they'll carry nearly punitive interest rates. If your credit report score is below 500, it's time for action. Debt to credit ratio is 30% of your credit score. I was sitting at 38% d to c ratio a couple months ago. I paid off one card completely, and had a 1% d to c ratio. I use FICO's score watch for Equifax, and within 30 days, my score jumped 12 points.  The difference between a good credit score and an average one goes beyond numbers — having a good credit score, for example, can mean more dollars in your pocket, while having a bad score can cost you money. How your credit score affects interest rates. The higher your credit score is, the more you can save in interest on mortgages, auto loans, home equity lines of credit and credit cards. If your credit falls somewhere in this credit score range, financing terms will cost you big-time. For long-term loans, such as a 30-year mortgage, expect to see interest rates that are at least three percent higher than interest rates awarded to borrowers with good credit. For shorter-term loans, like a 36-month auto loan, the effects of your bad credit score are even more pronounced. Miserable credit score: Less than 500. At this point, your credit score is so bad that getting any type of financing is almost impossible. If you can get loans, they'll carry nearly punitive interest rates. If your credit report score is below 500, it's time for action. Credit scores can vary between the three credit bureaus, but generally speaking, a credit score above 700 qualifies as good, and a credit score of 700 or higher is usually considered excellent. How your credit score affects interest rates. The higher your credit score is, the more you can save in interest on mortgages, auto loans, home equity lines of credit and credit cards. For instance, FICO scores range from 300-850, while TransRisk scores fall between 100-900, and Equifax scores will be between 280 and 850. No matter what the scoring range, or what credit company is reporting the scores, the higher the number the lower to risk of lending to a person. 1 A good credit score falls between 781 and 850. 2  Any score within this range is considered excellent credit by lenders. 3  This means that a person with a high score in this range has a credit history (they have borrowed money in the past) and has been faithful in paying the money back on-time or early. For a 30-year fixed interest loan with a FICO score of 620, for example, you may pay 7.693 percent interest. With a score of 619, the interest on the same loan could jump to 12.018 percent [source: Fair Isaac ]. So 720 is the lowest good score and you can't get any lower than 300. But what's the average score for Americans? As of March 2008, Experian gave a national average credit score of 692. South Dakota had the highest average (710), and Texas had the lowest (655) [source: Rotblut ]. Whereas 680 was formerly a good enough score for someone to get a good interest rate, the score was raised to 720 in 2008 [source: Rotblut ]. So, with a score of 692, the average American in 2008 is considered a subprime borrower. For more information on credit and other related topics, visit the next page. So 720 is the lowest good score and you can't get any lower than 300. But what's the average score for Americans? As of March 2008, Experian gave a national average credit score of 692. South Dakota had the highest average (710), and Texas had the lowest (655)
http://www.fool.com/investing/general/2014/10/12/what-the-average-credit-score-will-get-you.aspx http://freescore.com/good-bad-credit-score-range.aspx https://answers.yahoo.com/question/index?qid=20080423142020AAsZ69z http://www.privacymatters.com/credit-information/good-average-credit-scores.aspx http://freescore.com/good-bad-credit-score-range.aspx http://www.privacymatters.com/credit-information/good-average-credit-scores.aspx http://your650score.com/what-is-a-good-credit-score/ http://money.howstuffworks.com/personal-finance/debt-management/average-credit-score1.htm http://money.howstuffworks.com/personal-finance/debt-management/average-credit-score1.htm
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