What Your Credit Score Means
Your credit score is number based on information in your credit report. It provides lenders an easy way to determine if your creditworthiness when you apply for an account such as an auto loan, credit card, or utilities. A good credit score means you would be more likely to obtain credit or obtaining a favorable interest rate. Unfortunately, a bad score makes obtaining credit difficult with very unfavorable interest rates.
|0 – 550 (Awful)||If you have no score or one this low, getting credit will be nearly impossible.|
|551 – 649 (Poor)||It will be hard to get credit, and if you do rates will be extremely high and your terms will not be easy.|
|650 – 699 (Fair)||It will be a little difficult to get credit, but when you do you’ll pay reasonable rates.|
|700 – 740 (Good)||This is a great place to be! With a credit score in this range, you’ll get nice low rates and easy terms.|
|750 + (Excellent)||Creditors will be coming to you offering rock bottom rates and the easiest possible terms! They’ll be begging for your business!|