FICO Credit Score Ranges : What is a good FICO® score?
FICO® Credit score can ranges from poor to excellent. Find out where you stand, what it means and how you can improve your credit and why it important for you to know.
fico scores generally range from 300 to 850 according to score 300 to 629 considered bad score ranges 630 to 689 consider fair score ranges 690 to 719 shows good score and 720 to 850 stand for excellent , higher scores can indicate that you may be less risky to lenders. like you can see in image it depending on the scoring model .
Let’s take a deeper look at FICO® score ranges, what’s considered to be a good FICO® score, and how to improve your credit score
FICO® score ranges: Base vs. industry-specific
There are two type of FICO® credit-scoring models base scores or industry-specific scores each of them have different score ranges with the same base FICO® Score 8 .
Base FICO credit score ranges
The base scores range from 300 to 850. FICO base credit score ranges based on the FICO® Score 8 credit-scoring model.
FICO® Score 8 range chart
|FICO® Score 8||300 to 629||630 to 689||690 to 719||720 to 850|
FICO Credit Score Ranges from 300 to 629 are considered poor; 630 to 689 are considered fair; 690 to 719 are considered good; and 720 to 850 and up are considered excellent.
FICO® base scoring model is FICO® Score 9. But some lenders still use FICO® Score 8 models. Mortgage lenders still use even older FICO® scoring models.
your fico basic scores you can check after logging into your credit card account .
Industry-specific FICO® scores
The industry-specific scores range from 250 to 900.
FICO® Score 8 range chart
|Poor||Fair||Good||Very good||Very good|
|FICO® 8 industry-specific scores||250 to 579||580 to 669||670 to 739||740 to 799||800 to 900|
on the FICO® 8 industry-specific scores chart , generally credit scores from 250 to 579 are considered poor; 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good and 800 to 900 are considered excellent.
So if you have a good FICO® Score 8, you may also have a good FICO® Auto Score 8 or FICO® Bankcard Score 8.A good FICO® Score 8 can indicate that you may be less risky to lenders.
what is considered a good fico credit score ?
Every Lenders have different specifications or requirements for FICO credit score ranges which applications to accept and what terms and rates to offer to borrowers.
some lenders even accept your eligibility with Minimum credit scores depend on other factors, such as your debt-to-income ratio.
sometime even if you have excellent FICO® scores, your application could be denied. it mostly happened if you already applied for to many credit cards or have past-due payments with the issuer.
Most Frequently asked questions :
what is a excellent fico score ?
The FICO credit score ranges is the most widely used score in lending decisions and ranges from 300 to 850 . A FICO score of 750 to 850 is considered excellent.
what is a fico risk score ?
FICO® Risk Score is a broad-based risk score that indicate how likely a borrower is to repay a loan and make payments when they are due.
what is a fico score 9 ?
FICO Score 9 (also known as FICO 9 and FICO 9.0) .The FICO 9 means big changes to how your credit score is determined. It refer good things for your credit score. It generally follows the same methodology.
1. Medical collections
2. Third-party collections
3. Rental history can be included
what is a good fico score for mortgage ?
A good fico Credit Score for a Mortgage ?
Different lenders have different requirements for their loans. Generally, higher scores can mean a lower interest rate A good fico Credit Score ranges for mortgage 600 and above credit score.
what is a fico score used for ?
The Fair Isaac Corp. created the FICO credit score .FICO Scores are used by 90% of top lenders to make decisions about credit approvals, terms, and interest rates. FICO Scores also used to apply for a mortgage, an auto loan, credit card, or a new line of credit, the bank or lender is looking at your FICO Score.
how can you improve your credit score quickly ?
there is not any quick way to improve your FICO Credit Score. Focusing on the following actions will help your credit scores improve over time.
1. Pay Your Bills on Time
2. Get Credit for Making Utility and Cell Phone Payments on Time
3. Pay off Debt and Keep Balances Low on Credit Cards
4. Apply for and Open New Credit Accounts Only as Needed
5. Don’t Close Unused Credit Cards