Credit score part 2

Credit score part 2

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  • What is a good credit score?
  • Well... a poor score is 300-579, a fair score is 580-669, a good score is 670-739, a very good score is 740-799, and an excellent score is 800-850.
  • It won't hurt your credit score to check it, but there may be a small temporary effect when lenders look at your credit score. But don't worry information on your credit history ages off after 7 years.
  • Oh, and the lower the credit score you have the higher the interest rate you will probably get.
  • Intresting, can you tell me more?
  • Sure! 90% of lenders use the FICO credit score system to calculate credit scores.
  • Based on the FICO scoring system the average American only has a credit score of 695, which is only a fair score. But 57% of Americans have a score of 700 or higher.
  • Thank you for telling me all this. It was very helpful and I learned a lot!
  • You are welcome, I'm glad I could help!
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