Answers :: What is a credit score range?

Credit Cards

Credit Reports

Banking

Loans

Debt Help

Answers

Knowledgebase Home | Favorites | Forum

Search the Knowledgebase	Browse by Category
[Advanced Search]

Knowledgebase Home > Credit Reports and Scores

What is a credit score range?

Article Details

Last Updated
6th of November, 2009

Would you like to...

Discuss

Print this page

Email this page

Add to favorites

Export to PDF

User Opinions (1 vote)

100%

The FICO credit score range is 300-850.

Your credit scores are generated from models that read the data from your credit reports. These models essentially summarize the information on your credit reports, making it easier for lenders to assess your credit risk and predict whether or not you will pay back credit obligations. Basically, your credit score is your credit report’s grade, and you want this grade to be as high as possible.

The higher your credit score, the less risky you look to a lender or insurance company. Less risk translates into a better deal for you. A lower credit score means that the bank or insurance company is taking a bigger risk if they approve your application. As compensation for assuming that bigger risk, banks will charge you more in interest and insurance companies will charge you higher premiums.

There are many different credit scores available to consumers, but the most widely known is the FICO score. The FICO score is the industry standard and is the score that most lenders use to determine whether or not they will approve or deny your credit or loan application. Non-FICO credit scores often have a different score range, so pay attention when you order your scores and know what score you are getting.

Now that you understand how your credit score affects you, check your credit scores online and see what the credit bureaus are currently saying about you.