That means the same credit score could represent something different depending on which credit model a lender uses.
Credit score range excellent good fair poor.
The current credit scoring models from fico competitor vantagescore solutions llc also use a score range of 300 to 850 but because vantagescore models are calibrated differently from fico models a score of 700 generated by those models vantagescore 3 0 or vantagescore 4 0 is considered good verging on fair.
If your credit score falls in the fair range you might have difficulty getting credit but even if you do get approved for financing your interest rate will be substantially higher than those with excellent credit scores meaning you will pay 200 300 or even 400 more per month more on an average 30 year mortgage and about 100 more per month on a car loan.
Here are two credit score range charts that provide insight into how those numbers fall on a scale of very poor through average credit and up to exceptional.
A vantagescore 3 0 score of 661 could put you in the good range for example while a 661 fico score may be considered fair.
The fico models compare consumers and essentially rank them based on their likelihood to repay credit obligations as agreed.
Base fico score ranges.
How much cheaper are loans with great credit.
If your credit score falls within the good fair or bad ranges and you want to get an excellent credit score follow these tips to help raise your credit score.
If you re high in the range you may feel more.
At what point does fair credit end and good credit.
If you check your credit and see you re low in the credit score range and may not get the best rate you might want to hold off applying for a mortgage until you ve built better credit.
You simply need a credit score which falls into the exceptional or excellent credit score range.
Fico credit score ranges.
Tips for getting a mortgage with a 680 credit score.
Unarguably the most recognizable credit score model the fico score was introduced by the fair isaac corporation in 1989 as an objective tool for evaluating borrower credit risk.