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06.02.2021 / Borrowing « Back to all articles

What are the Credit Score Ranges?
Credit Score Ranges

Have you ever wondered what your credit score really means, but weren’t sure where to find the answers? Whether you’ve had a credit card account open for years or you’re new to the game and looking for ways to start building your credit, understanding the most common credit score ranges can help you understand and even improve your own score. 

Poor to Fair Credit Scores Typically Range From 300 to 700 

Scores between 300 to about 700 are generally considered “poor” to “fair” by most creditors. This means you may be less likely to receive financing and other loan offers. Take a look at the basics of this range. 

  • Younger users or those with newer credit tend to have scores in this range 

  • 300 is the lowest a credit score can generally go 

  • If you’re in the 300 to 630 range, some creditors may consider your credit “poor” and may not be willing to extend you loan offers or other types of credit accounts 

  • If you’re in the 630 to 700 range, you may be able to access certain types of loans but might have higher interest rates or worse terms than you would with a “good” or “excellent” credit score 

A Credit Score in the 700s is Considered Good Credit 

If your score is at least 700, you can rest assured that most creditors will consider your credit "good." You can still improve your score from here, however! Here are the fundamentals of this range. 

  • Generally, any score above about 690 will be considered “good” credit 

  • Having a score in the 700s unlocks access to better loan deals, in some cases lower interest rates, potentially higher credit lines, and more 

  • You can work your way into the "good" credit range by using less than a third of available credit on credit cards, always paying your bills on time, and practicing other healthy financial habits 

Aim for an Excellent Credit Score of 750 and Up 

If you genuinely want access to the best loans and more, you'll likely need a credit score in the "excellent" range. This range is generally reserved for those with scores of 750 and up and typically involves the following details. 

  • Older users and those with a long-established credit history are often more likely to be in the “excellent” credit range 

  • Although a score of 750 may qualify you for the “excellent” range, a score of 800 and up can help guarantee access to top-notch loan offers 

  • Continually working on your credit over time can help you gradually achieve a score of 800 and higher 

Understanding your credit score is more than just deciphering a three-digit number – it can help you do a deep dive into your financial habits. No matter what range your score currently falls under, this key information can help you work your way up to “excellent."  

09.09.2021 / Safety

Use These Tips to Ensure Your Mobile Cheque Cashing Goes Smoothly
COVID-19 has changed the way banking services work for the near future. Due to necessary social distancing measures,…

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06.02.2021 / Borrowing « Back to all articles

What are the Credit Score Ranges?
Credit Score Ranges

Have you ever wondered what your credit score really means, but weren’t sure where to find the answers? Whether you’ve had a credit card account open for years or you’re new to the game and looking for ways to start building your credit, understanding the most common credit score ranges can help you understand and even improve your own score. 

Poor to Fair Credit Scores Typically Range From 300 to 700 

Scores between 300 to about 700 are generally considered “poor” to “fair” by most creditors. This means you may be less likely to receive financing and other loan offers. Take a look at the basics of this range. 

  • Younger users or those with newer credit tend to have scores in this range 

  • 300 is the lowest a credit score can generally go 

  • If you’re in the 300 to 630 range, some creditors may consider your credit “poor” and may not be willing to extend you loan offers or other types of credit accounts 

  • If you’re in the 630 to 700 range, you may be able to access certain types of loans but might have higher interest rates or worse terms than you would with a “good” or “excellent” credit score 

A Credit Score in the 700s is Considered Good Credit 

If your score is at least 700, you can rest assured that most creditors will consider your credit "good." You can still improve your score from here, however! Here are the fundamentals of this range. 

  • Generally, any score above about 690 will be considered “good” credit 

  • Having a score in the 700s unlocks access to better loan deals, in some cases lower interest rates, potentially higher credit lines, and more 

  • You can work your way into the "good" credit range by using less than a third of available credit on credit cards, always paying your bills on time, and practicing other healthy financial habits 

Aim for an Excellent Credit Score of 750 and Up 

If you genuinely want access to the best loans and more, you'll likely need a credit score in the "excellent" range. This range is generally reserved for those with scores of 750 and up and typically involves the following details. 

  • Older users and those with a long-established credit history are often more likely to be in the “excellent” credit range 

  • Although a score of 750 may qualify you for the “excellent” range, a score of 800 and up can help guarantee access to top-notch loan offers 

  • Continually working on your credit over time can help you gradually achieve a score of 800 and higher 

Understanding your credit score is more than just deciphering a three-digit number – it can help you do a deep dive into your financial habits. No matter what range your score currently falls under, this key information can help you work your way up to “excellent."  

Need a
Loan?

Loans from $120 to $15,000. Get funded as soon as today!

09.09.2021 / Safety

Use These Tips to Ensure Your Mobile Cheque Cashing Goes Smoothly
COVID-19 has changed the way banking services work for the near future. Due to necessary social distancing measures,…