WHAT IS A GOOD CREDIT SCORE?
There are different methods of calculating credit scores. However, the most popular and widely used method of calculating a credit score was developed by FICO, previously known as Fair Isaac Corporation. It is used by many mortgage lenders to determine the probability or likelihood of that borrower defaulting on its financial obligations.
FICO’s credit score range is typically between 300 and 850. A FICO Score above 670 is considered a good credit score and a score above 800 is perceived to be exceptional.
|Credit Score||Rating||% of People||Impact|
|300 - 579||Very Poor||17%||Applicants may be required to pay a fee or deposit or may not be approved for credit at all|
|580 - 669||Fair||20%||Applicants considered to be subprime borrowers|
|670 - 739||Good||22%||Applicants considered to be a relatively low credit risk and would get average terms from lenders|
|740 - 799||Very Good||18%||Applicants are likely to receive better than average terms from lenders|
|800 - 850||Exceptional||20%||Applicants are at the top of the list for the best terms from lenders|
INDUSTRY LEADERS IN CREDIT REPAIR
A custom restoration plan will help you prioritize payments and keep your accounts in a positive status. Avoiding newly negative account information will help you make the most of your journey.