Get Your Free Credit Report

A good credit score range is what everyone wants to see in their credit report. Good credit means banks and other lenders see you as financially stable and a potential client. The most accepted scoring system is FICO which stands for Fair Isaac Corporation. You can get your FICO score for free or online with are sites that offer free 30 day trials. Should you use a service to monitor your rating be careful not to fall prey to scammers. Credit scores range from 300 to 850, the higher you score the better.

Credit scores range from 300 to 850, but the most important point to keep in mind here is that you will have three credit scores, each from a different credit bureau. The lending organisation might use the credit score from any of these organisations to determine whether you can have the loan or not, and at which interest rate. But let's take a look at the meaning of the credit score ranges.

• 760-850 = repayment of $1,609 - 4.994% APR


• 300 to 499 scores bad


• Down payment amounts


• Whether or not you will be hired for a job you are seeking


• Insurance premiums


• 700 to 850 scores excellent


• 620 to 679 scores average

This means that having a high score implies that you're trustworthy as a debtor while a low level credit score means you are not a good credit risk. Here is the score range list and there implication. 500-579 - have remarks like foreclosure or bankruptcy on the report. Below 500 - will fail to receive credit approval for any type of credit application.

Borrowers need to have a score of 620 or more to get their loan application accepted.

The better your credit score is, the better you stand being approved for the home loan. The FICO score is computed with your credit history as the basis. This number serves as a representation of the lender's risk level when you borrow money from them. If you have a high score which is from 740 to 800, the risk is lesser. Borrowers need to have a score of 620 or more to get their loan application accepted. Those with a low score can still be approved for loans but at very high interest rates.