Credit Score Info
CREDIT SCORES:
- 500-559: very risky – need to work on improving your rating
- 560-619: risky – you will have trouble borrowing
- 620-674: Sub-prime – may qualify but higher interest
- 675-699: average – you will qualify for most
- 700-719: very good – qualifies a person for favorable terms
- 720-850: excellent – best score range and best terms
5 FACTORS That Decide Your Credit Score:
- Your payment history. Whether you paid credit card obligations on time.
- How much you owe. Owing a great deal of money on numerous accounts can indicate
that you are over-extended. - The length of your credit history. In general, the longer the better.
- How much new credit you have. New credit, either installment payments or
new credit cards, are considered more risky, even if you pay promptly. - The types of credit you use. Generally, it is desirable to have more than
one type of credit – installment loans, credit cards and a mortgage, for example.
For more on evaluating and understanding your credit score, go to www.myfico.com.
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