What Is the Scale for Credit Scores?
Typically, when you apply for any type of credit, a lender will refer to your credit history and credit score before deciding whether or not to lend money. A good credit score will nab you better interest rates, higher loan amounts and other perks. Credit scores are on a scale of about 330 to 850.
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Bad
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A credit score of about 579 or less is considered extremely high risk and marked by bankruptcies, poor payment history, foreclosures and other devastating financial events. You may not qualify for any credit with this score.
Poor
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A poor credit score ranges from 580 to 619 and is considered high risk, which means high interest rates.
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Ok
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A credit score from about 620 to 679 is considered ok and medium risk.
Good
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A good credit score ranges from about 680 to 719 and falls within the medium or low risk category. Most Americans fall in this range.
Very Good
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A credit score from about 720 to 799 falls into the very good category and is marked by excellent interest rates, high loan amounts and overall financial freedom.
Excellent
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A credit score of 800 or more is considered excellent and extremely low risk, resulting in the very best interest rates, discounts and perks.
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