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What
is Your Credit Score?
FICO
Score:
the FICO score
is a mathematical calculation the measures
your capacity to repay a loan
measurements are
base upon a number of factors that include:
your current outstanding debt
places and the number of times you
have applied for credit
the kind of credit you have taken
out in the past
late payments in 30, 60, and 90
day increments
over extension of your credit lines
liens
garnishments
bankruptcy
lenders often
use the FICO score when reviewing an applicant's
request for credit
an applicant with a high FICO score will
likely receive instant approval with better
than normal rates and terms — which
means lower cost when you borrow money
Most lenders will categorized this group
as A rating.
Scores within this group will have access
to the best interest rates and terms.
About 60% of the U.S. population falls
within this credit range.
FICO
Score: 600 to 699
Scores 600 to 699 are considered good
credit.
Most lenders will categorized this group
as B rating.
Scores within this group will have access
to good interest rates, but may not qualify
for the very best interest rates and terms.
About 27% of the U.S. population falls
within this credit range.
FICO
Score: 500 to 599
Scores 500 to 599 are considered risky
credit.
Most lenders will categorized this group
as C rating.
Scores within this group may still qualify
for a loan, but may have to pay at least
two percentage points or more higher that
the group in the excellent category.
About 12% of the U.S. population falls
within this credit range.
FICO
Score: 499 and less
Scores 499 and below are considered
very risky credit.
Most lenders will categorized this group
as D rating — which means the applicant
may have foreclosure, liens, and credit
judgments.
Scores within this group may still be
eligible for a loan, but may have to pay
at the maximized rates determined by State
and Federal regulations.
About 1% of the U.S. population falls
within this credit range.
where to find consise information about
credit, debt and budget management
