Credit Score Rating Scale
January 26, 2010 by Professor eCredit
Filed under Credit 101
Your credit history is a very important document that creditors, insurance companies, utility companies, cell phone companies, landlords, associations, and employers request and review in order to determine your credibility. Creditors look at your credit history and your Fair Isaac Corporation FICO score in order to determine the likelihood of your ability to make future payments. Your past payment history, credit score, and number of obligations (credit threads) are good determinants of your future ability to fulfill new agreements. It is considered the report card of your financial life. In the associations or employer’s situation, they want to determine your integrity, accountability, and stability. When you complete an application for a loan, credit card, insurance, employment or association approval, they will be analyzing your credit history and more importantly, your credit score.
Now that your aware of how important your past financial situation is to your future ability to obtain a loan, insurance, utilities, cell phone, housing, and employment, it is essential to become educated on your credit score and where you are within the credit rating scale. The credit score rating scale ranges from 300 – 850. Fair Isaac’s has reported that approximately 5% of the general population has a credit score below 550. Roughly only 10% of general population have a credit score rating above 800. eCredit College is here to ensure the proper education whether your current credit score is over 700 in good standing or your credit score is under 660 an in need of credit repair. Below is a chart to display the categories within the credit rating scale and there description.
Credit Score Rating Chart
| Credit Score | Description |
| 760 – 849 | Excellent score. Able to obtain the most favorable terms. |
| 700 – 759 | Great score. Able to obtain favorable terms. |
| 660 – 699 | Good score. Able to obtain good terms. |
| 620 – 659 | Fair score. Able to obtain approval at moderate rates. |
| 580 – 619 | Poor score. Able to obtain approval with high interest rates. |
| 500 – 579 | Undesirable score. Uncertain if approval will be granted. Do not worry as there are options available at eCredit College. The rate will usually be the highest possible rate a creditor can charge. |
The next question is usually, “How do I get a free credit report and how is my credit score determined? Get your FICO® Score Free
The simple answer in a more complex calculation is that creditors, such as banks, lenders, and credit card companies are always in communication with the credit reporting agencies. If you pay your creditors on time, they will report your accounts as current and in good standing. However, if you are late on payments or even miss a payment, they will report delinquent and negative comments. This is the strongest determinant of your credit score. Read our article on how my credit score is determined for a more in depth analysis. Nevertheless, make an effort to pay your bills on time!
Your credit score is not fixed, it will go up and down depending on your actions. Your credit rating is variable dependent on several factors. The fundamental principle is to continue paying your bills on time in order to improve your credit score within the credit rating scale.
If you don’t know what your credit score is by now and have not been monitoring it for safety and security, you can order it through the three major credit bureaus in the United States. Your credit report can be obtained for free once a year every year or if you have been denied credit, employment, insurance, housing, public benefits, or employment based upon consumer credit report. There are online websites where you can order all 3 reports at once to easily compare, analyze, and spot errors that may possible be hurting your credit score.
By knowing and monitoring your consumer credit report, you have accomplished the first step in improving your credit score. By having a good credit score, you will increase your chances of obtaining loans and other financial opportunities that may cross your path in life. Always keep in mind that maintaining a good credit score means a lot in today’s society. Be proactive and educate yourself on how to improve your score through our extensive articles and resources at eCredit College.
-Professor eCredit
eCredit College
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