What is considered a good Credit Score?
There are no hard and fast rules as to what is a good credit score. Your credit score can fall anywhere in the range of 300 to 850.
However, majority of FICO credit scores fall in between 600 to 700.
The assessment of your credit score for each lender is subjective. The type of loan you are applying for also determines your chances of
actually getting the loan against your credit score.
A good FICO score can range anywhere in between 620 to 850. Even in between the range there are many categories.
700 and higher means your chances of landing up a loan with better rates and discounts, are excellent.
680 to 699 means good enough for a normal loan. Scores in the range of 620 to 679 are satisfactory.
You would be getting the loan but the conditions against it may not be very favorable.
Credit score in the range of 580 to 619 is considered a low FICO score. You will be able to get a loan but the terms and
conditions applicable against it are highly inauspicious towards you. Since you badly need the loan, you will be willing to oblige in any case.
Any score falling in the range or 500 to 579 must make the alarm ring out loud. This is where the bad FICO score range begins from.
However, you should not be discouraged with the score and terms associated with the loan. The cloud in the silver lining comes
from the fact that by taking the loan, you might start your journey in actually bettering your score for the future.
