– Credit Score Range: Credit scores typically range from 300 to 850, with higher scores indicating better creditworthiness.
– Good Credit Score: A score of 670 to 739 is generally considered a good credit score by most lenders.
– Very Good Score: A score between 740 and 799 is categorized as very good, offering better loan terms and lower interest rates.
– Excellent Credit: Scores of 800 and above are considered excellent, granting access to the best financial products and rates.
– Fair Credit: A score between 580 and 669 is viewed as fair, which might still qualify for credit but with higher interest rates.
– Poor Credit: Scores below 580 are seen as poor, making it difficult to obtain loans or credit cards.
– Importance of Good Score: A good credit score can help you secure loans, mortgages, and favorable interest rates, saving you money in the long run.
Improving Your Score: Timely payments, low credit utilization, and a long credit history are key factors in maintaining or improving your credit score.