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Credit score scale
The credit score scale is between 300 and 850. The excellent credit scores are those that range from 750 to 850. A person whose credit score lies in this range can easily get approval for any loans or credits applied. The credit scores that are considered good are those that ranged from 660 to 749. A person whose credit score can be found within this range can obtain approval for certain loans but some conditions and limitations apply. The nearer is the credit score to the higher range, the lesser are the limitations.
The credit scores that are deemed fair are those that range from 620 to 659. Some financial institutions will deny approval from persons having credit scores within this range while there are others who are willing to extend credit. But there would be higher interests involved. For example, for a 3-year car loan, a person with a credit score of 630 will need to pay an interest rate of about 12.23% while a person with a credit score of 700 will pay an interest of 7.39%. And finally, the poor credit scores are those that are lower than 620. A person with a poor credit score must take steps to improve this three-digit number before he is eligible for better credit and loans.
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