Credit Score Charts & Ranges – [32 Free Charts]

A Credit Score Chart is a tool that you can use to determine the level of one’s credit score. A person’s credit score affects one’s eligibility to get loans, make large purchases, apply for lines of credit on credit cards, and determine interest rates on loans and credit cards. Using a Credit Score Chart can help in determining the level of your credit.

When determining one’s credit score, five factors need to be taken into account: types of debt you have taken on, types of new debt you have taken on, how long you have been in debt, the amount of debt you are in, and your total debt history. As you can imagine, these are not divided evenly. They are divided as follows:

  • Types of debt: 10%.
  • Types of new debt: 10%.
  • How long you have been in debt: 15%.
  • Amount of debt: 30%.
  • Debt history: 35%.

All these numbers calculated together will determine your FICO score. Your FICO score can range from 300-to 850. Higher numbers mean a better credit score. And lenders are more likely to lend you money to help with your expenses. If your score is low, lenders will consider you a risk and will be less likely to lend to you.

Different credit reporting agencies use different formulas to determine your credit score. This can be frustrating because this will mean that you will have different credit scores from each. Sometimes they are slightly different and other times more radically different. Keep in mind that lenders will be looking at several reports every time you apply.

With these numbers in mind, look at a variety of Credit Score Charts in order to determine what your credit will look like to lenders. Unfortunately, there is no set Credit Score Chart that all lenders use. However, after looking at a few, one can make a guess at how your credit will look to those you are trying to borrow from. In general, these are the levels upon which your credit score ranks:

Excellent Credit: 800-850 – At this level, you will get approval and you will have the lowest interest rates.

Very Good Credit: 750-799 – At this level, it’s almost as certain that you will get approval with credit that is in the 800s. Some creditors will count 750 and above as excellent credit. It just all depends on who you are borrowing from.

Good Credit: 700-749 – At this level, you will probably be approved, but your interest rates might not be ideal.

Fair Credit: 650-699 – At this level, you will probably find it more difficult to obtain credit or a loan. If making a purchase, you will be asked to give a larger down payment and will have higher interest rates.

Poor Credit: 600-649 – At this level, you will probably need a cosigner to get any kind of loan or financing on a purchase. When you have fair credit, lenders will look at your credit report more closely. But when it’s this bad, they won’t be looking at the details. They will just turn you down.

Bad Credit: 300-599 – At this level, it’s pretty much a given that you won’t be getting credit or making any large purchases without a cosigner or collateral of some kind.

When pulling your credit score, try to at least pull from at least the three credit reporting companies. Each of these should have a different range of numbers that your credit score can be at. For example, the Equifax range can be from 280-850, the Experian range can be from 360-840, and the TransUnion range can be from 300-850. Look at each of these and then use a Credit Score Chart in order to determine where your credit ranks when you are about to take out a loan or make a major purchase.

What Affects Your Credit Score?

There are some common factors that affect your credit score.

Five factors are listed below:

History of Payment:

When you pay all of your payments on time then it helps a lot to your credit score. If you don’t pay your payments on time then you will be bankrupt and it will hurt your score very badly. That’s why you should pay all of your payments on time.

Usage of Credit:

The usage of your credit also affects the score so you should spend it very carefully. The limit of your credit usage also matters a lot.

Length of Credit History:

The age of your accounts also affects your credit score. It also includes the age of your new accounts as well.

Account Type:

It is also known as credit mix. If you manage your interest account (account for the repayment of loan installment) and the revolving account (credit card etc.) responsibly in a well-managed way then it helps your score positively.

Recent Activity:

All of your recent activities also affect your credit score. For example, if you have opened a new account for the repayment of a new loan and applied for opening a new account. It will affect your credit score negatively.

Why Having a Good Credit Score Is Important?

Having a good credit score is very necessary for everyone. It tells you whether you qualify to get a loan for a car, home, or something else. A good credit score impacts the amount of interest that you will pay on the amount of loan for a specific period of time. In this way, you can save a lot of your money. Generally, a good credit score impacts lending decisions. For example, When you will apply for a loan then the bank will check out your credit score to know your financial condition that you will be able to easily repay the loan amount or not?

It also affects you in other ways. When you will apply for a new job then maybe the hiring manager look for your credit score to know your financial condition. It will help him to know whether you are financially stable or not. In short, having a good credit score is necessary because it affects decision-making.

Free Credit Score Charts & Ranges:

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