What does my credit score mean?
Answer:Do borrowers know what their credit score means? In a recent survey, only one-third were informed that their credit score meant the possibility of repaying a loan. Nowadays, everyone is using credit score to determine risk. Low credit score may get you a very bad rate loan; perfect credit score helps you get best rates and lenders will be fighting over you.
What does your credit score mean?
Your credit score is a number between 300 and 850.
| Credit Score Range | Meaning |
|---|---|
| 750 - 850 | A is excellent credit |
| 700 - 750 | B is good credit |
| 600 - 700 | C is average |
| 500 - 600 | D is poor |
| 300 - 500 | You don't want to get there! |
If there have been 60 and 90 day late payments on your credit report, your score would drop. Foreclosures, bankruptcies and collections affect your score very badly.
Your FICO score can be obtained by the credit reporting bureaus. A 3-in-1 report will pull your score from the three of them.
It is not clear exactly how FICO score is calculated. High credit score means that the borrower has no recent bankruptcies, foreclosures and more than 30 day late payments.
Can't Pay all your Bills? Need Money Fast? Fill the Form Below
- Up to 1000$
- Immediate Approval
- No Application Fee
- Cash by Tomorrow
- Bad Credit is OK
- No Obligation
- Confidential Service
| Not at all | Definitely |
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
Common misspellings: mortage and morgage