Fico Scores
FICO is the company most creditors use to determine your credit risk. Every individual has three credit scores from three bureaus; Experian, TransUnion, and Equifax. The average of these three scores makes up your FICO score. Each bureau keeps a record of your credit activity. Missed payments will hurt your score while lowered debt and consistency in payments will keep your score high.
No Credit History
No Credit History is something a lot of young people experience. Having never had a credit card before or a loan they have not built a good credit score.
Bad Credit Scores
Bad Credit is a score below 579, for some companies a bad credit score is considered below 650. These scores are considered high risk and may result in not being accepted for loans or credit cards.
Low Credit
Low Credit is a score in the 580-619 range. This range means you do not have “bad credit” yet but you may be on your way. Scores in this range are dangerous when applying for credit cards and loans.
Fair Credit
Fair Credit is a credit score in the 670-699 range, sometimes even 620-660 is considered fair, the higher end sometimes is considered good credit.
Excellent Credit Score
An excellent credit score is anything above 730 points on the 350-850 point scale. People with excellent credit has a well maintained credit history free of declaration of bankruptcy and late payments.
