Learn The Credit Basics

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Credit Basics

What is a credit score?
A credit score is a number that evaluates and represents a person's credit worthiness. A low credit score represents a high credit risk. A high credit score represents a low credit risk. Credit scores are calculated from a number of variables most of which are found in a person's credit report.

What is a good credit score?
Overall, a score of 650 or higher indicates a sign of good credit. This is a very high credit score and people who score in this range usually have an easy time getting the best interest rates for their loans.

Scores of 620 to 650 indicate good credit. There may be some small credit blemishes, such as an occasional late credit card payment and such. It's possible to get a good interest rate, but a lender may require additional information and may take longer to approve your loan.

Scores below 620 are a little bit more tricky. It's always possible to obtain a loan. The question may be at what cost. People with scores that fall in this range are more of a credit risk so may be required to pay higher interest rates. The lending process may not be as quick as one that has a higher credit score.

What is a FICO Score?
A FICO score is a type of credit score. It was developed by the Fair Isaac & Co. FICO scores are used by approximately 90% of banks and other credit agencies when they want an indicator of an individual's credit worthiness. Thus it is a very important number to know and have in good standing.

What is a good FICO Score?
Excellent: 700 and above Good: 680 to 699 Okay: 620-679 Bad: 580-619 Poor: 500-580 Careless: 499 and below

Who are the 3 major credit bureaus?
The three credit bureaus are Equifax, Experian, and TransUnion.

Often the phrases credit bureaus, credit reporting agencies, credit reporting companies and credit reporting bureaus are used interchangeably.

Other Credit Related FAQ's

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