Your credit score is an extremely important number. Many people will judge you off of this number and they include banks, insurance companies and even potential employers. In other words a low credit score can cost you a lot more then just money! With in that in mind it is critical that you keep your credit score up and in good standing, but what is a good credit score.
720 and above– At this level you credit is considered perfect and you should have no trouble getting approved for loans that you can afford to pay back. You should also receive the lowest rates with a fico score above 720
Between 660 and 719– This is till very good credit and there should be no difficulties encountered when applying for loans or insurance with this score. The interest rates will be very close to those with a score of 720.
Between 620 and 659– You are now in the fair range and although the risk will be higher for the banks you should still be able to get a loan. Keep in mind that with credit scores in this range you will be paying 1-2% higher interest rates on average then someone with perfect credit.
Under 620– You are now considered risky and getting a loan especially in today’s tight economy will be hard. If you can find financing expect to pay very high interest rates.
If your scores fall into the low range you may want to look into options that will help you raise them to the next level. One of the best options is to do self credit repair and try to get some of the old and negative information off of your credit report.
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