Do you want to know what a good credit score is? FICO credit scores range from 300 to 850, where higher scores indicate lower credit risk for the lenders. FICO stands for Fair Isaac Corporation. Improving your credit scores can help you to Lower your interest rates and Get better credit card, auto loan and mortgage offers.
What is a good credit score? It totally depends on the type of the loan you’re trying to get. Here’s the FICO Credit Score Range( which I took from my Credit union website).
| Great | 760-850 |
| Very Good | 725-759 |
| Good | 660-724 |
| Not Good | 560-659 |
| Bad | 300-559 |
What is in your FICO score ?
Al the below all categories of information(both positive and negative information) are included in your FIFO score, not just one or two.
- Payment History– 35%
- Types of Credit Used– 10%
- Amounts Owed– 30%
- New Credit– 10%
- Length of Credit History– 15%
30 Year Fixed Mortgage Rates
Sample FICO scores and potential interest rates from myFICO.com. Interest rates accurate as of June 10, 2011 for a$300,000 home mortgage.
| FICO® score | APR | Monthly payment |
|---|---|---|
| 760-850 | 4.069% | $1,444 |
| 700-759 | 4.291% | $1,483 |
| 680-699 | 4.468% | $1,514 |
| 660-679 | 4.682% | $1,553 |
| 640-659 | 5.112% | $1,631 |
| 620-639 | 5.658% | $1,733 |
for more information visit www.myfico.com
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