So what is the range of credit scores? Credit Score ratings scale range from 300 to 850. Anywhere 800 and above is considered an “excellent” credit score rating.  Having “excellent” credit entitles you to the best rates and terms available. Assuming you meet income requirements, you are just about guaranteed to be approved for the loan of your choice.  From there, it’s just a matter of finding the best deal.

Here's why, regardless of where you think you are on the credit score ratings scale, get a copy of your credit report before you shop and compare loans. 

When you know your exact credit score information, dealing with banks and brokers is infinitely easier. Instead of filling out applications, playing twenty-questions and getting your credit run excessively, you could say for example, “My credit score is "765", just tell me what your best offer is…”

Many people ask, what is the range of credit scores? It's pretty simple. You can refer to the credit score ratings scale below for more credit score information.

Credit Score Ratings Scale

800 +: Excellent Credit Score
You are credit royalty and should be treated as such

700 – 799: Very Good Credit Score
You should have a wide range of great choices for any type of loan

680 – 699: Good Credit Score
Still in very good shape for most loans, slightly higher rates

620 -679: Fair Credit Score
You will be paying more for your loan in terms of fees & rates

580 – 619: Poor Credit Score
Be prepared to pay high fees and interest rates on your loan

500 – 579: Bad Credit Score
Dead man walking. This loan is gonna cost you in the short term

499 and Less: Very Bad Credit Score
Plain ugly. You need to start rebuilding your credit

Poor Credit Score Information
A score of 620 and below on the credit score ratings scale is considered to be in the “poor credit” range.  There is more gray-area in what’s considered “non-prime” or “sub-prime” lending situations, so knowing your credit score information in advance is particularly valuable here.  You can still usually obtain bad credit financing, but depending on the severity of your credit score information, you will likely pay a higher interest rate, pay more fees and generally receive less desirable loan terms.  

This is where understanding what is the range of credit scores and why your credit score ratings is SO important.  When you are uninformed you leave yourself vulnerable. An unscrupulous mortgage broker or car dealer may lead you to believe that your credit score information is worse than it is. 

Picture this hypothetical scenario. You assume you've got bad credit, walk into a dealership and apply for a car loan. Let's say you qualify for 13%. Because you're dependent on the dealer's credit score information, they tell you the “best” rate they can offer you is 18%.  Once you sign off on the loan they make 5 percentage points and a fat commission check -- and you get to flip the bill for the years to come. 

Don’t be a victim.  Knowing where you rank on the credit score ratings scale can save you hundreds - even thousands of dollars.
Get yours now!