What is the FICO Score Range?
If you are looking to get a copy of your credit score, you may need to look into the FICO score range first. This will be able to tell you where you are at credit wise and where you truly should be. Use this as your guide to find your FICO score as well as the range of the FICO score!
The FICO score range is between 300 and 850. Creditors will look at your FICO score to determine if you are credit worthy. It basically evaluates the amount of risk you are to creditors. High FICO scores typically mean a higher chance to gain credit. However, you are not ruled out if your score is lower. The only problem is you will have a much harder time finding lenders that will work with you.
Let me break down it into three groups for you: a good FICO score, a low FICO score, and a bad FICO score.
If you have a good FICO score, the range will be anywhere from 620 to 850. Getting a score of 850 is very unlikely and is rarely seen, if at all. You have a good chance of getting special rates or discounts if it is over 720. To be better than normal, your score should be above 680. You could probably get any normal loans with this. If your score is between 620 and 680, most likely it will still be approved, but the terms may not fall on your side completely.
A Low FICO score ranges from 580 to 619. This is not necessarily a bad thing. Lenders will still do business with you because your credit is still somewhat satisfactory. Your low score means that you are a higher risk to loan money to. This is a good thing in the views of lenders because they can raise the interest rates and make money off of you. This is also an opportunity for you to raise your FICO score. It is easier to raise a lower FICO score than a higher one.
A bad FICO score ranges from 300 to 580. If your score is above 500 there may still be a chance that someone will have a heart and give you a loan. The terms will be cruel and it may be hard to swallow, but it is also a chance to improve your score. If your score is below 499, good luck trying to find any type of loan. It is very unlikely that you will find a lender who will give you a chance. It is just simply too big of a risk for them. If by some possibility someone does want to do business with you, the terms will be outrageous. It is better for you to try and repair your FICO bad credit first and foremost.
So basically your FICO score range is very crucial to your ability to gain credit. The higher your score, the better off you will be. Lenders will be more open to giving you credit and will also be more lenient with the terms and conditions. If you your FICO score is low, you want to do everything you can to build it up so in the future you have more options for gaining more credit.