04-04-2012 08:02 AM
Anyone who has a link to an official table or chart, I would greatly appreciate it.
Here's what I "think" it is:
EXCELLENT CREDIT...FICO 720+
GOOD CREDIT..............FICO 660-719
FAIR CREDIT..................FICO 620-659
BAD CREDIT...................FICO <620
I know that "other" factors are considered when deciding if someone has EXCELLENT credit or not. But are these ranges accurate?
Thanks so much.
04-04-2012 08:07 AM
Different companies have different ranges when analyzing FICO scoring...not to mention most of the companies out there look at non-FICO scoring when reviewing score ranges (e.g. the news media, review sites for FAKOs, etc.).
In FICO speak, your FICO report will show a 5-tier range: Bad, Not Good, Good, Very Good, and Great. I can't remember how they play out in detail, so bumping for others, but I know 660 starts the Good range and that stops at 720 or 735, which is the start of Very Good. I think Very Good goes to 760, which starts the Great range. I'm unsure of anything below the Good range.
04-05-2012 03:14 PM
It also seems that different kind of credit products have different ranges for setting rates. For mortgages, 760+ generally put you at the best rate. Of course, approval is based on other factors. For auto, the top tier rate may be different, slightly lower.