topic Re: Fico level/colors in SmorgasBoard

Fico level/colors

Anonymous — Sun, 27 Dec 2015 13:19:18 GMT

At what point does myfico score change colors? From Orange to Yellow and then Yellow to Light Green? Bad to Fair, Fair to good?

Re: Fico level/colors

Shogun — Sun, 27 Dec 2015 16:06:09 GMT

Look at the credit card offerings above, the scores and colors are listed.

Re: Fico level/colors

Anonymous — Sun, 27 Dec 2015 16:12:42 GMT

@Shogun wrote:
Look at the credit card offerings above, the scores and colors are listed.

My scores are all over 600 and are orange. Up above here 600 is yellow. Perhaps the credit cards ones listed above are credit card scores and not Fico 8??

Re: Fico level/colors

Shogun — Sun, 27 Dec 2015 16:23:48 GMT

To be honest, I've never really noticed the colors or their correlation. It really doesn't matter.

Re: Fico level/colors

elim — Sun, 27 Dec 2015 16:38:15 GMT

i'm pretty sure these 2 are corect

670+ yellow

740+ green

Re: Fico level/colors

Anonymous — Sun, 27 Dec 2015 23:10:18 GMT

Thanks

Re: Fico level/colors

elim — Sun, 27 Dec 2015 23:26:36 GMT

@Shogun wrote:
To be honest, I've never really noticed the colors or their correlation. It really doesn't matter.

lol, his have always been green

Re: Fico level/colors

Thomas_Thumb — Mon, 28 Dec 2015 02:47:16 GMT

@Anonymous wrote:
At what point does myfico score change colors? From Orange to Yellow and then Yellow to Light Green? Bad to Fair, Fair to good?

FYI - one example which is middle of the road for color coding

FICO Score Chart

FICO score ranges between 300 to 850. The higher is your credit score is, the lower the risk is to the lenders and the easier you’ll obtain a loan, so to speak. A low score, such as 500, could result in much higher interest rates or having your application rejected outright. Conversely, those with a credit score of 760 – 850 would get the most favorable interest rates.

The following FICO Score Chart may help you to determine where your score is in relation to others.

http://credit-score-scale.com/fico-score-chart/

Here is another score categorization (colors added)

See Where You Stand with My Credit Score Range

Let’s start at the top (the best place to be) and work our way down. Note that we’re using the standard 300-850 FICO model for my credit score range, which is more relied upon than any other algorithms at the moment.

800-850 Credit Score

A credit score of 800-850 is basically flawless credit. Though I’ve never seen an 850 credit score (readers have told me they have 900+ scores but those are different scoring models), scores of 800-850 are fairly common. An important thing to note here is that some consumers may have 800 credit scores the minute their credit profile is established, but without supporting credit history, the score will mean very little to banks and lenders.

On the other hand, a credit score of 800-850 accompanied with years of solid history indicates that the borrower will be granted the lowest rate on everything from credit cards to auto insurance and mortgages. Scores in this bracket represent about 13% of the population.

760-799 Credit Score

A credit score of 760-799 is considered good to great credit, and will typically result in interest rates and approval rates that a credit score in the 800-850+ bucket would yield. The only difference might be a few more pricing incentives at the 800-850+ range, and a more thorough credit check. But all in all, credit scores in this bucket are considered excellent and you really don’t need to worry if you scores fall in this category. In fact, roughly 27% of the population has a credit score of 750-799 alone.

*High Achievers: FICO now considers individuals with FICO scores above 785 to be in a bracket all their own. It’s unclear if this will create another meaningful scoring threshold for creditors, but I wouldn’t be surprised.

720-759 Credit Score

A credit score in this range isn’t all that different from the 760-799 category, though there are some thresholds for FICO scores of 760 and above. For example, when applying for a mortgage, a borrower with a 760 credit score may secure a slightly lower interest rate than a borrower with a 730 credit score. But it’s unlikely that the 760 credit score will be required for approval. It simply leads to a more favorable interest rate, which means the more creditworthy borrower saves money!

680-719 Credit Score

A score in this bracket is still considered good credit if at the higher end, and average credit if closer to the lower end. Although it’s not perfect, you should still be able to qualify for most loans and auto or rental leases, although interest rates may be a little higher than those offered to borrowers with excellent credit. There will be situations where a credit score in this range will prevent you from getting certain types of financing, such as an A-paper mortgage loan or the lowest auto insurance premium, but it’s certainly not bad credit.

660-679 Credit Score

Credit scores from 660-679 are considered “good enough” or “OK” by many creditors, though you may see further restrictions and fewer approvals when attempting to get a auto loan/lease, credit card, or a mortgage. Scores at this level are fairly common, and no cause for alarm, though they are below the average. But it would be wise to evaluate your credit score and work to improve it. In this range, it is quite probable that you aren’t securing the lowest interest rates, and subsequently losing money as a result.

620-659 Credit Score

If you find your credit score in this realm, you’re on the cusp of breaking bad. And you’re really playing with fire because a lot of creditors, especially mortgage lenders, see 620 as the dividing line between creditworthy borrowers and subprime borrowers. Additionally, some credit card issuers aren’t interested in extending credit to those with credit scores below 640.

At this level, you should probably be taking meaningful action to rectify the situation, as opposed to just casually monitoring your credit score. Although not the end of the world, your credit score is costing you money, and maybe even approvals on credit cards and other lines of credit.

580-619 Credit Score

This is where “OK” and “decent” turn to “bad.” Credit scores in this range are clearly below average, and you will have a difficult time securing a loan, or applying for a credit card. If you are able to secure financing, you’ll likely be stuck with an above-market interest rate, especially for lower credit scores in this bracket. If your credit score falls in this area, you definitely need to take a hard look at your credit report and take measures to raise your credit score immediately.

Many consumers with credit scores in this bracket are considered “subprime” and may have to work with bad credit banks and lenders to secure financing (see: secured credit cards). You’re basically throwing money away at this point.

500-579 Credit Score

Credit scores in this bucket are just flat out ugly. If you’ve got a credit score in this vicinity, there’s a good chance you have a major derogatory mark on your credit report such as a collection, charge-off, mortgage late, a foreclosure, or a bankruptcy. There is no question that your credit score is in need of serious help.

At this level, you must evaluate your credit and act immediately to turn things around. You’re clearly paying higher interest rates and making credit mistakes that will impact your life for years to come.

Below 500 Credit Score

Credit scores below 500 are the worst of the worst. If your credit score is this low, your credit report will definitely contain numerous major derogatory marks, with very little positive data to speak of. If your credit score is below this level, you may want to consider speaking with a professional about your situation.

After all, there’s a good chance you’ve got serious financial problems if your credit score is this low. Start picking apart your credit report line-by-line and educate yourself about credit scoring immediately to begin to alleviate your problems. It’s going to take time to improve your credit score, but not all hope is lost.

So now you should have a good idea as to where you stand credit score-wise and what you need to do to improve things, overhaul things, see a professional, or simply maintain your healthy financial lifestyle.

Re: Fico level/colors

Anonymous — Mon, 28 Dec 2015 11:02:04 GMT

Thank You Very Much!

Re: Fico level/colors

Shogun — Tue, 29 Dec 2015 06:29:16 GMT

@elim wrote:
@Shogun wrote:
To be honest, I've never really noticed the colors or their correlation. It really doesn't matter.
lol, his have always been green

Lol, I wish!

Re: Fico level/colors

bdhu2001 — Wed, 30 Dec 2015 00:23:42 GMT

Thanks Thomas. I was wondering if people were using a photo editor to get the red & blue color. I also thought it would be just a matter of time before other colors start popping up.

I thought the statement about the colors over the credit cards was accurate.

Re: Fico level/colors

Thomas_Thumb — Fri, 01 Jan 2016 16:14:15 GMT

You are welcome.

MyFico color codes score ranges with deep green as the highest category and deep red as the lowest. This is the predominant color scheme. However, there is no standard and Equifax designates deep blue for the highest score range with green being used for the next lower category. See below:

Re: Fico level/colors

Themanwhocan — Fri, 08 Jan 2016 22:51:59 GMT

@Thomas_Thumb wrote:
You are welcome.

MyFico color codes score ranges with deep green as the highest category and deep red as the lowest. This is the predominant color scheme. However, there is no standard and Equifax designates deep blue for the highest score range with green being used for the next lower category. See below:

Thats why I use my own terminology.

I've been in the "Lizard" stage for a while, but I'm almost up to "Spock"...