credit score scale 2011

[JohnDoe12]

I pulled this off another site. Can someone confirm this?  

Credit Score Scale (2011)

Before applying for a loan, it's essential that one refers to the credit score scale (2011) presented below, as it will give you an idea about the odds stacked against your loan application's safe passage.

Credit Score	Description
730 - 850	Excellent
700 - 729	Great
670 - 699	Good
585 - 669	Average
300 - 584	Bad

Does myfico.com have a chart that displays score vs risk and frequency (% of consumers with score)?

Thanks,

JD12

[llecs]

FICO (well, myFICO) uses a different scale and terms. It goes from Bad, Not Good, Good, Very Good, and Great. I believe that Very Good starts at 720 and I think hits 760. Great is beyond that. Good for sure starts at 660 and goes to 719 I think. I don't know where Not Good starts at. Your FICO report shows this chart on the first page and shows where you are at for that moment.

I don't think there's anything out there that shows where everyone fits, but your FICO report shows a risk chart:

[JohnDoe12]

So when someone says they have average credit, are they saying they have "good" credit, or "not good" credit, or are they claiming to have a credit score that is close to the mean or median credit score of American consumers?

JD12

[llecs]

"Average" is always relative to "what", right? IMO, I don't think most Americans know about what's good and what's not good per a FICO score. When I first came on here, I thought that a 600 was a good score and was average for most Americans. So when most say "I have an average FICO score", likely they have no clue. They're only guessing because most of their friends have credit like they do. Now once every blue moon, FICO will publish the median FICO score. It seems to vary between 680-720. But I wouldn't know the latest stats without researching comments made by FICO execs during media interviews.

[Jazzzy]

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@JohnDoe12 wrote:

I pulled this off another site. Can someone confirm this?  

Credit Score Scale (2011)

Before applying for a loan, it's essential that one refers to the credit score scale (2011) presented below, as it will give you an idea about the odds stacked against your loan application's safe passage.

Credit Score	Description
730 - 850	Excellent
700 - 729	Great
670 - 699	Good
585 - 669	Average
300 - 584	Bad

Does myfico.com have a chart that displays score vs risk and frequency (% of consumers with score)?

Thanks,

JD12

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I don't know too many people who would consider a 585 FICO score to be "Average." It's pretty low in the scheme of things.

Just my opinion...

[haulingthescoreup]

I realize that OP is asking a serious question, but this is still my favorite score scale:

Interpreting Your FICO Score by TheNewWorldMan  Note: a 585 on this scale ranks at "busboy."

For anyone wondering where they need to get their FICO scores before mortgage hunting, I would suggest checking out our Mortgages board.

[Anonymous]

Interpreting your Fico Score by TheNewWorldMan was Hilarious!!!