The actual score scale

[Anonymous]

Hi,

I'm sure this has already been asked, but I have searched all over this board and cannot seem to find it. I have also searched all over the internet and only seem to run in to websites that want to "repair my credit" instead of answer my question. It's so simple yet I can't seem to get any info!

I am curious what the actual scale is of a score? ie, 650-750 = good,

                                                                                    751-800 = very good 

                                                                                     etc.

Is there an actual scale like that for a credit score? I thought there was, but maybe tehre's not, which would explain why I can't find this answer anywhere.

I thought that 680 was officially "good" credit, and after checking my credit score, I finally got up to 680 (!) but it says my credit is still "fair". (FYI, I have a subscription with USAA that allows me to check every day for $5.50 a month).

I would appreciate any insight! Thanks!

[Anonymous]

You need to read:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654&view=by_date_asc... 

on Credit Scoring. You are getting what we call "FAKO's" on this site through USAA. It is not the FICO scores that most lenders use to help judge credit profiles. Your score may have been on a scale with a higher score than 850, thus making a 680 worse than good on their scale (which is not used by many lenders and thus pretty irrelevant)

In general the FICO score ranges are:

760+ = Excellent (most favorable loan terms if other factors like job, income are in line)

720-759 = Very Good (near best loan rates if other factors are good; rarely denied for credit cards if  your report is without negatives)

680-719 = Good ( Can get most loans and many cards, but not best APR's)

640-680 = Fair (Harder time getting loans or prime credit cards but still some possibilities)

600-640 = Mediocre (Many prime lenders will not offer anything but secured cards....subprime lenders are often the loan offers at extremely high APRs)

Less than 600 = Only rebuilder cards and ultra high APR offers

These are generalizations and partly generally accepted ranges and partly my own personal opinions formed from discussions on this site.

Message Edited by debtisgood on 08-27-2008 07:28 PM