A credit score has great importance in the financial aspects of a person’s life. FICO is a very popular and most commonly used credit score model in the world. The FICO credit score ranges from 300 to 855. Having a FICO credit score of 700 or above is considered as good. While a credit score between 300 and 600 is considered poor in the FICO score model. Anything above 800 is considered excellent in the FICO credit score model.
FICO Credit Score Ranges
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FICO Credit Score Of 643
The FICO credit score of 643 ranges from 580 to 669. So, according to the FICO score range, it’s fair. However, this credit score is below the average FICO score range. A recent study showed 17% of all consumers have FICO scores in the Fair range. Some lenders consider the Fair range as unfavorable to give credit and might decline the credit applications. However, there are other lenders who are happy to work with consumers with a fair credit range but they are more likely to charge relatively high-interest rates and fees.
FICO Credit Score of 890
FICO credit score of 890 is not possible because the FICO credit score model has a range from 300 to 855. So credit score of 890 is impossible or not relevant. Usually in FICO credit score, anything from 800 to 850 is considered excellent. About 21% of consumers have FICO scores in the exceptional range. Moreover, this type of credit score is well above the average credit score and most of the lenders will approve your credit application and you are likely to receive easy approvals on any type of loan.
FICO Credit Score Of 697
A FICO credit score of 697 falls within the range of scores, from 670 to 739, and guess what it’s a good credit score. Do you know that 21% of U.S. consumers’ FICO credit scores are in the good range? So if your credit score is 697 then it means you are maintaining a decent financial portfolio. Usually, lenders considered this type of credit score secure and happily accept credit applications. Moreover, different lenders might offer you various credit products with moderate to lowest-available interest rates.
FICO Credit Score Of 658
A FICO credit score of 658 places within the Fair range of 580 to 669. It’s lower than the average U.S. credit score and with this credit score, you might find it very difficult to get credit card approval. Most of the lenders won’t approve your credit application and other loan application. If any lender approves your application then you might have to pay an extra interest rate compared to the normal interest rate.
FICO Credit Score Of 685
A person with a credit score of 685 is classified as Good because it falls within a span of scores, from 670 to 739. Having a credit score of 685 means you can easily find access to credit cards, loans, mortgages, and other forms of credit. Approximately 29.2% of United States consumers have Good credit scores and if you have this type of credit score then they will consider you eligible for different types of credit products.
FICO Credit Score Of 736
If you have a FICO credit score of 736 then it means you are considered Good. The score of 736 lies in the range from 670 to 739 in the FICO credit score range. In fact, this credit score is right on the border between the “good” and “excellent” credit range. With this credit score, it will be very easier for you to get the approval of loans, credit cards, mortgages, etc. with a lower interest rate. So a credit score of 736 means –
1. Credit Rating: Good
2. Loan Options: Many
3. Loan Cost: Cheap
FICO Credit Score Of 810
A FICO credit score of 810 is considered exceptional. Statistics showed just 20 percent of U.S consumers have a FICO score of 800 or above. 810 credit score will give you the opportunity to take advantage of the lowest interest rate for all types of credits including, mortgage, loan, etc. Moreover, you will receive easy approvals when applying for new credit.
FICO Credit Score Of 540
This is not a good credit score. Your credit score of 540 lays within the range of scores, from 300 to 579. In the FICO credit score model this type of score is considered very poor. This type of credit score is significantly below the average credit score of U.S consumers. With this credit score, there is hardly any benefit you can enjoy. Your credit application will definitely be rejected by the lenders. If you desperately want credit then you have to pay extra fees or put down deposits on the lender’s credits. Utility companies might demand security money on equipment or service contracts.
FICO Credit Score Of 595
A credit score of 595 is not good, it’s fair. If you check the FICO credit score range then you will see a credit score of 595 falls within the range of 580 to 669 which is considered fair. This score is below the average credit score and most of the lenders won’t approve your credit application. You might have to deposit security money to get approval for your credit application.
FICO Credit Score Of 693
The FICO credit score of 693 falls in the range of 670 to 739 and this credit score is considered as good. This score is within the range of the average U.S. FICO score of 704. Lenders tend to accept credit applications from people who have this type of score.
FAQs About FICO Credit Score
1. Can I Buy A Home With 690 Credit Score?
Well, the answer to this question depends on the type of loan you apply for. Usually, the minimum credit score required for five major home loans range from 580 to 680. So, a credit score of 690 is enough to buy a home.
2. What Is A Good FICO Score To Buy A House?
A FICO credit score of 740 or higher is excellent to qualify for a home loan. Moreover, with this type of credit score, you can expect to get a loan with a low down payment and a low-interest rate.
3. What Is A Decent Credit Score To Buy A Car?
Usually, a credit score of more than 660 is good enough to buy a car. Though there is no minimum credit score defined most of the lenders consider the 660 as the bottom score.
4. Is Credit Karma Score Accurate?
Yes, the credit karma score is accurate but Credit Karma uses the Vantage 3.0 scoring model therefore the score won’t match the FICO scores.
5. What Is The Most Accurate Credit Score?
There are hundreds of credit scoring models available but VantageScore and FICO are the most widely used and accepted credit scoring models in all types of industries.
6. What Is The Average Credit Score For A 25 Year Old?
According to Credit Karma, the average credit score for a 25-year-old is 628. On the other hand, the average credit score for a 25-year-old is 662 in the FICO credit scoring model.
Last Updated on October 29, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.