Credit Score Ranges and What They Mean

Also, credit bureaus still calculate FICO points, since February 13, 2009 Experian FICO points are no longer available to consumers. But lenders still provided FICO values ​​calculated by Experian and other credit bureaus. The latest version of the FICO scoring system, called FICO 08, is also available to credit bureaus since July 2009.

What is a Good Credit Score Range?


The Article, Credit Score Range – What is a good credit score, has addressed the following issues related to FICO ratings, mainly, “what is a score scale” and “what is considered a good credit score. Therefore, people may be interested in referring to the aforementioned article because the FICO 08 model evaluates factors considered by the FICO model and more.

For a quick recapitalization later, 300-850 believes that the credit rating area with 850 is the highest credit rank possible. Previously, a credit grade over 720, or in some cases more than 680, was considered good, but in the current scenario credit score between 780 and 850 is good and people with such values ​​are considered prime borrowers.

FICO 08 scoring system
This new credit scoring model uses the same factors used by the FICO model, namely. Payment history, credit usage, length of payment notes, types of credit used, and new applications for new credit while calculating credit score. Furthermore, the scale is also the same, ie 300-850.

There are major differences in approaches to missed payments

There are major differences in approaches to missed payments

However, there are major differences in approaches to missed payments, credit usage, payment history, various credits, piggyback accounts and mismanagement. In general, people who have access to various types of installment loans, such as mortgages and car loans, will be rewarded more by the scoring model FICO 08 compared to the FICO model.

Again, people who use rotating credit extension, those who are closer to their credit limit, and have a history of late payments, will be penalized more by this new scoring system. But, unlike the old model, minor delinquencies will not result in a big penalty.

In addition to the aforementioned changes, piggyback users, who try to increase their credit score by settling as authorized users on credit accounts for people with good credit, will no longer benefit from enhanced FICO values. FICO 08 will also have two additional scorecards compared to the older FICO model that only had 10 scorecards.

According to this rating scale


Mortgage refinancing and loan changes will not adversely affect the credit score of the borrower, in fact the latter may also result in a moderate increase in the borrower’s score.

On the other hand, short selling and bankruptcies will have a negative impact as in the case of the FICO model. Purchase a copy of your FICO score or Loan and Credit, from credit bureaus to get an objective assessment of your credit rating.

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