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What's a good credit score rating?

Discussion in 'Credit repair & credit score' started by Hannah, Nov 13, 2015.

  1. Hannah

    Hannah Member

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    What the question says: what exactly is a good score rating? Is it true it has to be over 700? Many say this is the standard for loan, credit card, etc. approvals, but I've heard some lenders won't even look at you with a score like that though.
    What's the catch? Who should I believe? Can anyone enlighten me please, I seem to know so little about these things :oops:
     
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  2. Hank Rogers

    Hank Rogers Member

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    There is more than 1 type of credit score, so before anyone can answer your question, you need to provide us more details.

    Each lender is allowed to 'diversify' their own credit score range, so to say. The FICO score is the one most lenders will take into consideration, but there are other credit score versions that come into play as well, if the lender decides it.

    So, before you tell us more, I'll just exemplify how the FICO score is calculated:
    • Excellent Credit: over 750;
    • Good Credit: between 700 and 749;
    • Fair Credit: between 650 and 699;
    • Poor Credit: between 600 and 649;
    • Bad Credit: lower than 600.
    However, each lender decided on their own if your credit score is good enough for them or not. You could get approved with a fair credit by some, just like you could be denied your loan even with good credit by others.
     
  3. peter

    peter Member

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    its depends on lenders. credit rating varies different lender. some lender says 700 is an excellent rating, some will say good and some will say not bad but not good also. each lender has different criteria regarding credit rating
     
  4. A good credit score rating is 700 or above. A score of 800 or above is excellent. Most credit scores fall between 500 to 600.
     

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