A number of companies maintain credit scores for consumers which indicate their creditworthiness to lendors.
Companies:
(1) FICO
(2) Vantagescore (Experian, Equifax, TransUnion)
Factors used to determine the score:
(1) payment history for loans and credit cards
(2) credit utilization rate
(3) number and type of credit accounts
(4) total debt
(5) public records (bankruptcy, etc)
(6) number of new credit accounts recently opened
(7) number of inquiries for a credit report
|
FICO Score
|
Rating
|
Significance
|
|
800 to 850
|
exceptional
|
best rates
|
|
740 to 799
|
very good
|
better than average rates
|
|
670 to 739
|
good
|
average rates
|
|
580 to 669
|
fair
|
subprime borrower
|
|
300 to 579
|
very poor
|
not likely to be approved or require to pay fee/deposit
|
|
Vantagescore
|
Rating
|
Loans
|
|
750 to 850
|
excellent
|
best rates and terms
|
|
700 to 749
|
good
|
competitive rates
|
|
650 to 699
|
fair
|
less than competitive rates
|
|
550 to 649
|
poor
|
unfavorable plus conditions
|
|
300 to 549
|
very poor
|
not likely to be approved
|
