The FICO credit score range varies from 300 to 850 and can affect the availability of an individual’s credit, the amount of interest payable by a person and things like cell phone and utility bills. For a person who knows about a good credit range, this is not an issue. Knowing what is good credit score can have a great influence on your coming future. Lenders will use this score to know if you are reliable and trustworthy. FICO score is used in the majority of credit decisions.
Having a basic knowledge on the good credit score will provide you a sight on determining what is used by the lenders to link value ranges with some other metrics and features which will help them in making an informed decision on lending easily. With a great credit range above 800, the applicant has the best chance of getting loans at best possible rate of interest. This is the sign of wonderful FICO score which above the average credit. Every person who comes under this range will have easy approval procedure while searching for a loan. Only one percent of customers who come within this range are more likely to become faulty at any time.
In an attempt to understand about good credit score, people with a score range of 740 to 799 have a very good FICO score range which is very good. People with this score have a chance of getting a better rate of interests from the lenders. Around two percent of people in this range become delinquent sometimes. For a person with a score range of 670 to 739, which is a medium range, will come under acceptable borrower. Around eight percent of people with a good range is likely to become faulty in future. Your credit score is a part of what will be taken into consideration by the lender while deciding your reliability. But it should be understood that this rating doesn’t take your length of employment, income, child support payments or alimony into consideration. Having a history of too much of short payment or a new credit can affect your FICO score. It doesn’t necessarily have to be from your previous payments or fully utilized cards.