Interest Rate Ranges for Different Credit Score Ranks The chart below shows the different rates you might expect to get on various purchases with different credit scores. Now, let’s take a look at what a 700 credit score can actually get you -in real life. Under these ranges, a score of 700 would be considered Good for Experian, but it’s only considered Fair for both TransUnion and Equifax. Retrieved from, TransUnion VantageScore 3.0 model. You’ll notice that each has a different range for what is considered Poor, Fair, Good, etc.Ĭredit Score Ranges: TransUnion (VantageScore 3.0), Equifax, FICO For that reason, you may find that you have different credit scores - even from the same credit bureau.īelow is a quick breakdown of the credit score range for each of the three bureaus. But did you know that there are different ways to calculate your credit score? FICO scores are the most commonly known, but VantageScore has their own formula for calculating your scores. Is 700 a Good Score for Equifax, TransUnion, and Experian?Īs you know, there are three major credit bureaus: Equifax, TransUnion, and Experian. Source: By these guidelines, yes -a 700 score would be considered a Good score. Similarly, a good credit score under the FICO Score model falls between 670 and 739.Ĭomparing Good Credit Score Ranges by Scoring Model Let’s first look at what is considered a Good credit score within the two different scoring models.Īs you can see in the chart below, a Good credit score under the VantageScore model (typically used by TransUnion and Equifax) falls between 700 and 749. This is just one reason why having a better credit score can help you, not only immediately, but in the future as well. No one wants to spend money they don’t need to. That half percent cost Buyer A $20,000, underscoring the value of a higher credit score. The total interest paid after 30 years will be about $133,000.īuyer B, on the other hand, pays just $870 per month, not including property taxes or homeowner’s insurance, and after 30 years will have paid only $113,000 in interest. Buyer A will have a monthly payment of $926 (not including property taxes or homeowner’s insurance). Buyer B has a 745 credit score and gets the same loan at 3.25 percent instead.Ī half percent may not seem like much, but it’s a costly fraction. Buyer A has a 700 credit score and is approved for a 30-year loan with a 3.75 percent interest rate. Two homebuyers want a $200,000 mortgage and both earn $55,000 a year. Below is an example of how important your score is when purchasing a home. Having a Good credit score can mean all the difference when applying for credit. Why is Having a 700 Credit Score Important? Source: Fair Isaac Corporation ().Īs you can see, a 700 credit score is typically considered Good. The chart below shows what is generally considered to be the standard breakdown of score ranges using the FICO credit scoring model as a guideline. These two models are the FICO Score, created by a separate entity, and the VantageScore which was created by the three credit bureaus.Īlthough VantageScore and FICO calculate your score and then each credit bureau offers different versions of these scores, it’s really up to the specific lender to determine what thresholds they consider to be Fair, Good, Excellent, etc. In order to understand if 700 is a good credit score, it’s important to realize that there are two main scoring models used by the three credit bureaus (Equifax, TransUnion, and Experian). We’ll dive into whether or not that’s really a good score, what a 700 score can get you, how it’s derived and what you can do to achieve it. If you’re like most Americans and are looking for ways to earn a credit score over 700, keep reading. Source: Based on the VantageScore, FICO score, Equifax, and Experian credit score range model. So, generally speaking, a 700 score is good - but, we’ll dive deeper than that.Īs you can see from the chart below, the average American is struggling to get over that 700 score hurdle.Ĭredit Score Range and Average by Credit Provider The higher the score, the better you look to potential lenders. FICO is the standard for credit scores, with each credit score agency having their own, at times slightly different, scoring models. Somewhere along the line, you’ve probably heard that a 700 credit score is a good standard of the division between a Good credit score and a bad one. Not only is it what lenders look at to determine your credit health for interest rates – it can impact your ability to get a new apartment, a cell phone contract with no down payment, and in some states, even your opportunity to get a job. Your credit score has more impact on your everyday life than you may think.
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