Anything higher than 720 is thought of as a good score. However, it is important to remember that an individual with a credit score of 720 could either get a higher rate or denied a loan than someone with a score of, say, 680 simply because there are many other components that come into play. You may have an outstanding credit score, but if you lost your job and haven’t been working for six months months – the chances are slim that you will get approved for a loan.
Also, a score of 820 might not get you a good rate than a FICO score of 720 – It lies on the lender and if they see both scores as good investments they may offer the same percentage to both.
The FICO credit score range is between 850 and 300. It is rarely seen those two frontiers in real life. Even the best FICO credit score doesn’t assure that you get what you want and the worst one may not prevent you from getting at least some sort of loan. See important update on FICO range.
FICO Credit Score – Range
Have you ever thought what a good FICO score range is? Many people have wondered about this as well, not only you.. There have been confusing reports of the real FICO ranges over the years. The Federal Reserve has listed four different ranges gathered from their “experts” of 300 to 900, 400 to 900, 336 to 843, and 395 to 848. That’s right, 4 different “experts” came up with 4 different ranges.
According to Fair Isaac, the company who designed the FICO score reported that the score 850 does not really exist; yet their own documents state that it ranges somewhere between 300 to 900. It has also been said that FICO scores go from 300 to 850, yet it got confusion sets as Fair Isaac was not being entirely concrete at such claim that the scores prove anything otherwise.
Next, according to the Experian – a good FICO score is estimated around 400 to 900 yet somewhere along the lines it was said that credit scores swing from 300 to somewhere in 800.
Not even the United States Government have the slightest idea about it. The U.S. Treasury department states the scores are between 350 to 850. The U.S. Department of Agriculture says FICO scores generally range between 300 and 900. And if that isn’t enough yet, the U.S. Bankruptcy Court of Northern District California says the top FICO score is 800.
One can go on and on about how everyone claims different ranges but let’s just integrate them all and conclude that the low range of a FICO score is between 300 and 400, and the high range of a FICO score is between 800 and 900.
