Is a credit score of 550 OK?
Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 550 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
Is a credit score of 1200 possible?
A "good" credit score is between 622 and 725, a "very good" score is between 726 and 832 and an "excellent" score falls between 833 ɪmp; 1200. We've broken down the Equifax score bands and what they mean in more detail below: Below average to average (0-509).
What is considered a high and low credit score?
Poor: 300-579. Fair: 580-669. Good: 670-739. Very Good: 740-799.
What is a good credit score?
The higher your credit score is, the greater your chances are of qualifying for a loan and securing the best interest rate. Typically, the best rates and loan terms are reserved for people who have good credit (670 or higher). During your lifetime, a good credit score can help you save a ton of money in interest.
What is the lowest FICO score?
The lowest FICO Score and VantageScore someone can have for the most common versions of these credit scoring models is 300. Below, we’ll discuss how a low score can impact your finances and show you ways you can improve your score. What Creates a Low Credit Score?
What is the lowest credit score for VantageScore?
The lower your score is on each model, the harder it will be for you to qualify for financing. For FICO, the lowest credit score range is 300 to 579; the lowest credit score range for VantageScore is 300 to 499.