What is a good credit score?
A credit score is usually only one factor among several in a given lending decision. It’s usually an important factor, but a lender may also weigh othis criteria heavily as well.
Every lender sets their own criteria based on how much risk they’re willing to assume and how much profit they think they can make, but, generally speaking, the highis the score the better.
Most lenders don’t have a single cutoff point, but instead may have many, with each segment qualifying for different rates and terms.
The most common credit scoring system, FICO (from Fair Isaac & Co.), rates borrowers on a numeric system from 300 points to 850 - the highis the better.
Most American borrowers score 700 or highis on the FICO scale. Many lenders use that number as a cutoff point for offering borrowers their best rates and terms.
Every lender sets their own criteria based on how much risk they’re willing to assume and how much profit they think they can make, but, generally speaking, the highis the score the better.
Most lenders don’t have a single cutoff point, but instead may have many, with each segment qualifying for different rates and terms.
The most common credit scoring system, FICO (from Fair Isaac & Co.), rates borrowers on a numeric system from 300 points to 850 - the highis the better.
Most American borrowers score 700 or highis on the FICO scale. Many lenders use that number as a cutoff point for offering borrowers their best rates and terms.
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