credit score chart
Credit Score Chart
A credit score chart rates the different credit score ranges according to the way in which they are perceived by financial institutions This article will provide you with a credit score chart for your convenience.
- Every loan that a bank or financial institution provides to any individual or business, comes with a certain degree of risk. They need an assurance that a loan applicant has the ability to repay his loan.
- This ability can only be gauged after studying his or her or the business's current financial status and past credit usage history. The history is provided in the form of the credit score rating, along with credit reports.
- The average credit score of any individual is a number that ranges between 300 and 850, and is calculated on the basis of credit usage history of the person according to the FICO algorithm.
- Credit bureaus are devoted to the task of analyzing the way in which credit lines have been used by the person in the past and calculate the credit score based on a statistical algorithm.
- As the credit score rating scale presented below shows you, higher the credit score of the individual, higher are his or her chances of getting loans sanctioned by banks. You can check out your credit score from credit bureaus any time of the year.
Credit Score | Description |
730 - 850 | Excellent |
700 - 729 | Great |
670 - 699 | Good |
585 - 669 | Average |
300 - 584 | Poor |