What number = "bad" credit score?

Question

OK, so what is the real deal on what number your FICO score has to be to be considered "bad credit" or "good credit"?

Answer 1

well it all depends on who is looking at it .... but some places consider anything under 680 to be bad.

Answer 2

Scores range from 0 to 850, so the higher the better. Most mortgage lenders consider 680 to be the magic score to qualify for most conforming products, (types of mortgages); however, they have plans down to as low as 620, but the rates are higher and these products are fast diappering due to the mortgage problems our nation is currently experiencing. Anything below 620, is considered sub par credit and the lower the worse. There are home loan programs that allow people to buy and get loans all the way down to a score of 500, but they would have to put alot of money down and would pay a much higher interest rate. Most lenders now, will not go under 540 or even higher, say 580 as these credit score programs have definitely proven to predict the manner in which a person will handle his payments and finances. The average american citizen has a credit score of about 670 to 690, which is good enough to generally do about anything in the credit industry, provided they have a adequate income and employment history. You can have this average score and have never been late on a credit card or other debt, because it reflects on how much credit you use, the amount you have, how much you use against the maximum line for each account, and many other little factors. Lenders and creditors look for a stable employment and income history, more than they would a score of 800 or so, because, they would not make many loans as only about three percent of the population has a score of 800 plus, and maybe less.

Answer 3

The minimum number used to define good or bad varies by the industry that is reviewing your credit, a car loan, credit card/personal loan or mortgage will all be different.

In general most times if your middle score [determined by comparing your scores from three credit bureaus] is 620 or more you are considered credit worthy and qualify for reasonable interest rates. Any lower down to about 540 and you can still obtain credit but it will be at a higher interest rate.

Answer 4

Here is the way FICO scores it according to their site:
FICO CREDIT RATINGS

350-519 poor
520-659 fair
660-749 good
750-850 excellent

Answer 5

It depends on who is looking at it....

Generally speaking, above 715 is excellent, and you will usually qualify for the best rates and you will be approved for mostly everything you apply for (as long as income and stuff is OK)

680-714 is still excellent but you might have slightly higher rates.... you are still doing fine though.

640-679 you are starting to get into A- credit... still decent, but especially on the lower end of this scale rates will be higher and you could be denied credit.

The more you get below 640 the more into the sub-prime arena you get... below 550 you are doing really bad, it will be hard to get credit, and rates will be very high.

Anything below 600 is straight up BAD.

Answer 6

Yes it really does depend on who is judging it.

Generally a "bad" credit score would be maybe below 600. But that doesnt mean 600 or over is good though either.

600-680 is fair to average.

Answer 7

There's no exact number where your score goes to "bad". But according to wikipedia, 60% of scores are between 650 and 799. The rest are either above or below this - if you're mid-600's or under, it wouldn't be considered good but might be fair. If you're below 600, you'll find it hard to get a loan, and if you do get one, will pay high interest.

Answer 8

Average FICO score is 725.

Answer 9

Depends on why you are wanting to know. I am a mortgage broker and bad to me is under 500, Average is 600-700 and Good is over 700.

Answer 10

Good credit would be anything above 800, anything below 600 would be conisdered bad. In between is where most us us are.

Answer 11

In the world of auto finance;

Good 680 & up.

Average 640/679.

Sub-prime 639 & lower.