When your credit score falls in a lower range, borrowing money can be a challenge. Why Do I Have So Many Credit Scores With One Credit Bureau? Different credit score ranges and how they affect you VantageScore 1.0 and 2.0 each had a credit score range of 501 to 990. Source What is a good credit score? Note: Earlier versions of VantageScore credit scores didn’t feature a 300 to 850 scale. What to Expect You're unlikely to qualify for financing.
When you do qualify, you should expect to pay more. What to Expect It may be difficult to qualify for financing, depending on the lender. What to Expect You may qualify for financing, but as a subprime borrower you probably won't get the best deal a lender has to offer. What to Expect You're likely to qualify and receivecompetitive offers on financing (i.e. What to Expect You're likely to qualify for financing and may receive the best interest rates and terms available. This chart shows the credit score range for the VantageScore 3.0 and 4.0 models. But the good news is that higher credit scores on industry-specific and custom scoring models still boil down to the same result. As a borrower, higher scores mean that lenders are more likely to approve your applications and to extend you better offers on financing. The credit score ranges on custom models can vary according to the lender’s requests. It can be confusing to realize that different lenders may use different FICO Score versions to analyze your credit reports. Some lenders also pay FICO to create custom scoring models.
These credit scoring models feature the following credit score ranges: FICO Auto Scores and FICO Bankcard Scores are two examples. Source What is a good credit score? What is a credit score? addition to the base FICO Scores above, there are industry-specific FICO Scores as well. If you qualify, you may face high interest rates, less attractive terms, and additional fees. What to Expect Lenders may deny your financing applications. If you qualify for financing, you're unlikely to receive the best rates and terms. What to Expect Lenders may consider you to be a subprime borrower. What to Expect Lenders may approve your application, but won't necessarily offer you the best deal. What to Expect Very Good Lenders are likely to approve you for financing offers featuring competitive rates and terms. What to Expect Lenders will likely approve your application and offer you their best rates and terms. Credit score range for FICO Base FICO Score There’s also a general guide to show you how lenders might interpret your score, depending on where it falls on each scale. Below you’ll find several different types of credit scores along with their numerical ranges. Most credit scores fall between 300 to 850-especially those created by FICO and VantageScore Solutions (the two most popular credit score brands in the United States).
0 kommentar(er)
