A credit score chart shows a general overview of what constitutes an excellent, good, fair, or poor credit score. Credit scores range from 300 to 850, and a score of 720 or above is considered excellent. Credit scores are based on credit reports from three different credit bureaus, and it’s important to know your exact score and work to improve it. There is no standard chart for credit ratings, and different lenders may have different criteria.
A credit score chart is a graph that provides a general graphical overview of what constitutes an excellent, good, fair, or poor credit score. Rather than showing all possible credit scores, a credit score chart will generally only illustrate credit scores that fall between two ranges; for example, a credit score between 600 and 700 could be considered “good.” Unfortunately, there is no standard chart for credit ratings; what one lender considers a good credit score may only be considered a fair credit score by another lender.
Credit scores are based on credit reports compiled by three different credit bureaus; the score may also be called a FICO score. Each of the credit bureaus may determine a different score, but usually they are relatively comparable and are within 20 or 30 points of each other. While a consumer is eligible for one free credit report from each of the three bureaus each year, there is usually a small fee associated with receiving the credit score. It’s a good idea to do this, however, because the consumer can then look on a credit rating graph and see where the score falls.
Usually, a credit rating chart is divided into four categories. Credit scores drop somewhere between 300 and 850, worst to best. In general, a credit score of 300 to 500 is considered very poor, 500 to 600 can be poor to fair, about 600 to 720 is considered good, and anything above 720 is considered excellent. Again, these numbers are merely a rough estimate of what can be found on a credit score chart – charts can differ by source, and there are no standards available.
While it’s a good idea to consult a credit score chart to determine where a person’s credit score falls in a general sense, it’s a better idea to know your exact credit score, track it, and work hard to improve it. Your credit score is made up of a combination of your debt, payment history, length of credit history, types of credit you use, and new debt acquired, so it’s important to keep track of all of these. Homeowners, employers, lenders, insurance companies, and others can check a consumer’s credit report and will look at the actual score, not a credit score chart.
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