North Country Business Blog

When you want a loan from your bank, buy a house or getting hooked on a mortgage always in your head that you have to have good credit. Previously we talked about how your FICO score is made on what model that most lenders use, these are the scores you might have in detail. This score can vary from creditor to creditor, but will give you a good idea where you want your score when you go to apply for credit.

Your FICO score can range from 300 to 850, the higher the better:
720 or more
This score is considered to be excellent. This score will open the door to interest rates the lowest in the market.

Between 680 to 719
Most people have this score. This item is considered very good. If you have this score usually give you a competitive interest rates.

Between 620 to 679
If you are in this category most likely to get approved for the loan, but the terms and rates could be a little high.

Between 570 to 619
From now on no problem. This score is not bad, but most is coming to it. Banks and creditors will offer the highest rates. If you have this score I would recommend that you wait 6 months to a year before entering into any contract. You should try to improve this score (paying your cards in full, ask for an increase in your limit, reaching agreements with companies to collections if you have account in it, clean up your credit report) before seeking bids.

569 or less
Here is the real problem begins, it is not very common to give you a loan if you have this score. You should start to improve your credit and start paying your bills on time. Do not apply to any loans that will most likely deny it and this will affect you but your credit report.

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