Question: What does excellent credit mean?

For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

What is an excellent credit score?

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

What is excellent credit good for?

An excellent credit score can help you receive the best APRs from lenders and give you a higher chance of being approved for credit cards and loans. Many of the best cards require good or excellent credit. Card issuers look at more factors than just your credit score, including income and monthly housing payments.

Is excellent credit rare?

Why you should be pleased with an Exceptional FICO® Score Late payments 30 days past due are rare among individuals with Exceptional credit scores. They appear on just 6.0% of the credit reports of people with FICO® Scores of 800.

What does it mean by having good credit?

If you have a good credit score, your chances of being approved for loans and credit cards increases. Youre also more likely to be offered a more competitive interest rate, as well as a more generous credit limit. Finally, an excellent credit score makes borrowing money and getting credit cards much easier.

What is the average credit score in America?

The average FICO® credit score in the U.S. was 710 in 2020. Thats according to data from an annual study by Experian®. The Experian 2020 Consumer Credit Review uses FICO scores nationwide to determine averages by age, state and more.

Do billionaires have a credit score?

MyFico.com reports that even billionaires like Warren Buffett have less than stellar credit scores. Since credit scores are determined only by peoples credit history, not using credit typically results in a lower score, which makes it harder for a person to get credit when he needs it.

What are disadvantages of credit?

What are the disadvantages of credit cards?Getting trapped in debt. If you cant pay back what you borrow, your debts can pile up quickly. Damaging your credit. Your credit score can go down as well as up. Extra fees. Limited use.7 Jul 2021

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