Apakah Rentang Skor FICO®?

Saat Anda mencoba meningkatkan skor kredit Anda, penting untuk mengetahui bagaimana pemberi pinjaman mengkategorikan skor kredit. Dengan begitu, Anda dapat menentukan di mana Anda seharusnya berada untuk mencapai tujuan keuangan Anda.

Sangat bagus untuk meningkatkan skor Anda hingga 100 poin, tetapi jika Anda masih dalam kategori "buruk", Anda masih tidak akan beruntung untuk mendapatkan persetujuan untuk pinjaman, kartu kredit, atau hipotek.

Rentang Skor FICO®:300 – 850

Jadi, bagaimana peringkat skor FICO? Kategorinya mungkin berbeda menurut pemberi pinjaman, tetapi skor biasanya jatuh sebagai berikut:

Kredit luar biasa:800 – 850

Anda kemungkinan besar akan disetujui untuk pinjaman atau kartu kredit, ditambah Anda akan menerima akses ke suku bunga dan persyaratan terbaik. Skor kredit tertinggi yang dapat Anda miliki adalah 850.

Kredit sangat bagus:740 – 799

Anda masih akan mendapatkan beberapa tarif terbaik saat mengajukan kredit. Faktanya, beberapa pemberi pinjaman menganggap 720 sebagai ambang batas untuk suku bunga terendah, jadi mungkin tidak masalah jika skor Anda lebih tinggi dari itu.

Kredit bagus:670 – 739

Skor kredit rata-rata orang Amerika adalah 695, yang termasuk dalam kategori “baik”. Anda mungkin tidak memiliki banyak item negatif utama yang tercantum dalam laporan kredit Anda, tetapi ada ruang untuk perbaikan untuk memastikan Anda mendapatkan persyaratan pembiayaan terbaik.

Kredit wajar:580 – 669

Tarif Anda dalam kategori ini pasti tidak akan menjadi yang terbaik yang tersedia, yang bisa berakhir dengan biaya ribuan dolar, jika tidak lebih, pada saat Anda mengambil pinjaman atau membawa saldo pada kartu kredit Anda.

Kredit buruk:300 – 579

Anda pasti memiliki beberapa item negatif dan mungkin kesulitan mendapatkan persetujuan untuk kredit, apakah itu kartu baru atau pinjaman. Jika Anda disetujui, tarif Anda akan sangat tinggi.

Kabar baiknya adalah, ada banyak ruang untuk perbaikan dalam kategori ini. Kabar buruknya adalah Anda mungkin memerlukan perbaikan itu untuk mendapatkan persetujuan pinjaman sama sekali. Misalnya, skor minimum untuk pinjaman rumah FHA adalah 580, jadi jika Anda pasti tidak akan memenuhi syarat jika kredit Anda termasuk dalam kategori ini.

Bagan Skor FICO®

Anda mungkin tahu di mana Anda termasuk dalam kategori kredit ini, tetapi bagaimana dengan orang lain di negara ini? Pada 54,7%, lebih dari separuh populasi memiliki skor 700 atau lebih.

Sekitar 23% orang memiliki skor antara 600 dan 699, dan 22% orang memiliki skor kurang dari 600. Itu berarti hampir seperempat orang Amerika memiliki kredit yang buruk atau berada di ambang penurunan di bawah ambang 579.

Why Good Credit Matters

It’s important to have a good credit score as high as possible because the higher your interest rate, the more money you’ll pay over time. That can really add up for high-value loans like cars or mortgages.

Let’s look at a quick example. If you have excellent credit and take out a mortgage for $100,000 over 30 years and your rate is a low 3.92%, you’ll end up paying an additional $70,000 in interest payments.

If you think that’s a lot of money, wait until you see the next set of numbers. Bump that rate up to 5.92% for someone with a lower credit score, and they’ll end up paying over $113,000 in interest. That’s more than the loan itself! And it’s $43,000 more than the first person paid with a better interest rate.

The High Cost of Bad Credit

Even if you’re not planning on buying a home anytime soon, the same principles apply to credit cards, car loans, student loans, and other loans. The lower your credit score, the more money you’ll have to pay. Plus, landlords and even some employers now do credit checks as part of their application processes.

With a bad credit score, you might have difficulty finding a home or even a job. And if you have a financial emergency, you might be stuck with high-fee options like payday loans or title loans, which can add up fast and even cost you your car.

If you fall into one of the lower credit rankings, it’s time to start evaluating your credit reports. That way you can find out how you can improve that score and keep your financial opportunities wide open.

Industry Specific Credit Scores

Now that you know what a good credit score is, it’s time to get more specific.

Traditional FICO scores from the popular scoring company Fair Isaac Corporation range from 300 to 850. However, there are actually several credit scoring models that lenders might use when judging your creditworthiness. These vary depending on what type of credit you’re applying for.

A few examples include versions specifically for mortgages, car loans, credit cards, and student loans. Each one will look at slightly different information that is more relevant to the exact type of credit you want.

Your Credit Scores Are Different Depending on What You Apply For

The model for credit cards more heavily weighs your revolving payment history, while the auto-version is going to pay more attention to your past car payments.

There are a couple of tricky parts that come with these alternative scoring models. The first is that you probably won’t know which credit scoring model your lender is going to use unless you ask.

Additionally, the credit score ranges are different from the traditional FICO model. Instead of ranging between 300 and 850, the industry-specific scores range between 250 and 900.

On the auto credit range, for example, you’ll want at least a 750 to get the best interest rates. So, you can see how the numbers vary slightly for each different model.

FICO vs. VantageScore

While FICO scores are the most popular ones used by lenders today, there are other companies competing in this space. The other major model is called VantageScore, which was actually created by the three credit bureaus.

VantageScore 2.0, which is still used by some lenders, calculates credit anywhere between 501 and 990.

The latest version, VantageScore 3.0, uses the same range as FICO to reduce confusion, 300–850. Just like FICO, the higher score you have on both types of VantageScore models, the better a lender views your credit.

What Else Do Lenders Look at Besides Credit Score?

Clearly, your credit score is a massive component of any financial application process. If you don’t meet certain minimums, there’s no way you’ll get approved or access the very best rates. That being said, lenders look at a lot of additional information beyond your credit score and credit report.

They also analyze your income level to make sure you can afford the loan amount you’ve requested. Even if you earn six figures, if you have too much debt or the loan amount is too high, the lender might question your ability to make your payment each month.

Employment History

They also look at your employment history. No matter how great your credit is, or how much money you make, most lenders want to see that you’ve been in the same job (or at least the same industry) for the past two years. They even check your tax statements and pay stubs to confirm your earnings and often require proof of employment.

A lender might also want to know how much in cash reserves you have on hand. They’ll likely want to see bank statements because the more savings you have, the more cushion you have to repay the loan even if you have a financial emergency, like medical bills or a lost job.

How to Get the Best Credit Score

Start by consistently paying all of your bills on time and in full. This is the best thing you can do for your credit score because it accounts for 35%—the biggest factor considered!

You should also order a free copy of your credit report to get an idea of what exactly is bogging down your score. Is there anything on there that’s incorrect or out of date? You might be able to dispute it and have it removed.

In the event you have multiple negative items, you could greatly benefit from talking to a credit repair company to help you clean up your credit history.

Get a Free Credit Consultation

Most companies, like Lexington Law Firm, offer a free consultation so you can ask questions about your specific situation and find out exactly what they can help you with.

Knowledge is power, and finding out your credit score and learning what range you fall in can help you plan the next steps in your financial future.

Never assume the worst-case scenario; there’s no such thing as a lost cause. Everyone, no matter how bad their credit score is, has the potential to improve their financial situation.

It might take a little time and effort, but it’s always doable. Professional credit repair companies that have been in the business for a long time have truly seen it all. Don’t be afraid to give one a call today and find out what you can do to increase your credit score.

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