What is the Credit Score Scale Range?
The credit score range does not go from one to a thousand. It’s an odd set of numbers that places everyone on a scale with their credit scores, and gives companies a way to judge your credit history without taking a thorough look through your credit report. Your rating is calculated using all of the information that’s in that report, and so it tells companies whether or not you’ve been financially reponsible in the past. After looking at this, they then decide based on where you stand on the scale whether or not they can trust you enough to do business with you. When they trust you and you have a high credit score you will not only get approved for financial dealings, like loans and credit cards, but you’ll get offered better interest rates—not just on these things, but also on things like insurance. The scale goes from three hundred and fifty, to eight hundred and fifty. It’s rare to be on either side of those numbers, though. Most people are going to have ratings in the six hundreds. If you have a rating above seven hundred than you are in a great place and no doors will be closed to you. If you only drop fifty points down to six hundred and fifty though, you’re going to start having a difficult time getting approval for things, and down another fifty to six hundred and you’ll be just lucky to find places that will do business with you. The credit rating scale numbers seem huge, but the range is actually a lot smaller than a lot of people believe.
