What is credit score and credit score range

What is credit score and credit score range

A credit score is a three-digit number, scaling between 300 to 850.

Credit scores are calculated with financial details from your credit account and collected by agencies called credit bureaus.

Creditors set standards for what scores they'll accept, which are generally regarded as credit score ranges.

While a score of 720 or higher is considered excellent credit, a score of score of 629 or below is poor credit.

The average credit score in the US ranges between two major scoring models.

The average FICO 8 score of 716 and VantageScore 3.0 average of 695.

Factors like income and other debts also play a role in creditor decisions on credit scores and application approval.

You can improve your credit score by paying your bills on time and keeping credit card balances under 30%.