What Your Credit Score Range Means

My credit repair quest began when my credit score was in the mid-530s. I couldn't even get a credit card, much less a mortgage. That's when I decided enough was enough and decided to study everything I could about credit score improvement. There was a lot for me to learn. I began by determining what phrases like terrible credit, fair credit, good credit, and exceptional credit meant in credit score models.

Ranges of FICO Credit Scores

Here's how to figure out where your credit score falls inside the FICO range.

Excellent Credit (780+): If your credit score is 780 or higher, you will be eligible for the best prices.

Very Good Credit (720–779): You should have no trouble receiving good rates in this category.

Good Credit (680 – 719): This is a good credit range to be in, but you won't be able to receive the best loan or credit card rates.

Average Credit (620–679): Your credit score may be better, but you should still be able to get good prices. Most FHA mortgage loans, for example, are still available.

Poor Credit (580–629): A credit score in this range indicates that you are at higher risk and may have difficulty obtaining reasonable rates. Some credit applications will be denied as well. If you meet the requirements, you may still be eligible for USDA and VA loans.

Very Poor Credit (579 or less): If your credit score is less than 580, you're at a very high risk of defaulting on a loan. Almost every credit application you submit will be denied. If you are accepted, the interest rates will be exorbitant. But don't worry, it can be rectified!

How to Get Your Free Credit Report

If you want to get your most recent credit score for free, go to annualcreditreport.com and request a free credit report from TransUnion, Equifax, or Experian every week. In response to the coronavirus pandemic, free weekly reports will be given until April 2021. After April 20, 2021, you'll still be able to get one free credit report each year from each of the three main credit bureaus.

Free credit monitoring services such as Credit Karma or Credit Sesame can also help you keep track of your credit. These won't offer you your exact credit score, but they'll give you a close estimate based on your payment history, credit utilization rate, and account mix.

One of your credit card accounts may provide free FICO or VantageScore scores. To find out, use the app or go to the website.