What is considered bad credit? And what is good credit?
If you have a credit score of 720 or above, then you have wonderful credit and will qualify for loans and interest rates for borrowers in the highest echelon. If you have a credit score of 700 to 719, then you have excellent credit and are considered low risk, but you might not qualify for the best loans and your interest rates might drop if you raised your score a few points. If you have a credit score of 660 to 699, then you have fair to good credit. You might qualify for a loan, but only if the rest of your application is strong. You definitely won’t receive the best loans or the lowest interest rates. If you have a credit score of 620 to 659, then you have weak to borderline credit. The rest of your file will need to be perfect to qualify for an acceptable loan. You will pay higher interest rates and your loan terms will be less than ideal, assuming you even qualify for a loan. If you have a credit score below 620, you have poor credit. Your loan terms—if you qualify—will be far fr
