A credit score also referred to as a FICO score, is a number given to you based on your credit history. This number will generally rise and fall throughout your life and is calculated based on a number of different factors.
Strictly talking about the FICO credit score system, the . However, with all the factors involved in the scoring system, anything over 800 is considered, “perfect.”
According to Investopedia, credit scores fall into the following ranges: “Excellent” credit is defined as a score of 800 to 850 and is a difficult goal to achieve.“Very good” credit is defined as a score between 740 and 790.A “good” credit score is considered to be between 670 and 739.“Fair” credit is defined as a score between 580 and 669. “Poor” credit is defined as a score between 300 and 579
The 5 Categories That Determine Your Credit Score:
– Your payment history (weighted at 35% of your overall score)– How much debt you have (weighted at 30% of your overall score)– Your length of credit history (weighted at 15% of your overall score)– How many new lines of credit have been opened (weighted at 10% of your overall score)– The types of credit you have open (weighted at 10% of your overall score)