After destroying my FICO during the housing bust, I became obsessed with getting the highest credit score possible. I was getting denied loans and only being offered unaffordable rates and I knew a higher credit score was the only solution.
A credit score below 660 FICO is considered sub-prime by most lenders. Anything below that and you’ll be considered a high credit risk. You’ll be turned down for most loans and pay super-high rates on others
One of the best ways to use your credit score is for debt consolidation. With a higher score, you’ll be able to get rates in the single-digits for personal loans and can save thousands in interest on higher-rate cards.