Why is your credit score important to you as a borrower?
Credit scores are an important part of your financial health. You want good credit scores because they can unlock many savings and benefits, including access to loans and credit cards with the most favorable terms.
What does a credit score indicate about a borrower?
What Is a Credit Score? A credit score is a number between 300–850 that depicts a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors.
What is a credit rating and why is it important?
A credit rating can be the deciding factor on whether a borrower does or does not receive a loan. Good credit ratings allow people, companies, and governments to easily borrow from financial institutions or public debt markets.
How does rating help a company?
A corporate credit rating is a numerical assessment of a company’s creditworthiness, measuring the likelihood of it defaulting on its debt. Corporate credit ratings are issued by rating agencies and help investors determine the riskiness associated with investing in a corporate bond.
What is an excellent credit score?
Generally speaking, a credit score is a three-digit number ranging from 300 to 850. … Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
How good is a 788 FICO score?
Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 788 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders’ better interest rates and product offers.
Is 914 a good credit score?
For Experian, a score of 881-960 is considered good, and a score of 961-999 is considered excellent. For Equifax, a score of 420-465 is considered good, and a score of 466-700 is considered excellent.
Is 913 a good credit score?
A credit score of 721-880 is considered fair. A score of 881-960 is considered good. … A credit score of 566-603 is considered fair. A credit score of 604-627 is good.