Your credit score is a number lenders use to determine whether you’re worthy of credit or not. Credit scores are usually divided into five categories:
Excellent: If your credit score ranges anywhere between 740 to 850, it is considered excellent. Having a score this high normally means you’ll be approved for anything and won’t have to worry about paying high interest rates.
Good: Good credit scores fall somewhere near 700 and 740. Good credit scores are just like Excellent credit scores. You’ll be approved for just about anything.
Fair: Fair credit scores range in the low to mid 600s. It’s a little tougher to get approved for credit, but you may still have a chance. Your interest rates will definitely be much higher.
Poor: Poor credit ranges in the 500s. Believe it or not, you can still get approved for some things with poor credit. Your interest rates will be at the mercy of the lender.
Very Poor: Very poor credit falls below 500 all the way down to 350. This is a very sad place to be. It’s next to impossible to get approved for anything with scores this low.