According to Dana Dratch of Bankrate, the most commonly used credit score is the FICO score, which can run to a maximum of 850 points. The Fair Isaac Corporation (now FICO™) originated the FICO score and it states that the median 2008 score among Americans is 723, with most scores falling between 700 and 799. Your FICO score has a very important meaning. It dictates whether you can get credit and, if you can, the interest rate you will pay. You should know your score and its meaning so you can be prepared as a consumer.
700 and Up
The National Foundation for Credit Counseling Service says that FICO scores of 700 and up are considered to be very good. A score above 800 would be excellent. If you have a score in this range, it means you are making your payments on time and have a good mix of account types and reasonable credit limits for your financial situation. You should be able to qualify for loans and credit cards and get preferred rates.
650 to 699
CreditNet says that a FICO credit score between 650 and 699 is considered fair, especially when you get toward the bottom of that range. You should be able to get credit cards and loans, but you mostly likely won't be in the preferred category.
600 to 649
According to CreditNet, if your FICO credit score is between 600 and 649, it is considered to be a bad score. You will have trouble getting credit cards or loans and will have to shop around to find a lender who will take a chance on you. You will most likely be considered a sub-prime borrower and will have to pay a higher interest rate.
599 and Below
A FICO credit score of 599 or below is very bad. It will have a negative impact on your ability to get credit. You may not be able to get a loan without a co-signer, and you may be limited to secured credit cards that require you to put down a deposit.
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