The question gets asked more often to financial writers and also on personal finance websites. The odd part, would be that the question is meaningless. Its like asking what is a great football score, or possibly what is a great color. The answer depends completely upon why you are asking.
For instance, a good color for a hunter's security vest is orange, but a very good color to paint your soothing reading room is most certainly not orange. What makes a very good credit score depends upon exactly why you're asking as well.
Certain loans are far more risky than others. On the chance hierarchy, loans without collateral are riskier compared to loans with not easy to offer for sale or hard to value collateral, which are riskier than vehicle loans, which are riskier compared to mortgages, which are riskier than loans backed by deposits. For each loan type, you will need a different credit score. The top credit ratings will be required for the riskiest loans.

What is A bad Credit Score
The easiest way to begin responding to the question, is to determine what a bad credit score is. Any score below 650 is considered to be a sub-prime score. Quite simply, everything below 650 we can do away with as being a great score.

What is A great Credit Score
At another end of the spectrum is a truly fantastic credit score. Right here things can vary a little bit more, but in training, a credit score more than 750 is recognized as excellent. When you're previously turned down for a bank loan with a 750+ credit score, it will be for grounds not related to the credit of yours. For instance, specific loan amounts might call for some minimum income. After all, no matter just how amazing the credit of yours is, there is simply absolutely no way for someone making $60,000 per year to pay off a $800,000 loan over two years without almost all of the cash pretty much sitting in an account somewhere.

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