The answer to this question can vary somewhat depending upon who you ask or the type of credit you are seeking. FICO scores range from 300 to 850, but where you fall on that continuum can make a big difference on what kind of interest rate you will pay or whether you will get credit at all!
Here is where the scores tend to fall on the scale:
- 720 to 850 are considered good credit scores
- 660 to 720 are considered average credit scores, although many consider 620 to be the low end of this range
- 300 to 660 is considered a bad credit score
These ranges can also change with the economy, as lenders tend to have higher standards when it comes to defining "good credit." No matter who you talk to, a score under 600 is seen to be bad credit, and anything under 620 is considered "sub-prime."
So What Do I Do?
If you are looking at your scores because you are deep in debt and wondering what effect that is having, and the effect is bad, you might want to wipre the slate clean with a bankruptcy. Find out if you are in too deep and should file by downloading my free book, Am I In Too Deep? A Guide to Knowing When You Need to File Bankruptcy in NJ.
If you live in southern New Jersey and are considering filing bankruptcy, please feel free to call me at 856-432-4113 or contact me through this site for a free consultation in my Woodbury office to discuss your case.