For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

Is a credit score of 178 good?

Equifax scores people from between 0 to 600. 0 to 278 is a very poor credit score and this person would pose a big risk to lenders. 279 to 366 is still quite a poor credit score and would still pose a risk to lenders. 467 and above is considered an excellent credit score and a low risk to lenders.

What’s a bad credit score?

What Is a Bad Credit Score? On the FICO® Score☉ 8 scale of 300 to 850, one of the credit scores lenders most frequently use, a bad credit score is one below 670. More specifically, a score between 580 and 669 is considered fair, and one between 300 and 579 is poor.

What happens if you have a bad credit score?

Having a poor credit score will result in a higher interest rate on your home mortgage, for example, which can cost you tens of thousands of dollars over the life of the loan. Trouble getting a mortgage: Mortgages are very large loans, so understandably, lenders want to be confident you will not default on them.

How does bad credit affect your home loan?

Higher interest rates: Because lenders see those with bad credit as a higher risk, they’ll charge interest rates accordingly. Having a poor credit score will result in a higher interest rate on your home mortgage, for example, which can cost you tens of thousands of dollars over the life of the loan.

What should my credit score be right now?

For instance, most major credit scoring models follow a 300 to 850 range (the lower the score, the worse for wear, but more on this in a minute), and, while you’re looking at a score measured this way, you can generally assume anything below 600 is a bad credit score.

How many people in the US have bad credit?

According to a 2015 analysis of VantageScore 3.0 data, almost 30% of Americans have poor or bad credit (defined here as a score lower than 601). That 30% amounts to about 68 million of the 220 million score-able people out there, VantageScore says.