Good credit score: What are the different ranges and their meanings?

Your financial stability and income plays a major role in determining your credit score. Hence, a good credit score puts lenders at a lower risk after which they may offer lower interest rates and repayment periods. Credit score range Credit scores usually range between 300 and 900 and are grouped as; no score, poor, average, good, very good and excellent. Credit score Status Meaning 800 and above Excellent Low-risk borrowers, easier to secure a loan at preferential terms 750 to 799 Very Good Good credit history, easy to get the credit application approved 701 to 749 Good Can get loans and credit cards, good scope for improvement 651 to 700 Average ‘Subprime’ borrowers, difficult to qualify for new credit because of the high risk of default 300 to 650 Poor High chances of credit rejection if applying at this score, focus on rebuilding the credit score Advantages of a good credit score A good or high credit score is a summary record of consumer credit history that assures a particular kind of customer is safe for the lenders to accept, thus minimising the risk. This credit score means that you will get multiple loan benefits such as fast approval on loan, lower and competitive interest rates on loan as well as excellent offers on any kind of credit.