About Andrew

Hi, My name in Andrew Campbell, a Canadian of mix Irish-Scottish ancestry, so basically I have Duncan MacLeod gene in my blood , the immortal man who must live in modern society, concealing his true nature while fighting other Immortals, just kidding :). I was living in the US the past few years. Anyway as stated in the Disclaimer page, the material provided on this Website should be used for informational purposes only and in no way should be relied upon for financial advice.

Based on your annual credit report that is prepared by the three credit bureaus, Experian, Equifax and TransUnion, your credit scores are calculated. The scores are very important as they indicate your financial status at a glance. In fact, creditors, financial institutions and prospective employers take a look at the score before reading the credit report.

A credit score is a three-digit number that reflects your credit worthiness. Lenders look at it to assess the credit risk of a borrower and determine whether the investment that they would be making in the form of a loan would be returned or if the borrower would default on repayment. When prospective employers view your score, they try to determine how financially responsible you are.


What Is Your Credit Score Range?


The credit score range begins at 300 and goes up to 850. 300 is considered to be the worst score and 850+ is the best. The credit score range decides the loan terms and interest rates that you will be offered by lenders.

When the credit score range is 720 and above, you have an excellent score. You get the best loan and interest terms.

681-719 –This is a very good score but not as good as the 720 score range. You will get good rates and will also qualify for the loan, but not always.

641-680 – This is a decent score but your score needs improvement.

600-640 – Though this credit score range is good, you will get the loan approved but with the highest interest rates.

When you credit score falls below 600, you are in the bad credit range. You may be turned down for loans at times and at other times, if your request for the loan is approved, you will have to pay a high rate of interest.

Each lender has his own way of interpreting the credit score in his own way. You will find out that your credit score is very important to the lenders. Though not the complete decisive factor, it plays a major role in deciding if you are a ”good” or “bad” customer.

Most of the lenders and credit bureaus use the FICO credit score range for calculation. There are other credit scores too but the FICO score, calculated on the basis of the Fair Issac and Company’s model, is the most popular. For the calculation of FICO score, your credit report from each of the three bureaus is studied carefully and it must have at lease one open account for the past six months.