Credit Score 300-850 Explained Like School Grades

A+ = 720 and Above

  • Having a score of 720 or above will be you the best interest rates for Home and Auto Loans, which are our biggest purchases in life
  • You will also be eligible for the best cash back rewards credit card
  • The challenge with a 720 or higher score is keeping the score there and not taking steps backward
  • This usually happens by overspending and running up card debt or buying a car the is too expensive and repair costs take you down
  • Learn to Avoid the Pitfalls along the way with this simple guide

A = 700-719

B = 660-699

C = 620-659

  • Even though you may be able to get a approved for a Home Loan with this credit score, it is best to wait and work on getting to 720
  • Waiting will save you possibly $100,000 in interest over the life of the loan.
  • There is also a big myth about refinancing your home loan, when you take amortization into consideration refinance is VERY expensive
  • Auto Loans in this score range start to get expensive as well. If you really need a car for work etc make sure to focus on getting to 720 and refinance the auto loan at the credit union ASAP
  • Learn to Avoid the Pitfalls along the way with this simple guide

D = 580-619

  • Put on hold the thought of a Home Loan with this credit score, it is best to wait and work on getting to 720
  • Auto Loans in this score range start to get VERY expensive. Interest rates will rise above 20% and you will be paying $60k for a $30k car
  • You will be better off finding creative options and focus on getting to 720
  • Avoid Predatory Lenders at all cost, go without vs dealing with the predators

F = 579 and below

Why is Rent Reporting a big help?