What Is the FICO Credit Score Range? Know Where You Stand
What Is the FICO Credit Score Range? Know Where You Stand
The FICO credit score range runs from 300 to 850, with higher scores indicating better creditworthiness. Understanding where you fall on this scale can help you make smarter financial decisions, like when to apply for a loan or credit card. According to Experian, the average FICO score in the U.S. was 714 in 2023.
Why This Matters
Your FICO score can impact your wallet in big ways. A higher score may save you thousands on mortgage interest over the life of a loan. For example, improving from a score of 650 to 700 could lower your interest rate by 0.5%, saving you up to $10,000 over 30 years on a $250,000 loan.
The Full Explanation
Understanding the FICO Credit Score Range
The FICO score is divided into five categories:
- Poor: 300-579
- Fair: 580-669
- Good: 670-739
- Very Good: 740-799
- Excellent: 800-850
How Your Score Is Calculated
Your FICO score is calculated based on five factors:
- Payment History: 35%
- Amounts Owed: 30%
- Length of Credit History: 15%
- New Credit: 10%
- Credit Mix: 10%
Step-by-Step: How to Improve Your FICO Score
- Check Your Credit Report: Make sure there are no errors. Dispute any inaccuracies you find.
- Pay Your Bills On Time: This affects 35% of your score.
- Reduce Debt: Aim to keep credit utilization below 30%.
- Avoid New Credit Applications: Too many hard inquiries can lower your score.
- Use BON Credit: It tracks your score and gives you personalized tips for improvement.
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Common Mistakes or Myths
One common myth is that checking your own credit score will lower it. This isn't true. Checking your score is considered a soft inquiry and doesn't affect your score. Another mistake is ignoring your credit report. You should review it annually for errors that could be dragging your score down.
FAQ
What is a good FICO score?
A good FICO score is typically in the range of 670 to 739.
Does checking my FICO score hurt it?
No, checking your own score is a soft inquiry and doesn't affect your score.
Can I improve my score quickly?
Yes, by paying down debt and ensuring timely payments, improvements can be seen in months.
How often should I check my FICO score?
Check it at least once a month to stay on top of any changes.
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- The FICO score ranges from 300 to 850.
- A higher score can save you thousands in interest.
- Checking your own score doesn’t hurt it.
- BON Credit offers free tracking and personalized improvement tips.