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How to Build Great Credit Score From Scratch

Posted: Tue Apr 30, 2019 4:29 pm
How to Build Great Credit Score From Scratch

Here’s a quick rundown of credit scores:

800-850: Exceptional

740-799: Very Good

670-739: Good

580-669: Fair (Note: It’s common practice to require a 600+ credit score for leasing properties.)

300-579: Poor

With fair/poor credit, one may experience higher interest rates on loans/mortgages.
If renting or leasing, you may be required to pay higher security deposits.
A co-signer may even be required in certain instances.

The terminology and ranges associated with these labels do vary by source,
but it’s more important to have a general idea of where you fall on the spectrum.
You’ll qualify for the best rates if you have a 740 or higher score,
with some institutions that even call for a 760.

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