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FICO Credit Score Ranges . Excellent/Exceptional. 800-850. Very good. 740-799. Good. 670-739. Fair. 580-669. Very poor. 300-579
With rates that high, you could end up paying thousands more in interest over the life of the loan compared to someone with excellent credit. Most lenders reserve their premium 0-3% APR auto loan ...
Good credit opens the door to better interest rates, more credit card options and a higher chance of loan approvals. Your credit score captures your creditworthiness and helps lenders assess risk.
If you can't hit a perfect credit score, what should you really aim for to get good rates? Experts say to aim for a credit rating in the mid-700s. Find Out: What Is the Average Credit Score for the...
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate , and what credit limits. [ 2 ]
The CFPB, too, sees a lack of competition in the credit card marketplace as being behind this pattern of bigger issuers charging higher interest rates. Currently, the top 30 credit card issuers ...
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