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When it comes to credit scores, there is a lot of information to absorb. What are they? How do they affect you financially? What is a "good" score?
The classic FICO credit score (named FICO credit score) is between 300 and 850, and 59% of people had between 700 and 850, 45% had between 740 and 850, and 1.2% of Americans held the highest FICO score (850) in 2019. [15] [16] [17] According to FICO, the median FICO credit score in 2006 was 723 [18] and 721 in 2015. [19]
The CIBIL credit score is a three digit number that represents a summary of individuals' credit history and credit rating. This score ranges from 300 to 900, with 900 being the best score. Individuals with no credit history will have a score of −1. If the credit history is less than six months, the score will be 0.
If your credit score is 850, you have the highest credit score possible in both the FICO and the VantageScore credit scoring systems. However, the FICO credit scoring system considers all credit ...
Experian, one of the three credit reporting bureaus, says the average U.S. credit score is a 715. You need at least a 740 to have a credit score that's considered very good.
A credit score is primarily based on a credit report, information typically sourced from credit bureaus. [ 2 ] 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 .
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