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2004 study found the median credit score for whites in 2001 was 738, but the median credit score for African Americans was 676 and for Hispanics was 670. [36] 2004 research study found fewer than 40% of consumers who lived in high-Black Indigenous and people of color [BIPOC] neighborhoods had credit scores of over 701. [37]
If you had a fair credit score of 600, you would pay $101 more each month and a total of $3,637 more in interest over the three-year loan term.
500 credit score. 700 credit score. Interest rate. 17.63 percent. 8.59 percent. Monthly Payment. $630. $514. Total interest paid. $12,789. $5,844
FICO Credit Score Ranges . Excellent/Exceptional. 800-850. Very good. 740-799. Good. 670-739. Fair. 580-669. Very poor. 300-579
With VantageScore, someone with a credit score of 700 also falls into the “good” credit rating category. This is their second-to-highest tier and includes scores between 661 to 780.
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] According to FICO, the median FICO credit score in 2006 was 723 [16] and 721 in 2015. [17]
Credit scores usually range from 300 to 850 showing the customer's creditworthiness. A customer with a high credit score shows that they are creditworthy and banks will have no problem giving them a loan. If a customer has a low credit score then banks would be hesitant to give out a loan and if they do it might be with a higher interest rate.
If you have an 850 credit score, your credit is perfect — but any credit score over 800 is considered exceptional, and that’s just as good. Once your credit score passes 800, you’ll receive ...