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What Does My Credit Score Mean In Terms Of Credit Card and Loan Approval Or Rejection
Credit Scores Converted to Credit Ratings
330-550 = High Risk (Bad Credit). Most credit card companies and loan lenders are wary about extending credit cards and loans to individuals in this high risk range. You likely get denied, or you'll likely have very limited lines of credit at high rates.
551-625 = Medium to High Risk (Poor Credit). Credit card companies and loan lenders are very cautious about extending credit to individuals with scores in the medium-to-high risk range. If you get approved, you'll likely pay high fees and/or rates.
626-699 = Medium Risk (Fair Credit). You may get approved for loans and credit, but don't expect to get high credit limits nor the lowest interest rates.
700-725 = Low to Medium Risk (Good Credit). Credit card companies and loan lenders are very willing to extend credit to people in the low-to-medium risk range. In this range, you may get better-than-average rates and terms on new loans and credit cards.
726-830 = Low Risk (Great Credit). Credit card companies and loan lenders will beat down your door to offer you credit cards and loans. You may even negotiate lower interest rates or better terms.
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