Tier 2 Credit: Considered a very good credit score, scores ranging from 740 – 799. Tier 3 Credit: Considered good credit with scores typically ranging from 670 – 739. Tier 4 Credit: Considered fair or poor credit, with scores that can range from 300 – 669.
A 630 score is in the "fair" range. You may have to pay higher rates on loans and credit cards than others.
FICO score ranges
580 to 669: fair. 670 to 739: good. 740 to 799: very good. 800 and above: exceptional.
A FICO® Score of 620 places you within a population of consumers whose credit may be seen as Fair.
What is a good FICO score? A good FICO score is 670 to 739, according to the company's website. According to FICO's most recently available data in October 2023, the average credit score was 718, which falls in the good range.
Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.
What is the average VantageScore 4.0 score? The average VantageScore 4.0 consumer credit score is 697 as of August 2022. This is considered a “prime” score, according to VantageScore's ranges. A prime score is one tier down from the best range.
Tier 4 means the Employee(s) of the Employer with the title of Manager or a Manager level equivalent title.
Tier One – Considered exceptional credit, scores ranging from 800 – 850. Tier Two – Considered very good credit, scores ranging from 740 – 799. Tier Three – Considered good credit, scores ranging from 670 – 739. Tier Four – Considered fair/poor credit, scores ranging from 300 – 669.
A 720 credit score on the common credit scoring range of 300-850 is right at the border of “good” and “excellent.” In fact, when your score hits 720, you've just crossed over into the excellent score band. That's great news, unless your score was higher and you're worried about what a loss of points might mean.
On the FICO credit score range, a prime credit score is between 660 and 719. Borrowers with prime credit scores tend to pose relatively little risk to lenders and creditors. With a prime credit score, you may qualify for more favorable loan or credit card terms, interest rates and reward programs.
Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
If you're wondering whether you can buy a house with your “good” credit score of 700, you likely can. But your total loan costs with a 700 score as opposed to, say, 760 are significantly different. Let's use a 30-year fixed-rate mortgage loan for $300,000 as an example.
The average FICO Score in the United States was 715 in 2023, according to Experian data, increasing by one point from its 714 average in the third quarter (Q3) of 2022. It marks the tenth consecutive year that average FICO Scores in the U.S. haven't decreased on an annual basis.
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
Can I get an auto loan with an 620 credit score? The short answer is yes, but you're likely to get a significantly higher-than-average interest rate.
You can borrow anywhere from a few thousand dollars to $100,000+ with a 620 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.