Tier 4 – 650-669, considered responsible. Tier 5 – 630-649, considered fair. Tier 6 – 610-629, considered poor. Tier 7 – 580-609, considered significantly poor. Tier 8 – 579 and below, considered extremely poor.
An R7 rating means that you have done a consumer proposal, a credit counselling program or you are making payments through an agreed arrangement to pay off your debt. An R8 is given when repossession has taken place, such as a car repossessed and sold, to pay off the loan.
Most borrowers need a FICO score of at least 600 to get a competitive rate on an auto loan. If you have a low credit score, you may still qualify – but you should consider building your score before you start searching for loans.
While it's possible to get an auto loan with nearly any credit score, most lenders are looking for buyers in the prime credit score range with a credit score of 661 or above for the best terms and rates.
A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
Tier 8: An extremely poor score of 579 or below means you “have an extremely poor credit history or I have no credit history at all.”
What is the highest credit score possible? To start off: No, it's not possible to have a 900 credit score in the United States. In some countries that use other models, like Canada, people could have a score of 900. The current scoring models in the U.S. have a maximum of 850.
For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent.
When is R7 removed? Negative information typically remains on your credit report for six years after the last activity date, whether that's your last payment or the filing date, depending on the creditor.
The R7 rating is a specific code used by credit bureaus to indicate that you have entered into a consumer proposal. This code alerts potential lenders and creditors that you are undergoing a debt settlement process.
Level 7 (13-180 credits) = Master's Degree, Level 7 Cert/Diploma = Highly Developed Knowledge & Skills. Level 8 (120-540 credits) = Doctorate, DBA, DPhil, PhD, Level 8 Diploma = Research New Knowledge & Skills.
An R7 indicates that you've come to an agreement with the creditor to pay back some of what you owe, but are unable to pay everything. While this is closer to the poor end of the scale it is still a better option than bankruptcy.
Tier 7-A (Mountain level):
Characters/Weapons who can destroy a mountain, or those who can easily harm characters with mountain level durability.
Even better, just over 1 in 5 people (21.2%) have an exceptional FICO credit score of 800 or above, all but guaranteeing access to the best products and interest rates.
There's no single, specific credit score that will automatically qualify you for a mortgage (though having the maximum score of 850 certainly never hurts). However, while lenders might not set precise qualifying numbers, they do have minimum credit score requirements.
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024.
According to the FICO® scale, a tier one credit score ranges from 800 to 850 scoring points. Criteria may vary between lenders, but the FICO® scale is the most commonly used in the U.S.
Credit score calculated based on the FICO® Score 8 model and is provided for educational purposes.
Key Takeaways. 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.
CIBIL score - 1 means that no information about the borrower's credit history whatsoever. There is no information to report, hence this score is also known as “NH” or “no history”.
Overall, Credit Karma may produce a different result than one or more of the three major credit bureaus directly. The slight differences in calculations between FICO and VantageScore can lead to significant variances in credit scores, making Credit Karma less accurate than most may appreciate.
Generally, it takes around 4-12 months to reach the point where you can apply for a loan. It will take a few months to get to 750 if your score is currently somewhere between 650 and 700.