With so much talk about mortgages and borrowing and credit scores, here's a quick review of the current credit score ratings.
The average American credit score is 692.
720-850--Excellent (The best credit score range and financing terms)
700-719--Very Good (Qualifies for favorable financing)
675-699--Average (Usually qualifies for most loans)
620-674--Sub-prime (May still qualify, but will pay higher interest rates and not qualify for maximum financing)
560-619--Risky (Will have trouble obtaining a loan)
500-559--Very risky (Need to work on improving rating)
Courtesy of David Fairman, Franklin American Mortgage Company.