Friday, July 11, 2008

Current Credit Score Ratings


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.

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