We get this question a lot.
It’s a fair question, too. Just because you know what your credit score is, that doesn’t mean that it’s always easy to interpret it. The answer? It depends on who you ask, and it depends on the scale that your credit score was calculated against.
Different credit bureaus calculate credit scores using different scales, and they interpret those scores differently. Here at ScoresMatter, we use TransUnion’s scale, which ranges from 0 – 710. Check out the rating system below:
These ratings are generalised summaries of the scores within the given ranges, but they should give you a better idea of where you stand with your current credit score. It’s also important to remember that even if your credit score is excellent, that doesn’t mean that you’re guaranteed to receive any loan that you apply for. Lenders and other financial institutions don’t just look at your credit score when considering whether or not to grant loans. However, a great credit score is one of the best things you can do to position yourself for success when it comes to loan applications.
We hope that this quick guide will help you to determine where your credit score stands!
Keep checking in with the ScoresMatter Blog for more tips!