800 - 850 (Exceptional). This is almost always an auto-approve. Additionally, the APR (Annual Percentage Rate) on your credit cards will be the lowest possible. You’ll be treated as royalty. Achieving this excellent credit rating not only requires financial knowledge and discipline and, but also a good credit history. This requires constant credit usage and timely payments.
740 – 799 (Very Good). Only 27% of the United States population belongs to this credit score range. With this credit score range you will enjoy good rates and approved for nearly any type of credit loan or personal loan, whether secured or unsecured.
670 - 739 (Good). This range can still earn competitive interest rates, they are unlikely to command the ideal rates of those in the two higher categories, and it may be harder for them to qualify for some types of credit. If you’re thinking about a long term loan such as a mortgage, try INCREASING your credit score higher than 720 to benefit from significantly lower interest rates.
580 -669 (OK or Fair).
You can get approval, but certain restrictions will apply to the loan’s terms.
Under 580 (Poor). With a poor credit rating you can still get an UNSECURED personal loan and even a mortgage, but, the terms and interest rates won’t be very appealing. You’ll be required to pay more over a longer period of time because of the high interest rates.
500 – 579 (Bad). With a score in this range you can get a loan but nothing even close to what you expect it to be. Some people with bad credit apply for loans to consolidate debt in search for a fresh start. However, if you decide to do that then proceed cautiously. With a 500 credit score you need to make sure that you don’t default on payments or you’ll be making your situation worse and might head towards bankruptcy, which is not what you want. Word of advice: seek professional assistance.