All About Credit Score
What is a Credit Score?
Know more about the Credit Score:
How is the Credit Score Set?
Report on Various Credit Ranges
|Credit Score||Rating||Percentage of People|
|300 to 579||Below Average||17%|
|580 to 669||Average||20.20%|
|670 to 739||Good||21.50%|
|740 to 799||Very Good||18.20%|
|800 to 850||Excellent||19.90%|
The above report gives us an idea about the importance of the score range and the clarity that one should have about his or her credit score.
Review of the impact of different credit ranges in brief:
1. Applicant whose score lies between the range 300-579, are considered subprime borrowers.Applicants whose CIBIl comes under this category may be required to pay a fee or depost, and may not get their loan or other credit applications approved.
2. Only 8 percent of the applicants falling under the range of 580-669 are likely to become seriously negligent in future.
3. Applicants falling under the range of 670-799 receive better than average rates from lenders , thus giving them due credit benefits.
4. Applicants whose score fall under the range varying from 800-850 are the top listers and prioritized with best of the interest rates from the bankers and the lenders.