FICO Score Chart
FICO Score Chart. See where you fall in the FICO score range compared to the average fico score and the interest rates you are eligible for here. Your FICO score is a very important determinant of your credit worthiness and thus the interest rates banks will be willing to lend you money at.
FICO Score Range
The FICO chart records your FICO score within the FICO score range compared to the average FICO score. Your FICO score determines everything from the interest rate on your mortgage to the interest rate on your credit card. It is an indicator of your credit history. The higher your FICO score, the better interest rates you can secure. A high FICO score indicates a high level of credit trustworthiness; banks, credit card companies and landlords would thus see you as someone less likely to miss or default on payments.
FICO Scores Chart
Use this FICO Rating Chart to determine your current credit standing. There are six FICO score ranges:
|FICO Score Range|
The higher your FICO score, the lower the interest rates you are eligible for. You need to make sure your FICO score falls within the top range (between 720 and 850) in order to get the best interest rates. Those with scores below 500 fall below even the lowest FICO score range and would be in the ‘sub lenders’ category
The difference between the top range and the bottom range can be as large as 4%; especially for big ticket items such as a house, this translates into a difference of several hundred dollars in monthly payments, and a few hundred thousand dollars in interest in total.
Actual FICO Score Chart: FICO score range lenders
This table will demonstrate how your FICO score range and lenders’ interest rates correlate. Notice how the increments taper off towards the ends, and increases widely in the middle ranges.
|FICO Score Range||Interest rate on 10-year fixed mortgage|
|FICO number: 720-850||4.600%|
|FICO number: 700-719||4.825%|
|FICO number: 675-699||5.262%|
|FICO number: 620-674||6.131%|
|FICO number: 560-619||7.422%|
|FICO number: 500-559||8.025%|
As you can see, your FICO score can dramatically affect the interest rates you are eligible for. The more you are able to increase your FICO score, the more you will save on costly interest rate payments.
What is your credit report FICO score? Factors that determine your FICO score and how to influence them.
What it takes to raise your FICO score. How to raise FICO score. How to improve your FICO score by improving each component of the score.
How the FICO score is calculated. Implications on interest rates and what it takes to score in the highest range.
What FICO stands for in the first place. Thorough definition of FICO and how it came about.