Each of the major credit agencies – TransUnion, Experian, Equifax – have their own proprietary scoring method.

Credit scores tend to range from the 300s to the 800s. The following is a generalisation of what a score means.

  • A score in the 800s is pretty awesome. You should have no trouble getting a loan or credit card, and getting a good deal on the interest rate too.
  • A score in the 700s is not too shabby either. You should be able to apply with confidence for a loan or credit card.
  • A score in the 600s is not going to excite lenders. Your loan and credit card application may get accepted and chances it will come with a higher interest rate.
  • A score in the 500s or below tends to be regarded as low. Your loan and credit card opportunities are limited.

Do note that your credit score isn’t a fixed thing. It changes in response to how you pay your debts and your bills. If you’re disciplined at making your payments, your credit score will go up over time.


Leave a Reply

Your email address will not be published. Required fields are marked *