Credit Score Ranges — What Each Number Means
| Score Range | Rating | Impact |
|---|---|---|
| 800-850 | Exceptional | Best rates, instant approval, premium card offers |
| 740-799 | Very Good | Great rates, easy approval |
| 670-739 | Good | Standard rates, approved for most products |
| 580-669 | Fair | Higher rates, may need larger down payment |
| 300-579 | Poor | Difficult to get approved, very high rates |
How Credit Score Affects Your Mortgage Rate
On a $300,000 30-year mortgage, the difference between a 760 score and a 620 score can mean 1.5% higher interest rate — costing $100,000+ more over the life of the loan.
5 Factors That Determine Your Score
Payment history (35%): Most important. Never miss a payment.
Credit utilization (30%): Keep below 30% of your credit limit.
Length of history (15%): Older accounts help.
Credit mix (10%): Mix of cards, loans, mortgage is ideal.
New credit (10%): Too many applications hurt.