It is derived from your credit reports, which detail your history of borrowing and repaying money. Achieving this status requires a long history of responsible credit use and minimal financial missteps.
Credit Score Range Comparison By Lender: How Different Lenders View Your Score
Consumers here typically qualify for premium credit products and the lowest interest rates available. These tiers are not arbitrary; they are based on statistical analysis of repayment patterns observed across millions of consumers.
The amount of debt you carry relative to your credit limits, known as credit utilization, plays a crucial role as well. Good and Very Good Credit Tiers Moving up the credit score range, the "good" tier generally spans from 670 to 739.
Credit Score Range Comparison By Lender: How Different Tiers Impact Your Approval
You will find more options available and better interest rates compared to the lower tiers. Finally, new credit inquiries can cause minor dips, so applying for credit sparingly is wise.
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