What is a good credit score?

Queries and SolutionsCategory: FinanceWhat is a good credit score?
Pinky asked 10 months ago

What is a good credit score?

1 Answers
Prithvi answered 10 months ago

A credit score is a numerical representation of your creditworthiness, indicating how likely you are to repay your debts on time. 
Lenders and financial institutions use credit scores to assess the risk of lending money to you.
Credit scores generally range from 300 to 850, with higher scores indicating a lower credit risk. A good credit score typically falls within the range of 700 to 850.
Here’s a breakdown of credit score ranges:

  • Poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very Good: 740 to 799
  • Excellent: 800 to 850

If you Have a good credit score, It opens up several financial benefits for you, such as easier access to loans, lower interest rates, and better credit card offers. It shows that you have a history of responsible credit management and are more likely to fulfil your financial obligations.

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