What Is considered a Bad Credit Score?
A credit score reflects your payment history and other factors that allow a lender to rate your creditworthiness. You will be favored by lenders if you have higher credit score.
However, if you have a lower credit score, or a score under about 620, you will
likely find it difficult to obtain a loan at big banks and from traditional sources.
In general, ratings for credit scores are:
- Excellent/very good credit score: 700 to 850
- Good credit score: 680 to 699 (U.S. Average is a score of 682)
- Average/OK credit score: 620 to 679
- Low credit score: 580 to 619
- Poor credit score: 500 to 579
- Bad credit score: 300 to 499