Credit Ratings (2024)

FAQs

What are the 5 levels of credit scores? ›

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

A+/A1 are credit ratings produced by ratings agencies S&P and Moody's. Both A+ and A1 fall in the middle of the investment-grade category, indicating some but low credit risk. Credit ratings are used by investors to gauge the creditworthiness of issuers, with better credit ratings corresponding to lower interest rates.

Ratings lower than BBB are considered “non-investment grade," while those between BBB and AAA are considered “investment grade." A credit rating of D may be given when financial obligations aren't met and payments aren't made.

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

How many Americans have an 850 credit score? Only 1.31% of Americans with a FICO® Score have a perfect 850 credit score. While a score this high is rare among any demographic, older generations are more likely to have perfect credit. Baby boomers make up a whopping 59.4% of the people with an 850 credit score.

Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.

How to get 800 credit score? ›

Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.

Some types of mortgages have specific minimum credit score requirements. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.

Grade C. If you have a credit score between 630 and 679, you have fair credit. A score in this range means that you probably have too much debt and/or more than a few late payments.

Poor: 300-579. Fair: 580-669. Good: 670-739. Very Good: 740-799. Exceptional: 800-850.

Types of D&B credit ratings

Businesses that are considered high risk are signaling to future creditors, investors or vendors that they might have trouble repaying their business debts. To be eligible for the best loans and strong credit ratings, your business should shoot for a score within the 80 to 100 range.

Typically, your credit score falls somewhere between five tiers: Super Prime (740+), Prime (680-739), Nonprime (620-679), Subprime (550-619), and Deep Subprime (under 550).

Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.

Is "credit score" the same as "FICO^® score"? Basically, "credit score" and "FICO^® score" are all referring to the same thing. A FICO^® score is a type of credit scoring model. While different reporting agencies may weigh factors slightly differently, they are all essentially measuring the same thing.