Credit Score Scale – FICO Score and Beacon Score

When you request a credit report, you often have the option of also requesting your credit score. With regard to this, just as it is important to understand how to read your credit report, it is crucial to understand the credit score scale to understand where you stand credit wise.

When lenders request your credit report from the credit reporting agencies, they receive not only the breakdown but also a numerical score. This score is calculated depending on a number of factors, including the amount of credit you have, your credit limits, any late payments and any bankruptcies or liens. This calculation gives lenders a good indication of your credit habits and helps them determine whether or not they will offer you credit.

Is there a difference between a FICO and Beacon score? FICO is short for Fair Isaac and Co., the company that creates risk models. FICO is generic and forms the basis for the Beacon score. The Beacon score is an Equifax branded FICO score, the only difference is that a Beacon score only uses the information found in your Equifax credit report.

What is the credit score scale? The credit score scale is a scale that rates your credit from 300-900. The higher you sit on the credit score scale, the better your credit.

Here is a breakdown:

• 300-559 – poor
• 560-659 – fair
• 660-724 – good
• 725-759 – very good
• 760+ – excellent

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So, if your score is 500, your rating on the credit score scale is poor. Conversely, if you sit at 750, your rating is very good. Often lenders require a score of 680 or higher to give financing, otherwise certain restrictions or much higher interest rates may be applied.

If your credit is good, applying for financial credit will be much easier, and you may qualify for different perks or lower interest rates depending on the type of credit product, so knowing your credit score can make the process even smoother. If your credit isn’t great, it can take time to rebuild, so knowing how you rank on the credit score scale is important.