700 and above – Very good to excellent. Lenders will have no problems giving you a loan with a credit score of 700 or above.
680 to 699 – This credit score puts you in the "Good" category. That one point between good and very good to excellent credit generally makes little difference to lenders so don't sweat it.
620 to 679 – If your credit score falls into this range, you fall into the "Okay" category. The closer your score is to 679, the better. 620 is consider to be a "par" credit rating and you may be required to provide supporting information such as additional income statements, personal and professional references as well as documentation confirming time at your current job.
580 to 619 – While you aren't in the "Bad" category yet, you are teetering on the edge if your credit score falls in this range. 620 is the prime rate cut-off, so plan on paying a higher interest rate or work on improving your credit score.
500 to 580 – You can still get credit in this scoring range, but expect to pay a very high interest rate and look closely at the terms of your agreement. Closely examine how your interest rate is calculated. Some predatory lenders will charge interest rates on car loans that are calculated like credit cards, on a daily average balance. If you see these words in your disclosures for a car loan, put the pen down and walk away.
499 and below – Yes, even with as score of 499 or below you can still be extended credit, but the interest rates will kill you financially. Take a year or two to pay off your collections or bad debt, clean up your credit and reapply at a later date.
