better-credit

Recently I decided to take a look at my credit score and was more than pleasantly surprised. I figured I had good credit but never expected to see that I was so close to 800. I always thought that highest you could score was 800 but it is actually 900, with the majority of scores between. It breaks out something like this*:

800+ – The Golden Elite (less than 5% of the population and anyone with some credit card debt that they do not pay off each month will not get into this range)

750 – 800 – Tier 1 = best loan rates; lower than prime rates

660-700 =  Tier 2 = usually get prime rates

620-660 = Tier 3 = usually gets subprime rates

620 or below = Not a good place to be but you can get out of it (I did!)

700 is the middle of the range – 50% of Americans fall above this and 50% fall below it.

A few different sites refer to language like this:
For many consumers there’s a pride factor that comes with having an 800+ credit score. In reality though, an 830 credit score is really no better than a 760 credit score. Once a borrower has achieved a 760+ credit score, lenders consider the borrower to be an “A” borrower and worthy of the best available loan rates and borrowing privileges.
I have had more than a fair share of financial boo-boos in my past and to be honest have not been very solid on the financial front, so finally seeing a good score means something to me. Heck maybe one day I can even get over 800 into the elite 5% (yeah I know why do I have to always be looking for “better”).

I am not debt free yet, but I am getting there and it feels good.

* please note that the information here was pulled from my reading several different sites and is not meant to be exact, but a guide for me.

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