What Makes a Good Credit Score?
If you’re thinking about applying for a credit card, getting a loan, or buying a house, you’re going to want to know your credit score.
A credit score is a rating that lenders use to determine your credit risk and the potential of paying off your loan.
Low scores can hurt your chances to receive a loan or lead to lenders charging you higher interest rates or requesting a larger down-payment.
The most used scores range from 300 to 850 and are based on your credit report, which details whether you pay bills on time, how you have used credit in the past, and how much debt you have.
So, what do the numbers mean?
The breakdown follows a ‘poor’ to ‘great’ progression, with …
- 300 to 579 being considered ‘Very Poor’
- 580 to 669 being labeled ‘Fair’
- 670 to 739 putting you in the ‘Good’ range
- 740 to 799 rating you as ‘Very Good’
- And 800 to 850 being considered ‘Exceptional’
So how do you find your credit score? While some companies might charge a small fee or offer your score as part of a subscription, many financial institutions and credit card companies let you check your score for free.
Since your credit score is based on your credit report, you should check that report regularly, looking for any discrepancies in payments and your credit accounts. You can check your credit report for free by visiting annualcreditreport.com.
Prepare for you next financial decision by being aware of your credit score!
Questions?
Fidelity’s Client Care Center Bankers are here to help. For assistance, call 1.800.388.4380. The hours are Monday through Friday, from 8:30 a.m. to 6 p.m. and Saturday from 9 a.m. to 1 p.m. or visit www.bankatfidelity.com.
Learn More
Fidelity Bank has built a strong history as a trusted financial advisor and continues its mission of exceeding client expectations through a unique banking experience. It operates 20 full-service offices throughout Lackawanna, Luzerne, Lehigh, and Northampton Counties, along with a limited production commercial office in Luzerne County and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and an array of personal and business banking products and services.
