A credit score determines the likelihood of someone attaining credit from a lender. Generally speaking, the higher the credit score, the higher the chance of obtaining credit in the first place, coupled with more favourable interest rates and terms.
Most lenders use information from credit bureaus and agencies, as well as developing their own credit ratings for customers when determining the risk of an individual. Every person is assigned a numerical value from credit agencies which show the overall level of risk to of that person with regard to their credit history.
A credit score level of 660 is generally a favourable and positive score. As credit ratings from agencies are not made public there is no defining explanation of what exactly a score of 660 entails. Even so, many financial and credit organisations define a 660 score in the average to above average range, where 850 is often the maximum.
An obvious point here is that a person with a credit score of 660 will generally be offered more credit at lower interest rates than a person with a credit rating of 600. The reverse is true should the score be compared to a figure of 800 for example.
According to the FICO credit rating (myfico.com), a score of 660 is 100 below that of the highest point at which the best interest rates are gained and 190 points from the perfect score of 850. A 660 credit score would be rated as a ‘D’ by the credit bureau ‘VantageScore’ rating system.
It is worth noting that at any level of credit score, one lender may approve a credit application whereas another may decline it.
There are many credit rating systems in place around the world. The FICO scoring model is in use in the United States and below graphic shows the distribution of FICO scores nationwide.
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