Summary:
- Your credit score range is more important than the exact number.
- Moving from one range to the next can make meaningful differences in your ability to get credit — and your personal finances.
- Lenders typically use a combination of the range in which your credit score falls and their own analysis of your credit history when deciding whether to lend you money.
IN THIS ARTICLE
- What does your credit score mean?
- Who generates your credit score?
- What are the different credit score ranges?
- What types of credit may be available in each credit score range?
- Do lenders lower their rates for every point increase in credit score?
- How do credit score ranges affect your interest rate?
- Ways to improve your credit score and jump to a higher range
- Learning the nuances of credit score ranges
- Frequently asked questions
About the author
Nathan Foley questions everything — and thinks you should too. As Elevate’s resident mathematician, he pores over datasets to find the truth amid the fluff and translates insights into ideas for improving personal financial resilience.
What you can do
1
Check out our Score40 program to see what you could do to improve your credit score.
2
Don’t fret over small changes to your credit score, instead focusing on overall improvements that will move you to the next credit score range.
