What your score means to you
Your score of 707 is slightly below the average score of U.S. consumers, though most lenders consider this a good score. Based on your score alone, you might expect the following:
See what helps and hurts your score
Learn the fundamentals that can help you properly manage your credit.
How to work on your score
- A wide array of loans and credit products will likely be available to you.
- Most lenders will consider offering you very competitive rates and terms on loan products.
- Some lenders may require additional information, such as income or time at job, to help them more accurately set the terms of your loan product.
| Average interest rates for your score | |
|
A good FICO® score can qualify you for cheaper interest rates on all kinds of loans. Shown here are the average interest rates now offered to consumers with your FICO® score. The interest rate you can receive may differ, however, because lenders look at other factors besides your score when deciding your interest rate.
A better FICO® score can result in huge savings on a new loan.
Take the example of borrowing $200,000 on a 30-year mortgage. If your score dropped from 707 to 510, you would pay $477 more each month in interest.
|
| 30 year mortgage |
| |
Score |
Rate |
| |
760-850 |
5.767% |
 |
700-759 |
5.782% |
| |
680-699 |
5.960% |
| |
660-679 |
6.002% |
| |
640-659 |
6.431% |
| |
620-639 |
6.940% |
| |
600-619 |
7.471% |
| |
580-599 |
7.733% |
| |
550-579 |
7.984% |
| |
500-549 |
8.353% |
|
| 15 year home equity loan |
| |
Score |
Rate |
| |
740-850 |
6.889% |
| |
720-739 |
7.166% |
|
700-719 |
7.621% |
| |
670-699 |
8.322% |
| |
640-669 |
9.680% |
| |
620-639 |
10.805% |
|
| 48 month auto loan |
| |
Score |
Rate |
| |
720-850 |
5.518% |
|
690-719 |
6.36% |
| |
660-689 |
8.265% |
| |
620-659 |
10.992% |
| |
590-619 |
14.444% |
| |
500-589 |
16.939% |
|
Other average rates based on your FICO® score of: 707
* No data available, because few lenders offer this kind of loan to consumers with low FICO® scores.
Accurate as of November 17, 2004. Source: Informa Research Services
|
| Do lenders see you as a risky borrower? | |
|
The reason consumers with good FICO® scores get better interest rates is because they pose less risk of missing payments or defaulting on a loan.
This chart shows that consumers with low FICO® scores have a high risk rate, and consumers with high FICO® scores have a low risk rate. The power of the FICO® score to predict which borrowers are risky and which are not is one reason why so many lenders use FICO® scores in making loan decisions.
|
Risk rate*
 FICO® score range
* Defined as the percentage of
borrowers who reach 90 days past due or worse (such as bankruptcy or account
charge-off) on any credit account over a two-year period.
|
Equifax Credit Report™ is a trademark of Equifax, Inc. and its affiliated companies
