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:
- 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.
See what helps and hurts your score
Learn the fundamentals that can help you properly manage your credit.
How to work on your score
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.
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.
|Your FICO® score
||Most lenders would consider consumers in this score range as very low risk.
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.
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.
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