ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Credit scores typically range from 300 to 850. Within that range, scores can usually be placed into one of five categories: poor, fair, good, very good and excellent.

Detailed explanation-2: -For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.

Detailed explanation-3: -Your 850 FICO® Score is nearly perfect and will be seen as a sign of near-flawless credit management. Your likelihood of defaulting on your bills will be considered extremely low, and you can expect lenders to offer you their best deals, including the lowest-available interest rates.

Detailed explanation-4: -While the industry-specific FICO Auto and FICO Bankcard Scores are judged on scales that run from 250 to 900, the base FICO Scores have a smaller range of 300 to 850. The higher numbers always indicate a lower credit risk.

Detailed explanation-5: -Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 300 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.