ECONOMICS (CBSE/UGC NET)

ECONOMICS

CREDIT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What range of scores describes people with “good” credit?
A
350-619
B
620-659
C
660-749
D
750-850
Explanation: 

Detailed explanation-1: -Good: 661 to 780. Fair: 601 to 660. Poor: 500 to 600. Very Poor: 300 to 499.

Detailed explanation-2: -A FICO® Score of 660 places you within a population of consumers whose credit may be seen as Fair. Your 660 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.

Detailed explanation-3: -Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 749 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders’ better interest rates and product offers.

Detailed explanation-4: -A 660 credit score is generally a fair score. While a lot of people have fair scores, you may still find it difficult to get approved for credit without high fees and interest rates with a score in this range. “Fair” score range identified based on 2021 Credit Karma data.

Detailed explanation-5: -Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

There is 1 question to complete.