ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A credit score of 622 is considered to be below satisfactory or fair in India. The approval of loans or credit cards for this score is very difficult. Even if they are approved, you will have to pay a high interest rate. A good credit score falls between 720 to 900.

Detailed explanation-2: -A FICO® Score of 622 places you within a population of consumers whose credit may be seen as Fair. Your 622 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: -Based on the FICO Score range of 300 to 850, a credit score below 669 is considered either fair or bad. There are steps you can take to increase your credit score, and the sooner you address certain factors, the faster your credit score will go up.

Detailed explanation-4: -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.

Detailed explanation-5: -Credit Rating: 622 is considered a bad credit score. Borrowing Options: Most borrowing options are available, but the terms are unlikely to be attractive. For example, you could borrow a small amount with certain unsecured credit cards or a personal loan for damaged credit, but the interest rate is likely to be high.