Credit scores range from 350 to 850 and are used as a grading system for consumer credit reports. Higher credit scores often mean more purchasing perks, and lower credit scores mean increased chances of loan denials.
Definition
According to information published on MSN Money, an excellent credit rating falls in between 780 and 850. This could also be considered a premier rating, however, it is more commonly referred to as excellent.
Credit scores are also known as FICO (Fair Isaac Corp.) scores. The Fair Isaac Corp. is the company that invented the system for translating a consumer credit history into a number.
Percentage/Signifigance
Additional data published by MSN Money shows that only approximately 37 percent of the American public have scores above 750 that would place them in the excellent or premier range. Consumers with scores that eclipse 780 will typically find the best rates for credit cards, loans and mortgages.
Considerations
When checking credit to see how it measures up to an excellent rating, consider the five factors utilized in determining a credit score: payment history, debt amounts, length of credit history, new credit and mixture of credit. All of these areas must show long term, strong usage in order to achieve an excellent score.
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