What Are the Credit Score Brackets That Banks Look At?

Only 13 percent of Americans have a credit score above 800, according to HowTo EstablishGoodCredit.com. Although this is the most desirable bracket, you can usually get away with a lower score to receive the best rates.

Top Tier

Most financial institutions lump credit scores in the range of 720 to 850 in the same bracket, according to Kiplinger.com. Any score in this range will get the best rates, or close to the best rates.

Considerations

Banks consider anything above 760 or 770 as an elite score with almost no risk. These will receive the best rate possible, but usually not much better than someone with a score between 720 and 760.

Second Tier

Scores between 700 and 719 are generally considered second-best by banks. However, these usually do not have much higher interest rates than those above 720, according to Kiplinger.

Lower Tier

Scores from 660 to 700 are less ideal for banks, but they should be enough to eventually find credit. Jumping up to the top tiers generally saves enough money on interest to make the work worth the effort.

Lowest Scores

Typically, a FICO score between 580 and 640 will mean some of the poorest rates and terms, but not as bad as anything under 550. Scores below 550 are considered subprime and will lead to the worst interest rates.