1, excellent: the credit score is above 800 points, which means that the loan application and credit card approval rate are extremely high, and lower interest rates and better loan conditions can be obtained.
2. Good: The credit score is between 670 and 799, indicating that the credit risk is low and good loan conditions can be obtained.
3. General: The credit score is between 580-669, indicating that the risk is high, and better loan conditions can be obtained by improving the credit score.
4. Poor: the credit score is below 579, indicating that the success rate of loan and credit card applications is very low, and measures are usually needed to improve the credit score.
American credit score is an important index to evaluate personal credit qualification, ranging from 350 to 850 points. The higher the credit score, the better the borrower's credit qualification, and the higher the loan application and credit card approval rate. On the contrary, the lower the credit score, the worse the borrower's credit qualification, and the lower the loan application and credit card approval rate.
The main factors affecting credit score include payment history, debt burden, credit record and credit inquiry. Payment history refers to the historical record of whether the borrower repays the loan and credit card on time; Debt burden refers to the ratio of debt to income that the borrower currently undertakes; Credit record refers to the length of the borrower's credit record.
The significance of American credit score
A high credit score means that the better the borrower's credit qualification, the higher the loan application and credit card approval rate, and the lower interest rate and better loan conditions can be obtained. On the contrary, the lower the credit score, the worse the borrower's credit qualification, and the lower the loan application and credit card approval rate.
In the United States, credit scores are not only used to decide whether loans and credit card applications are approved, but also to decide insurance rates, employment and rental qualifications. Therefore, maintaining a good credit record and credit score is very important for personal financial stability and economic development.