The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: APR Reduction Date:  10/5/2019  10:14 PM
Author:  aj485 Number:  312693 of 312824

If it is on the FICO 8 (850) scale, then 723 is above Fair and in the high range of Good. Very Good which as you stated does get better rates starts around 740.

If a score doesn't get you the best rates, then in my book, it's an 'okay' score. I think that by promoting the idea of a score that doesn't get you the best rates as being 'good' the credit bureaus are doing a disservice to consumers. It's totally a marketing thing - because the credit bureaus don't want to tell customers that their score isn't good enough to get them the best rates. They would rather tell them - oh, you have a 'good' score - and mislead them into thinking that a 'good' score is good enough to get the best rates.

Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us