Credit score ranges vary across creditors and score types. For base FICO® Scores, the credit score ranges are:
There are many models used to calculate your credit score, but most of the ones published by FICO and VantageScore® have a score range of 300 to 850. A higher credit score indicates you are statistically less likely to fall behind on a bill payment and can make you more appealing to lenders and landlords.
Within the wider range of credit scores, there are also smaller ranges or groupings that may indicate whether someone has poor or good credit. And, different types of credit scores may have different ranges. Heres what you need to know about credit score ranges, what factors impact credit scores and how you can improve your credit.
A FICO score is one of the most common credit scores used by lenders to evaluate your creditworthiness for a loan or credit card. The FICO score range is 300-850, with higher scores indicating lower credit risk. So is a FICO score of 9 considered good?
What is a FICO Score?
FICO scores are developed by the Fair Isaac Corporation and calculated from the information in your credit reports. Lenders use FICO scores to predict your likelihood of repaying debt by looking at factors like:
- Payment history
- Credit utilization
- Length of credit history
- Credit mix
- New credit applications
There are several versions of FICO scores, with the FICO Score 8 and FICO Score 9 being the most commonly used by lenders The score range is 300-850 for both.
FICO Score Ranges
Although the range is 300-850. FICO categorizes scores into the following ranges
- Exceptional: 800-850
- Very Good: 740-799
- Good: 670-739
- Fair: 580-669
- Poor: 300-579
So where does a FICO score of 9 fall? Since it’s a single score rather than a range, a FICO score of 9 would be considered poor
Is a FICO Score of 9 Good?
A FICO score of 9 falls in the poor credit range according to FICO’s score categories. Generally, a score below 580 is considered poor.
With a poor FICO score:
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You’ll have a hard time getting approved for credit cards and loans from most lenders. Those that do approve you will likely charge higher interest rates and fees.
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You may have to put down a security deposit to get utilities connected.
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Landlords may require a larger security deposit, co-signer, or even deny your rental application.
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Auto insurance rates will be higher.
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Getting a cell phone plan without a large down payment may be difficult.
So no, a FICO score of 9 is not considered a good or positive score by lenders’ standards. The good news is that it’s possible to improve a poor score significantly within a year or two by developing good credit habits.
How is a FICO Score of 9 Calculated?
While the exact formula is proprietary, FICO has shared the general scoring factors and their importance:
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Payment history (35%): The most important factor looks at your track record of on-time payments and any negative marks like collections, charge-offs, bankruptcies, or foreclosures. A FICO score of 9 likely indicates a history of late or missed payments.
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Credit utilization (30%): This measures how much of your available credit you’re using. High utilization hurts scores. With a very low score, your balances are probably close to or exceeding your limits.
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Credit history length (15%): How long you’ve had credit accounts is considered. A short history contributes to a low score.
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Credit mix (10%): Lenders like to see experience managing different types of credit like credit cards, retail accounts, installment loans, and mortgages. Insufficient mix can lower scores.
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New credit (10%): Recent credit applications and new accounts may lower scores temporarily. Too many new accounts at once can be especially damaging.
How to Improve a FICO Score of 9
It will take time and effort, but you can absolutely raise a FICO score of 9. Here are some tips:
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Pay all bills on time. Set up automatic payments or payment reminders if needed. Even one late payment can hurt.
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Lower credit utilization. Pay down balances as much as possible, and definitely keep them below 30% of your credit limits.
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Check for errors on your credit reports. Dispute any mistakes with the credit bureaus.
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Become an authorized user. Ask a friend or relative with good credit to add you as an authorized user on a credit card. Their positive history can help your score.
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Get a secured card. Secured cards require a refundable deposit and are easier to qualify for. Responsible use can help build your score.
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Limit new applications. Too many applications in a short period can ding your score. Only apply for what you need.
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Let negative information fall off. Collection accounts automatically fall off your credit reports after 7 years. Bankruptcies disappear in 7-10 years depending on the chapter.
With consistent good credit habits over time, it’s realistic to improve a very poor FICO score by 100 points or more within a year. Get your credit on track and access more affordable credit options.
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ÎCredit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
How Are Credit Scores Calculated?
Credit scores are calculated based on the underlying information in one of your credit reports from the major credit bureaus: Experian, TransUnion or Equifax. The various types of scores might consider and weight information differently, including the different base FICO® Scores and VantageScore credit scores.
The exact formulas are company secrets, but both FICO and VantageScore share some general information on how they calculate your credit scores.
Is FICO Score 9 Good or Bad? – CreditGuide360.com
FAQ
What does a FICO score of 9 mean?
Is FICO 8 or FICO 9 better?
Versions 8 and 9 of FICO scores are similar, but FICO score 9 is generally considered the more forgiving of the two for a few reasons: With FICO 9, third-party collections no longer hurt your credit score once those debts are paid off. FICO 9 treats medical collections differently than other types of debt.
Why does my FICO score say 9?
FICO is giving a score on the probability that you will pay a loan back. Different versions weigh certain aspects differently, for example version 9 is more friendly to No Scores because it is supposed to look at utility payments which isn’t looked at in different versions.
How high does FICO 9 go?
In most cases, the highest credit score is 850, though a couple of FICO score models go up to 900. One person can have several credit scores, since FICO, VantageScore and others each have different scoring systems with different weightings.
What is FICO score 9?
FICO Score 9 is the second-latest version of the well-known credit scoring model. It was released for lender use in 2014 and is taking its place alongside its predecessor, the widely used FICO 8. All credit scores come from data in your credit reports, weighed according to proprietary formulas that calculate a score, typically on a 300-850 scale.
Could FICO score 9 improve your credit score?
For certain people, such as those with thin credit files, FICO Score 9 could be an improvement on the previous models, as the rental payment consideration in particular could help boost credit files and even scores.
Can I view my FICO 9 credit score?
In 2016, consumers at large were allowed to access and view their credit scores that the FICO 9 credit scoring model had calculated. By getting your score directly from FICO themselves at myFICO.com. This, however, costs you money.
What is a good FICO ® score?
FICO® score ranges vary — either from 300 to 850 or 250 to 900, depending on the scoring model. The higher the score, the better your credit. Let’s take a deeper look at FICO ® score ranges, what’s considered to be a good FICO ® score, and how to improve your credit if your scores fall on the lower end of the scoring spectrum. How’s your credit?
What is FICO 9?
FICO 9 is an updated FICO credit scoring model that was introduced to lenders in 2014 and consumers in 2016. Key changes in FICO 9 center on how collection accounts, paid and unpaid, factor into your credit score calculations. Another change is that renters can now use rent payments to build credit history under the FICO 9 model.
Is FICO 9 better than FICO 8?
FICO 9 is considered an improvement over FICO 8, as it reduces the impact of medical debt, disregards paid collections, and includes rental payment history if reported. However, FICO 8 remains widely used by lenders, so its relevance depends on the lender’s preference and the borrower’s financial situation. What is a good FICO 8 score?