Knowing your credit score is good. Knowing what that score means can help you make decisions that will improve your score. Scores range from 300 to 850, and higher is better. Just how bad your score is depends on the situation.

When your score is in the 300's

Your credit is really bad. No bank is going to give you a loan. Pay all your bills on time for several years and your score should improve.

When your score is in the 400's

Your score is bad. You won't be able to get a bank loan, but you might be able to get a secured credit card or a store credit account that you can use to show that you are being more responsible about your finances.

When your score is in the 500's

Your score is poor. You may be able to get a small loan at a high interest rate or with a large down payment. Make sure you pay all your bills on time for several years to boost your score.

When your score is in the 600's

Your score is not good. Your ability to borrow will depend on why you are borrowing and how much you need. You will pay a higher interest rate on a mortgage than someone with a better credit score. Pay your bills on time and reduce the amount you owe to improve your score.

When your score is in the 700's

This used to be considered good credit and depending on what you are using your score still might be good enough. You might get a lower rate if your score were in the 800's, but you should be able to get a loan, even from a bank.

When your score is in the 800's

You have very good credit and can probably borrow money when you need to at a reasonable rate.

Source:

Bad Credit Advisor

My Fico - Mortgages

Consumer Federation of America

Resource:

5 Tips for improving your score