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What does my score mean?

Scores range from about 350-850 points. The higher your score, the better. The majority of scores are in the 600-700 range. Scores of 700 and above are considered "prime" and can get you much better interest rates on loans. Having a score below 700 does not mean you will be denied credit, but you'll pay more for it.

Don't expect your score to be very high right away. You are just starting to build a credit history and the score is a snapshot in time, always fluctuating. Your score could change completely in three months, depending on your financial activity. Also, scores can differ from bureau to bureau, but the difference won't be more than a few points assuming all the information on all three is accurate.

At CardRatings.com, a generic representation is available that shows how credit scores are measured. Remember, lenders may have their own scoring criteria and requirements. Even though you have a good credit score, you can still be denied credit based on the lenders discretion.

Credit score rating example:

720 - 850
Excellent
690 - 720
Good
650 - 690
Fair
350 - 650
Poor
000 - 349
No Credit