As you know by now, your credit score is more than important than ever.  This score is going to be what determines your mortgage rates, if you can get a loan, etc.  If someone tells you that it’s not important, it’s crazy.

Big name experts all agree that a FICO score is essential in life, and if you want to go through life without one, that’s fine, but don’t listen to those multi-millionaires on the radio that tell you that you don’t need one.  They say it because they don’t have to go through the hassle of getting  loan, but instead can just pay cash.

Now that we are off that rant, let’s take a look at each credit score category, and what it will mean for you.

750 + - Any score that is above 750 is fantastic.  You’re going to get the best rates possible, and most banks won’t even see you as a risk.

720 – 750 - This is another great category to be in.   While your rates may not be the top of the line, you’re still going to get great rates, and you still wont’ be at risk with the banks.

680 – 700 - This is range is where it’s starting to get downhill.  While you probably won’t get the best rates, you’ll find that banks are still more than willing to lend to you.

620 – 679 - This is where you’re going to run into troubles with the banks.   Some banks are going to lend to you, and you’ll find that other banks don’t even want to bother.

620 and below - When you fall below 620, you’re going to have a hard time finding a loan, and you’ll probably have to resort to a secured loan, to prove that you’re not a big financial risk.