Commonly used credit scoring model.

The most commonly used credit scoring model is the FICO score.
The FICO score ranges from 300 to 850.
The higher your score, the "safer" you are considered in terms of lending.
In general, you will find that credit score ranges are as follows:

* 760 and above = Excellent
* 700 - 759 = Great
* 660 - 699 = Good
* 620 - 659 = Average
* 580 - 619 = Poor
* Below 579 = Very Poor

As you can see, if your score dips below 580, you will have a great deal
of trouble even qualifying for a loan. If you have a FICO credit score of
less than 580, you might need someone with good credit to co-sign on
your auto loan.

If you are applying for a credit card, you might need to get a secured
credit card, or find a co-signer. With such a low score, lenders are reluctant
to take a chance on you.

*** FICO reports that those who have a credit score of
between 550 and 599 have a delinquency rate of 51%.

Here's what an auto loan of $15,000 will cost you.

1) If you have a Credit score = 720

Loan amount = $15,000
Interest rate = 2.5%
48 month loan = $328.71 / monthly payment

2) If you only have a credit score of only = 550

Loan amount = $15,000
Interest rate = 9.9%
48 month loan = $379.72  / monthly payment

Your low credit score will cost you $51.01 more each month .

With a low FICO credit score of 550 you will pay $ 51.01 more
each month.

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