What is maximum credit score

What is maximum credit score

Experts agree what a good credit score is – is a score 720 or above (noting there is very little need to raise a score above that). Experts say good-to-great credit is 760 or above. A credit score score of 680 range is still considered good (noting if you need credit, you’ll probably get it. It just may not be at a desirable interest rate).

  • 720+ is typically a Good Score.
  • 800+ is typically a Great Score.
  • 650+ is typically minimum credit for loan.

Question: What is a Good Credit Score?

Understanding credit scores is requires understanding how the credit scoring works. Credit scoring gives creditors 3 digit numbers that are calculated according to a mathematical formula with the information in your credit report and how it compares to millions of other people’s credit. The credit score number predicts how likely, or unlikely, it is that you will pay your bills. The better a good credit score number is, the higher likelihood you’ll be accepted for the loan and at a lower interest rate.

There are three different credit scoring models most often used by lenders to decide whether or not to extend an individual credit, but the most commonly used credit score is the FICO score.

Q: What’s the Range of Credit Scores?

60% Of Scores Are Over 700

A good credit score range is between 700 and 850. FICO credit scores range between 300 and 850.The general American public credit scores fall on a bell-shaped curve, with most people having credit scores that fall in the center, as follows:

Credit Scores From Different Credit Reporting Agencies

  • There are three credit bureaus which keep information on file about your financial history and activity: Equifax, Experian, and TransUnion. Lenders contact one or more of the credit reporting agencies when deciding whether to extend you credit, to get your credit score and copy of your credit report. While the scores from each credit bureau may be slightly different and have different names, they are all developed with software from Fair Isaac, the developer of the FICO score.
  • Credit Bureau FICO Score
  • Equifax BEACON Score
  • TransUnion EMPIRICA Score
  • Experian /Fair Isaac Risk Model

Q: How to Tip the Scale of Credit in Your Favor?

Different activities carry different weight in the calculation of your credit score. Here’s the break down of your score:

The most important consideration in the formula for credit score calculation is how you pay your bills. Your credit score considers how you have paid your bills over time, but your most recent activity is more important than years gone past. If you pay your bills late frequently, you’ll have a lower credit score than someone who pays their bills on time.

Debt and Available Credit: 30%

The second most important consideration in credit score calculation is how much money you owe in comparison to how much credit is available to you. This is your debt to credit ratio, and if you have used all of the credit available to you, lenders consider you riskier than someone who has managed their money better and kept their debt low in relation to how much they could be spending. A good rule of thumb is to keep your debt within 30% of your total available credit for the highest credit scores.

How Long You Have Had Credit: 15%

The longer you have had credit, the better your credit score. This is because lenders have a longer period of time to review your payment habits.

What Types of Credit You Have: 10%

Credit scores are higher for individuals who have a mix of different credit types than for people who have just credit cards, for example. Having an installment loan, a credit card, a mortgage and a car loan is considered a good mix of credit and shows you can manage a variety of credit types.

Frequency of Credit Applications: 10%

If you are filling out applications for credit cards and loans every other day, you’re going to have a lower credit score than someone who isn’t applying for credit. This is because applying for credit frequently makes creditors wonder if you’re in some sort of financial emergency and need access to money – so the more you apply for credit, the lower your credit score will be.

Credit Score Range: Good Credit Score Ratings

  • 499 or Less (2% of Population) Horrible
  • 500-549 (5% of Population) Worst
  • 550-599 (8% of Population) Bad
  • 600-649 (12% of Population) Poor
  • 650-699 (15% of Population) Okay
  • 700-749 (18% of Population) Good
  • 750-799 (27% of Population) Excellent
  • 800 or more (13% of Population) Best

550 Credit Score and Below : You’re considered an “at-risk” buyer, and while it’s not impossible to get credit, interest rates can exceed 10 percent.

551-560 Credit Score : Not considered “good” credit. People that fall into this category should work to raise it so they can qualify for loans at lower interest rates. Often times, with a score this low, they’ll need a co-signer.

561-570 Credit Score : It’s still going to be tough to get approved for a mortgage or a car loan at reasonable interest rates, if at all, with this score.

571-580 Credit Score : This is still a bad credit score that has lenders perceiving you as an at-risk client, putting in jeopardy what you may qualify for.

581-590 Credit Score : A score in this range is evident of a poor credit history, which is a turn-off for many lenders.

591-600 Credit Score : Get your score up to 600 to become eligible for more types of loans and at lower interest rates. This is still borderline poor credit.

601-610 Credit Score : Most people have credit scores in the 600s or 700s, but until you get to that 620 threshold, you’re considered an “at-risk” client by many lenders.

611-620 Credit Score : A score below 620 hints at past credit problems, making it tough to get a low interest loan.

621-630 Credit Score : You’re above the 620 cutoff, which many lenders use as a line to determine whether or not to grant you approval.

631-640 Credit Score : According to the Wall Street Journal, this credit bracket will have you paying higher interest rates. For example, on a $150,000 30-year mortgage, people can expect to pay some $2,000 more in interest than someone with higher credit.

641-650 Credit Score : Focus on getting your score to 650 and beyond, as this will open the door to better interest rates.

651-660 Credit Score : Anything at or above 650 is considered a “good” score, able to qualify for reasonable interest rates.

661-670 Credit Score : You’ve improved upon your “good” score, now work on getting it to 700 to be eligible for better interest rates.

671-680 Credit Score : Again, while this score isn’t terrible, focus on building it up to 700. It’s considered the “new normal.”

681-690 Credit Score : A score of 700 is within sight. Focus on getting there to get better interest rates, as that’s what is becoming considered the “new normal.”

691-700 Credit Score : Not a terrible credit score, but worth your time to get it up to 700 or 720 to get the best interest rates on loans.

701-710 Credit Score : A score of 700 is the unofficial number in which you can qualify to get the best interest rates on a loan. You’re considered to have a good credit standing once you hit 700, which helps establish you as a qualified buyer.

711-720 Credit Score : To qualify for the best interest rates on a loan or credit card, you want to have a score north of 700, according to the New York Times. A score in this range helps solidify it.

721-730 Credit Score : CBS News says a score of 720 or above is the best number to have and unnecessary to try to raise any higher. At this number, you’re viewed as a minimal risk and can snag loans at low rates.

731-740 Credit Score : You’re beyond the 720 mark, and while it won’t hurt to raise your score higher, it’s not necessary under most circumstances.

741-750 Credit Score : While it won’t hurt to raise your score higher, it’s not necessary under most circumstances.

751-760 Credit Score : Again, you’re beyond the 720 mark, meaning that you’re already eligible for good interest rates on any credit you’re taking out.

761-770 Credit Score : If you’re credit is entering the high 700s. It shows you’re a very trustworthy client.

781-790 Credit Score : You’ve eclipsed the 720 mark and while getting a higher score won’t hurt you, it likely won’t help you much either.

791-800 Credit Score : If you’re bordering on 800, you’re in terrific credit shape. This score is proof that you’ve always been on time with any payments (bills, loans, etc) and don’t have a lot of credit taken out.

801-810 Credit Score : Anything 800 or over is exceptional credit, yet people with this good of credit typically won’t qualify for any lesser interest rates than those with 720.

821-830 Credit Score : You’re 100 points above the 720 cutoff mark, and while it doesn’t hurt to go higher, it’s not necessary. You currently have “excellent credit.”

831-840 Credit Score : Again, a great credit score, but unnecessary seeing as how this is often grouped into the 720 and above category.

841-850 Credit Score : An excellent credit score, but most lenders will still be pegging you in the “720 category” as a preferred customer.

How Credit Scores Affect Your Interest Rates

Not only does the credit score help a lender decide whether or not to approve your application for credit, but it also plays an important role in how much interest you pay on the money you borrow. The following is an example of how your FICO score might affect mortgage interest rates, but keep in mind each lender has it’s own credit tiers and interest rates:

Credit Score Scale for Sample Credit Interest Rate

If a lender is offering their best rates to borrowers with a score of 760 or better, and your credit score is 758 – those two points can cost you thousands of dollars in interest over the life of the loan.

You Can Raise Your Score in as Little as 4 to 6 Months By Following These Two principles:

  1. You Can Quickly Raise Your Score By Paying Down Balances (some experts believe to keep your balance about fifty-percent of max limit)
  2. Another Way to Boost Your Score is to Pay On Time (which will have the biggest impact)

Other Tips on Raising a Credit Score:

  1. Some experts think paying more than the minimum credit card payment can actually help by causing your month-to-month debt not grow.

Once you know what your credit score is, you may decide you need to increase it. There are a number of steps you can take to improve your credit score, but many will require patience as the score doesn’t increase over night when you implement these steps:

Pay Your Bills On Time – the most effective way to increase your credit score over time is to consistently pay your bills before they’re due.

Pay Down Debt – if you currently have debt, focus on paying it down or paying it off completely. As you reduce the amount of debt you owe, you will increase your available credit in relation to what you owe – which is a factor in calculating your credit score. The lower your debt in relation to the amount of credit available to you, the higher your credit score will become.

Correct Mistakes – it’s a good idea to review your credit reports from each of the three major credit reporting agencies (TransUnion, Equifax and Experian) annually to make sure there are no errors. You can get a free report once each year from each of the agencies. If you find any errors, make sure to follow the instructions of the credit reporting agency to have them corrected.

Don’t Apply for Additional Credit – while you are working on increasing your credit score, avoid applying for new sources of credit. Each time you apply for credit, it counts as an “inquiry” and will decrease your score.

Good credit scores for credit cards start at 620 for approval, but better interest rates and credit cards are offered to people who have credit scores above 720 (Credit Score Needed for Credit Cards). If you are unable to qualify for a credit card, you can consider a secured credit card for people with low credit scores. Secured credit cards require that you put a deposit down as collateral, but the credit card company will report your on-time payments to the credit bureaus which makes it possible to use the secured card to start increasing your credit score.

Each lender has their own set of criteria for what is considered a good credit score. The range of credit scores that are considered good enough for various types of credit will change based on the condition of the economy, too, so the score that was considered “good” two years ago may not still be considered “good”, today. View our other articles on credit scores: Good Credit Score to Buy a House, Credit Score Needed for a FHA Loan and Good Credit Score for a Car Loan.

With all types of lending, the lower your credit score, the higher your interest rate will be. It’s always in your best interest to improve your credit score as much as possible to get the best rates and qualify for credit.

A good credit score for buying a car is generally in the 700 range, although you can probably qualify for higher interest car loans with scores above 620.

You will probably need a 730 or higher credit score needed to buy a house and qualify for a traditional mortgage program, but there are often specialty mortgage programs for individuals with credit scores as low as 650.


wiseGEEK: What is a Minimum Credit Limit?

The term minimum credit limit is often used in relation to credit card accounts. When a person is approved for a credit card, the credit card company typically applies a limit to the amount he can charge using the card. Often, however, a credit card company has a range of credit limits it will offer to cardholders, and the minimum credit limit is the lowest limit it will offer to new credit card applicants. In most cases, individuals with the lowest credit scores are given credit limits that are closer to the minimum, while those with better credit scores may enjoy higher limits. While a person may start out with the minimum credit limit, he may not necessarily keep that limit for the entire time he has the card; credit card companies often offer credit limit increases.

In many cases, a person who wants to apply for a credit card considers the credit card company’s minimum and maximum credit limits. For example, a credit card company may advertise a minimum credit limit of $300 US Dollars (USD) and a maximum limit of $3,000 USD. This basically means a person who is approved for a credit card from this company will have a credit limit of at least $300 USD but not more than $3,000 USD.

Usually, credit card applicants have no way of knowing how much their credit limits will be before they apply for a credit card. Most credit card companies decide how much credit they will provide after checking an applicant's credit score. A credit card company typically uses an applicant’s credit score, as well as other information the applicant provides, to decide whether the applicant represents a high lending risk or a low risk. An individual who has a poor credit history is typically a high risk and will likely receive a limit that is close to the company’s minimum. On the other hand, a person with a high credit score could possibly receive the maximum credit limit, or close to it.

Most credit card companies provide opportunities for credit card holders to increase their credit limits. Even a person who starts out with the minimum credit limit may enjoy an automatic credit limit increase after he has proven himself responsible by making payments on time. Others may call their credit card companies to request increases after they’ve kept up with the payments for a significant period of time.

2) @browncoat - The whole point of a credit card, from the company's view, is for you to spend more on it, so they can charge you more fees and interest.

And the interest rates are often really big. Even the best credit cards are usually around 15% interest.

On the other hand you need a credit card so you can show that you are a responsible person and build up a good credit rating. I've known some people who managed to get an $8000 limit and immediately began spending on it. Money they would never be able to afford to pay back even without the enormous interest charges.

It's much safer to keep to the minimum credit card limit.

1) I try to keep my credit limit as low as possible. I only have a credit card so I can make purchases online, or sometimes there are other occasions it is good to have one.

But I know that I could take it too much for granted. And really, I keep it close to empty, just paying the minimum payments when I have to.

I'm worried if I increase the limit, I will spend too much on it.


What Is The Lowest Credit Score Possible?

What is maximum credit score

If you have bad credit, it’s all too easy to feel like you have the lowest score out there. With over ½ of all credit scores landing well above 650, having bad credit can make it feel like you have the lowest credit score in the world. Believe it or not, even having a 540 or a 510 isn’t as bad as you think it is.

The lowest possible credit score you can have will, however, vary depending on which credit reporting agency you’re talking about. There are multiple credit bureaus, and some have lower possible scores than others. Here’s what you should know about each credit bureau, and the lowest credit score possible on each one.

Equifax: This major credit bureau has a maximum score of 850, and a minimum score of 280.

VantageScore: This credit reporting bureau can be tricky, since different versions will have different credit score ranges. Versions 1 and 2 have a minimum score of 501, while the more recent 3.0 version has a minimum score of 300.

TransRisk: TransRisk has one of the largest credit score ranges in the entire industry. It has a maximum score of 900, but can allow you to sink as low as a score of 100. TransRisk is most commonly used for insurance and loan purposes.

FICO: FICO is the most well-known credit reporting bureau, and is also known for having a rock-bottom score of 300.

PLUS Score: This relatively new credit bureau has a maximum credit score of 830, but holds a minimum of 330.

If you have already looked at your credit score, you probably would have noticed that it’s not the lowest that it could be. In fact, it is often virtually impossible to have the lowest possible score on any of the credit score ranges. That doesn’t mean, though, that a low credit score won’t hurt you.

A common lender’s rule of thumb is that a person who has a credit score below 550 will almost always be rejected for loans, mortgages, and even apartment applications. A bad credit score, especially one that dips below 600, will end up harming you in more ways than you could imagine. It can even bar you from getting a professional license, going back to school, or keeping a job. In other words, while your credit score isn’t necessarily the worst out there, you definitely have good reason to want to improve your credit score.

The good news is that most bad credit scores are still in the 500’s, which means that it won’t usually take too much work to lift them back up to a reasonable score. So, while you do have bad credit today, that doesn’t mean that you won’t be able to have good credit within a year.

In many cases, the best way to tackle bad credit is all about timing. Once you have gotten control of certain debts, or in some cases, while you’re working at debt relief, it’s time to look at your credit score. With a little hard work, you’ll be able to enjoy the perks of good credit sooner rather than later.


what is maximum credit score

Despite the fact that the economy is slowly recovering from the recent recession that was brought about by bad credit decisions, the credit requirements for most loans still remain tight. This means it will be very difficult to find car loans, let alone those with favorable interest rates if your credit score is below average. Therefore it is important to consider the minimum credit score for an auto loan before pushing through with the loan.

The credit score needed for an auto loan varies with each lender. However, a credit score in the range of 500 to 579 is generally considered bad credit because 500 is the average minimum credit score for an auto loan. It will be extremely difficult to find a bank, or a credit or financing company willing to lend you money for the loan. In rare cases, a car loan may be approved but it will surely be beyond favorable rates, often times even reaching the maximum interest rate legally allowed in the state.

It is highly discouraged to push through with the loan if you have the minimum credit score for an auto loan. Due to the very high amount a borrower will have to pay when choosing to push through with a car loan, it is advisable to choose a second hand car instead to save on interest payments. This will result to lower monthly payments which at first may seem insignificant but will really be a lot cheaper in the long run. Even still, a better choice will be to give up on planning for the car loan altogether until your score goes well beyond the credit score needed for an auto loan.

Meanwhile, having a credit score in the range of 580 to 619 will be considered minimal but fairly acceptable. It will be very unlikely that you will find a lender who can offer you a traditional loan with acceptable rates. In fact, just like having the minimum credit score for a car loan, there will still be a huge probability that the interest rates will be the maximum allowed by the state.

A borrower with a credit score above 620 will not have to worry about finding lenders who are willing to offer traditional loans with acceptable interest rates. Although the interest rate is still high compared to interest rates for credit scores above 700, this credit score is still the recommended credit score for people looking for car loans fast.

As a general rule, it should be remembered that a bad credit score will guarantee higher interest rates. This is true if your score is the minimum credit score for an auto loan. Likewise, choosing a longer payable period will result in a higher total payment. For optimum savings, it is recommended to postpone the car loan until your credit score reaches 620 and choosing a shorter paying period.


What is the MAX credit limit possible for the CITI Double Cash Card.

‎02-11-2017 12:27 AM - edited ‎02-11-2017 12:29 AM

I have had the card for 18 months now and over that time I have gone from $3,700 to start now to $25,000. Great card and great benefits with 2% cash back and all the 3 times I requested a CLI they were low offers and I requested more credit after and was granted the requested amount everytime (none of those 3 times btw did I get a Hard Pull on credit report even though it said it would for requesting more credit. they have never pulled and inquiry on me other then the first time when I got the card).

SO . now that I am at $25,000 . I am curious . What Is The Max Possible Credit Limit On This Card. Anyone Know?

Thanks so much and I look forward to a reply from somehow who knows the answer to this question. What is maximum credit score

Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎02-11-2017 04:01 AM

Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎02-11-2017 06:50 AM

I have 41k, but I have seen 50 here in the forum.

Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎02-11-2017 09:11 AM

Okay thats very good to hear . seems from these couple replies thre have some 50K limits so I would assume at the moment that may be the max. I have shot for $10K every 6 months the last two times and got approved. So maybe in another 6 months from now I will shot for 10 to maybe 15K then follow up with the same approved increase a year from now to hopefully be near that $50K.

Thanks so much for rhe replies. What is maximum credit score

Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎02-11-2017 09:26 AM

Okay thats very good to hear . seems from these couple replies thre have some 50K limits so I would assume at the moment that may be the max. I have shot for $10K every 6 months the last two times and got approved. So maybe in another 6 months from now I will shot for 10 to maybe 15K then follow up with the same approved increase a year from now to hopefully be near that $50K.

Thanks so much for rhe replies. What is maximum credit score

why not just ask for the $50k or more and let them counter.

my husbands is $32k and some change.

If Citi didn't make it so difficult to combine cards we would take it higher and get rid of AA personal.

Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎02-13-2017 09:22 PM

Ya Now that I am up to $25K in another 6 months I will be applying for another CLI . the once they approve the pointless $2,500 or whatever dumb increase it is I will then ask for $50K!

At tht point my history willbe 2 years of solid use never going over a couple thousand any billing period along with making large $1K Plus payment every time (I use this card for everything . bills, payments, insurnace, anything I buy . then use the money from check I would normally pay from bank account to make a massive payment) which looks great to them and on the credit report.

I'm sure 6 months from now I'll be up to the $50K or somewhere in between if they counter.

Thanks for all the replies. What is maximum credit score

Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎02-13-2017 10:43 PM

FYI Citi's internal policy limits your max line to roughtly 48% of your income. When I worked there, we pushed up against it a few times on Citigold clients. If you have the credit, and the spend makes sense they will push it as high as you qualify for.

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Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎02-13-2017 11:02 PM

American Express PRG-American Express BCE-Chase United Mileage Explorer-Chase Amazon

Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎02-13-2017 11:37 PM

Re: What is the MAX credit limit possible for the CITI Double Cash Card.

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‎08-07-2017 11:29 PM

Well I am not not sure if this just applies to me but I requested $50,000 this time around for a CLI (after they granted 47K increase up from $25K) and I got an email stating this .

"Thank you for your interest in obtaining a credit-limit increase on your Citi account. Although we are unable to give you the total amount requested, we are pleased to inform you that your credit limit has been increased to $40700. This amount is currently the maximum amount of credit our policy will allow.

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