08 Jul Free Credit Score Rating Chart

Do you need a free credit score rating chart? Credit Boost has got your back! Download your PDF here or save the image below.

It can be tricky to wade through the internet’s vast collection of posts about the different credit score meanings without a visual aid to help you grasp what they convey. Credit Boost decided to use a thermometer visual to accurately illustrate the different ranges of credit scores. It uses colours similar to those of a traffic light: red is stop, orange is get ready to stop, and green is go!

• Red: stop using credit and repair your history
• Orange: your credit needs tender loving care.
• Yellow: your credit score is okay
• Green: you have a great credit score. Good job!

Now that you have a basic handle on the implications of credit score ranges, it’s time to explore what credit scores are considered excellent, how you can get a credit report for free with our online credit score checker, and the factors impacting your credit score.

Let’s dive in!

A Breakdown of Each Scoring Range

Here’s a short breakdown of each score range and how it impacts your life.

Poor

Let’s start on the red end of the thermometer stick. A score in the red range (poor/below 580) means you are considered high risk by creditors, landlords, insurers, and even employers. It shows you aren’t careful with money or that you have defaulted before. Depending on what else is on your credit report (like debt review, admin orders, sequestration, etc.), you won’t be able to access credit. If you do get access to credit, it’s likely to be limited with stringent terms. Think interest rates as high as the Burj Khalifa.

Fair

A fair score means you’re less risky, but that your score needs TLC nonetheless. A score in the 580 to 669 range banks won’t exactly fight to get your business, but that they’re happy to extend a helping hand. A fair score means you should be able to gain access to credit with favourable enough terms easily. As long as you don’t have any glaringly obvious issues on your credit report, like a rocketing credit utilisation ratio, you should be a fair enough debtor prospect.

Good

A score ranging from 670 to 739 is above average and better than most South Africans’ credit scores. This means you have shown responsibility when it comes to making repayments by paying on time and in full. You probably don’t use too much credit compared to what you have available, which is called having a low credit utilisation ratio. Well done!

Very Good

A very good score is anything from 740 to 799. Banks will likely offer you great interest rates. The closer to green you get, the closer to the prime/repo rate you’ll get, too. According to the FICO scoring criteria, a scoring system used by a Big 3 credit bureau, this means you likely have a lengthy payment history, low balance, and a diverse mix of new and different credit lines: revolving, instalment, secured, and unsecured.

Exceptional

Woah! A score above 800 is extremely rare for most people and is globally celebrated among the bureau. This likely means that you’re a credit score nerd: you know all about the formulae used for calculating different scores, the different scoring models, and are pedantic about maintaining a great score. Huge props to you!

If you would like to check your credit score and find out where you sit on the thermometer, use Credit Boost’s free online credit checker. It only needs your ID number and contact details, and does no damage to your credit score because it’s a soft or self-enquiry. Finally, if you have any questions about credit, your score, or how you can clear your credit, get in touch with Credit Boost. We would love to help you.