Here’s how the American population stacks up in terms of scores:
- Thirteen percent of the population have a FICO of 800 and higher.
- Forty-five percent are in the 700-799 range.
- Twenty-seven percent have scores that fall between 600 and 699.
- Thirteen percent are in the 500 to 599 category.
- Two percent have a score under 500.
In general, you will qualify for the best possible rates on most types of loans with a 750 or higher. A 720 will get you nearly the best rates. A 680 will get you a decent rate most of the time. Anything below a 600 and you will find it very hard to get any sort of loan at all. In the range from 600-680, you can probably find a loan or credit card, but the interest rate is going to be much higher than someone with a 720 would pay.