According to Experian's National Score Index for credit score stats, the average American credit score was 678 (as of 4/2008).
If your score is below 620, then you might have a tougher time getting a loan.
The following ratings explain the impact of the different score ranges:
* 720-850 - Excellent - This represents the best score range and best financing terms.
* 700-719 - Very Good - Qualifies a person for favorable financing.
* 675-699 - Average - A score in this range will usually qualify for most loans.
* 620-674 - Sub-prime - May still qualify, but will pay higher interest.
* 560-619 - Risky - Will have trouble obtaining a loan.
* 500-559 - Very Risky - Need to work on improving your rating.
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