Understanding Credit Score Ranges

By: First Union | Date:

business-financeresources

Understanding Credit Score Ranges

See Your Loan Options

Get Started

If you own a business, then you understand the importance of credit scores. Whether you want to get a commercial loan, work with a new vendor, lease new office space or buy equipment, your credit score will become a factor. Understanding the way credit scores work in terms of the various ranges, will allow you to gain a better overall picture of where you stand and potentially what you may need to do to work on bringing that credit score up.

Excellent: 750+

If you have an Excellent credit score, then you're certainly in a great position, especially if you're interested in taking out a short term loan or line of credit. Essentially a 750 or above indicates that you are current on all your debt and loans. That you've maintained at least 3 years worth of on-time payments, and that your credit usage is right where it needs to be, meaning not too high.

Good: 700-749

For those with a Good credit score, you too are prompt in terms of making those credit card and installment loan payments. The differentiating factor here is that you may have some balances which are a little on the high side.

Fair: 650-699

With a Fair credit score, there are probably some higher balances involved, as well as a few too many open accounts. Also, if you fall into the Fair range, it is likely that your credit history does have several delinquencies on it.

Poor: 550-649

Having a Poor credit score means that you currently have delinquencies and you may be maxed out on more than one credit card. Here too, there could be collections actions against you and perhaps even bankruptcy on record.

Bad: 549 and below

You have a consistent record of nonpayment along with potentially foreclosures, a bankruptcy perhaps and even a series of collections against you.

If you aren't necessarily in the Good or Excellent categories, you still may have a chance of receiving business funding. At First Union, we work with companies who may not have the best scores and yet the overall picture looks promising. If you're in need of working capital don't hesitate to give us a call, regardless of credit score—we're here to help!

Better Business Bureau
5 star rating
Trustpilot reviews

First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well.

Copyright © First Union Lending, LLC. 2021