What’s a good vantagescore?

Dear David: A few months ago, you wrote that the nation’s
three biggest credit bureaus had introduced a new type of credit score
called “VantageScore.” I just ordered a copy of my report from one of
the bureaus and learned that my VantageScore is 820. Is that pretty
good?

Dear Reader: The new scoring system ranges from a low of 501 to a high of 990.

Consumers
who score in the 901 to 990 range are considered “super prime” and
generally are entitled to the lowest rates on mortgages, credit cards
and the like. Your score of 820 falls between 801 and 900, which makes
you “prime plus”: You probably won’t get the very best loan rates, but
you should get a better deal than those who score in the 701 to 800
“prime” range.

Those who score in the 601 to 700 range are
considered “non-prime” and should expect to pay a higher rate or extra
fees. Finally, those in the 501 to 600 range are considered high-risk
and must usually pay the highest rates — if they can qualify for a
mortgage at all.

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