I am just curious. Why are people so happy when their score is above 700? If one has let's say, 650, is that person considered to be a risky credit? If you qualify for the lowest rate having a 650 score, what would one achieve with a 700 score? None will lend at 0%, even if a person has the BEST score... So I was thinking, as long as a person has above 600, he/she should be ok thanks
Well there are some 0% deals albeit for a limited time that you won't qualify for if you are not close to 700 range scorewise. Also, I think what matters most aside from score is the presence of derogs on your report. If you don't have any derogs and a few good tradelines you should qualify for most credit regardless of score. In that case you may have to ask for a manual review though because many credit apps are automatically approved or denied based on score.
Another thing about credit score vs. derogs is the use of insurance(property&casualty). You can have a good credit score but still have to pay higher insurance rates because of one minor neg.
