You probably know by now that having a good FICO score (derived from your credit reports) can determine how low or high of interest rates you will get when you take out a loan. But just how bad is a bad FICO score? And how much can it affect you?

According to the Web site myFICO.com the breakdown of the general population’s FICO scores is as follows:

* 20 percent below 620
* 20 percent between 620 and 690
* 20 percent between 690 and 745
* 20 percent between 745 and 780
* 20 percent above 780

Yes, a good percentage of the folks out there actually have FICO score uner 620! Some are as low as the 300s. Ouch, imaging trying to get a loan at all with that.

On the flipside, an equally good percentage of people have superb credit scores which is anything over 780, and that’s about the highest tier you can go. A few people out there actually have around 900 but that is virtually nonexistent!

The bottom line is, stay the heck away from the 300s (very rare as well), and strive to be near the mid 700s and above. You’ll end up saving a grip of money!