What is a Good Credit Score?

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Are You Credit Worthy?

Unless you've been living under a rock, you know that lenders use a number called a credit score to determine your credit eligibility.  A good credit score will improve your chances of getting a loan and get you better rates on that loan.

But what is a good credit score? 

Credit Score Range 

To determine what is a good credit score, you first need to know what the range is. Experian, TransUnion and Equifax report slightly different numbers and you may see different ranges from lenders based on what score model they use. However, the most commonly used FICO score range is from 300 to 850. The higher the score, the better your credit.

What is a Good Credit Score? 

Only 13% of the population has FICO scores of 800 or above.

The median score is 723.

What is a good credit score depends on the interpretation of the lender looking at it, but in general, a credit score of...


Get Equifax Score Power
750 - 800 is Excellent
660 - 749 is Good
620 - 659 is Fair
359 - 619 is Poor

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Getting a Good Credit Score 

Always pay your bills on time.

Keep your balances as low as possible compared to your credit limits. Don't max out your debt!

Maintain at least one account for a long period of time. A good history with an individual creditor can improve your score.

Avoid applying for a lot of new credit all at once. Too many new accounts will look like you are having financial difficulties.

Check your credit report regularly for accuracy. Inaccurate data can hurt your score.

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Lensmaster

great information! keep up to work. 5 star by me. Plz chack out my American Express Preferred Rewards Gold Card lens.

ReplyPosted July 30, 2007

eowawa wrote...

Great needed lens there KC...so many poeple are so confused when it comes time to make a major purchase like a car or a house and do not have a clue as to wht they really are qualified to purchase. This should really help them be prepared for those applications.

ReplyPosted June 08, 2007

gpower2llc wrote...

Nice Kathleen, as a former mortgage banker I know how important this is. Thanks for the lens.

ReplyPosted June 05, 2007