What is a good credit score

A good credit score typically falls within a specific range, and the exact range may vary slightly depending on the credit scoring model used by different credit bureaus. In the most widely used FICO credit scoring model, which has a range from 300 to 850, a good credit score is generally considered to be 700 or higher. Here’s a general breakdown of credit score ranges:

  • Poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very Good: 740 to 799
  • Exceptional: 800 to 850

Having a good credit score indicates that you are a relatively low credit risk, making it easier to qualify for loans, credit cards, and better interest rates. Keep in mind that different lenders and creditors may have varying criteria for what they consider a good credit score, and the importance of your credit score can vary depending on your financial goals and the type of credit you’re seeking.

It’s essential to regularly monitor your credit score and credit report to ensure its accuracy and to take steps to improve or maintain a good credit score, as it can have a significant impact on your financial well-being.