What is a Good Credit Score?

Written By Aaron Sarentino
Mar 5, 2018


A good credit score is what each of us aspires to. After all, a credit score is one of the important determining factors when it comes to borrowing money – and getting a low rate when you do. Learn what is a credit report and the difference between credit score vs credit report.

But trying to pin down a specific number that means your credit score is “good” can be tricky. When it comes to figuring out what makes a good credit score, there are a few different schools of thought.

How Do I Rate?

Most scores – including the FICO score (what is a FICO score) and the latest version of the VantageScore – operate within the range of 301 to 850. Within that range, there are different categories, from bad to excellent.

  • Excellent Credit: 750+
  • Good Credit: 700-749
  • Fair Credit: 650-699
  • Poor Credit: 600-649
  • Bad Credit: below 600

How does my credit compare to others? Find out now for FREE.

But even these aren’t set in stone. That’s because lenders all have their own definitions of what is a good score. One lender that is looking to approve more borrowers might approve applicants with credit scores of 680 or higher. Another might be more selective and only approve those with scores of 750 or higher. Or both lenders might offer credit to anyone with a score of at least 650, but charge consumers with scores below 700 a higher interest rate!

The Credit Score Range Scale

There are many different credit scores available to lenders, and they each develop their own score range. Why is that important? Because if you get your score, you need to know the range you are looking at so you understand where your number fits in.

The Range Using Various Scoring Models:

  • FICO Score range: 300-850
  • VantageScore 3.0 range: 300–850
  • VantageScore scale (versions 1.0 and 2.0): 501–990
  • PLUS Score: 330-830
  • TransRisk Score: 100-900
  • Equifax Credit Score: 280–850

With all of the scores listed above, the higher the number the lower the risk. That means consumers with higher scores are more likely to get approved for credit, and to get the best interest rates when they do. And they are more likely to get discounts on insurance. What is considered a “high” score depends on what type of score is being used.

If your FICO score is 840, for example, you’re just 10 points shy of the highest score possible and your credit is “superprime.” But if you have an 840 VantageScore (using version 2.0), it’s not as spectacular because you’re 150 points away from the highest possible score.

 What’s Your Score?

Don’t assume your score is good (or isn’t) just because you have always paid your bills on time (or haven’t.) The only way to know whether you have a good credit score is to check. You can get your credit score free every other week at Credit.com. This is a truly free credit score – no payment information is requested. In addition to the number, you’ll see a breakdown of the factors that affect your score and get recommendations for making your credit as strong as possible.

What Can I Get With A High Credit Score?

Some of the best credit cards (what is a credit card?)–from rewards cards to 0% balance transfer offers–go to consumers with strong credit ratings. You’ll find great credit cards for good credit here.

Good credit can also get you a lower interest rate when you borrow. That means you will pay less over time. Check out our article on what is a maxed-out credit card.

For example, if you’re buying a $300,000 house with a 30 year fixed mortgage, and you have as high credit score, then you could end up paying more than $90,000 less for that house over the life of the loan than if you had bad credit.

So, in the end, it really pays to understand your credit scores and to make them as strong as possible. Read more on how to start building credit.

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