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What Is Considered a Good Credit Score?

Credit Scores by the Numbers: The Good and the Bad

It's simple: the higher your credit score, the lower the interest rates accessible to you. Now that lenders have started being more attentive to the credit histories of potential borrowers, there's one more reason for you to pay more attention, too. Once you know your credit score, you should do everything you can to raise your number so that you save as much money as possible on interest rates. Here are a few more facts about credit scores according to FICO.

  • The median credit score in the US is 723.
  • The highest possible score is 850, while the lowest possible score is 300.
  • Most lenders require a score of at least 760 to get the best rates.
  • After 760, interest rates increase according to these score brackets: 700-759, 680-699, 660-679, 640-659, 620-639.
  • Interest rates increase significantly with a score below 620, because at that point lenders consider you to be in the subprime category.


Join The Conversation
aimeeb aimeeb 8 years
I don't even want to know mine. Ugh.
melizzle melizzle 8 years
A high credit score shows that you have a history of paying things off. That's why it's so important.
death-by-chocolat death-by-chocolat 8 years
Mm, I would disagree that credit scores "reward people who go into debt". Admittedly, credit is a game, but if you're smart with your money and stay out of the game, you aren't going to win anything. The key is being smart with your money AND staying in the game.
booglass booglass 8 years
Credit scores are crap. They reward people who go into debt while dinging people with no debt who live within their means. So people who carry no debt and live within or below their means are often given low scores. So no debt and good savings/checking balances somehow makes a credit risk.......give me a break.
mydiadem mydiadem 8 years
There is no way to get it for free, sadly. You have to pay like $8. Mine is very good, 770, and will be better when I pay off my Carrier card. I got a new furnance last year and got a card with 0 interest 0 payments for a year - so I opened that to took the money I saved for the heater and put it into an ING account.
Dhorwich Dhorwich 8 years
I know you can get free credit reports online but I haven't found a way to get a free credit SCORE. Does anyone know?
hibiscus96818 hibiscus96818 8 years
My credit score is good right now, but I am working to make it great so that when I go to buy a house in 2 or 3 years I will have no issues getting a loan with a good interest rate. I'm with nylorac, could you give us some tips on how to raise our credit score. I am doing pretty well on my own, but I would love to hear advice from someone who knows about this kind of stuff.
Renees3 Renees3 8 years
Mine should be going up soon. Our mortgage won't show on our credit until April (even through we bought our house in Dec) so once that's on there it'll go up .Other then that I've got a couple really old bad things and the rest is super good. I'm working on it! I've raised my score like 200 points in 3 years.
nylorac nylorac 8 years
... i'm pretty dense when it comes to stuff like this, y'know personal finances :)
nylorac nylorac 8 years
could you give us a couple tips on how to raise our credit scores?
carak carak 8 years
i'm pretty shocked that 723 is the median score. i thought it would be lower considering our nation's addiction to debt!
Spectra Spectra 8 years
Mine's gone up a lot since we bought our house. I had only one "bad" thing on it (I had a cell phone bill back in college that got sent to collections because it actually kept getting sent to my parents' house and they kept throwing it away. ARRRGH!). My husband's is almost perfect, so that's the score they looked at when we bought our house and we got the best rate. Our insurance company also started charging premiums based on FICO scores, which is kind of BS, if you ask me. It just allows them to increase their rates if you don't have a great rating. It has nothing to do with whether or not you pay your insurance premiums on time.
ilanac13 ilanac13 8 years
i wish that i could get my credit score up just a little bit. i'm on the cusp and i know that if i could just pay off a couple more things i'd be ok, but times are hard right now - so i don't know how things are going to pan out for the next few months. at least i'm 'ok'....not great but 'ok'
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