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What Number is Considered to be a Good Credit Score?

Savvy ATM: What's Considered a Good Credit Score?

When Fair Isaac introduces its new formula for calculating credit scores this Spring, the new calculations are said to do a better job at sorting good borrowers from the risky ones. Having a high FICO score can save you thousands of dollars every year, because those with highest scores are rewarded with the lowest interest rates. But what type of score determines the good from the bad, anyway? To find out just

  • 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, mortgage rates increase according to these score brackets: 700-759, 660-699, 620-659, 580-619, 500-579.
  • Interest rates increase significantly with a score below 620, because at that point lenders consider you to be in the subprime category.

The FICO website gives this example: If you borrow $300k and have a 30-year fixed-rate mortgage, you'd save $600 each month / $7,000 each year / $210,000 over the life of the loan with a credit score of 760 versus 579. Pretty powerful when the numbers are broken down like that.


Join The Conversation
JaimeLeah526 JaimeLeah526 9 years
Very informative.
twinklg1rl twinklg1rl 9 years
I have a 780 as well Blondeagle.... But I am also 21. I think that once I get older, it will rise considerably. Yet I think one reason I can't seem to get it any higher is because I spend more than 2/3 of my credit limit, even though I pay it in full every month.. :{
blondeeagle blondeeagle 9 years
my credit score is 780 and I can't make it go any higher! I do everything that you are supposed to, but it has been sitting at 780 for a year now! How can I get into the 800's?
SkinnyMarie SkinnyMarie 9 years ING has a few tips on how to improve your score in the link above.
bellaressa bellaressa 9 years
Thanks for this advance Savvy. Do you know how long it takes to improve or up your score. I am at 730 and would like to increase my credit score before I buy a home.
mlen mlen 9 years
i think my score is like 770. how do i raise it even more?
Liss1 Liss1 9 years
Wow! Thats a big difference.
fabric2000 fabric2000 9 years
i have a score of 830 wonder what it would be under FAIR ISSAC.
SkinnyMarie SkinnyMarie 9 years
This is good news for me!
princessjaslew princessjaslew 9 years
*ouch* i guess its a good thing i'm nowhere near buying my own place.
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