What is a good credit score?

Having a good credit score indicates that you have a good credit history. The higher the score, the better your chances of getting a credit card approval, lower interest rates on mortgage and other loans, and/or a higher credit limit.

There are different scoring models to calculate your credit scores with VantageScore® and FICO® being the most commonly used ones. Different credit reporting agencies or credit bureaus can give different results because all creditors do not report to the same agencies. Most report to three agencies – TransUnion®, Equifax®, and Experian® – but some may only report to one, others, or none at all.

Also, different lenders have different criteria for granting loans and approving credit cards, and the information they require from the credit reports may also be different. So, the credit scores they accept may vary.

Generally, any score above 670 ranges from good to excellent. Specifically, a FICO score between 670-739 is considered a good credit score and a good VantageScore lies between 661 and 780. Those with good to excellent credit scores are considered low-risk borrowers.