What is a good FICO® credit score?

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  • July 3, 2023 at 7:45 pm #8578
    Geoff Massanek
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    July 5, 2023 at 7:48 pm #8772
    Team StellarFi
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    A credit score has multiple ranges and scoring models. The most common range used by FICO® and VantageScore® is between 300-850. These are the two most well-known scoring models used by the three major credit reporting agencies – Equifax®, Experian®, and TransUnion®. Both calculate credit scores within a range of 300-850, but their criteria of categorization and the importance of each factor vary slightly.

    A good FICO score lies within the range of 670-739. Those with a good credit score are generally considered low-risk borrowers by most lenders. The chances of people with a good score getting approved for a loan or credit card at low premiums, interest rates, and higher credit limits are higher.

    At the same time, a good credit score does not guarantee a loan or credit card because some lenders may consider factors, such as income, to determine your creditworthiness, which is not part of your credit score.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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