What is a very good credit score?

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  • July 5, 2023 at 7:53 pm #8782
    Team StellarFi
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    A very good credit score is one of the categories on the FICO® scoring scale, the base range of which is 300-850. A very good FICO score lies within the range of 740-799. According to Experian® data, 25% of the American population has a very good FICO score. This category exists only with FICO scores and not VantageScore®, the other most widely used scoring model. So, a very good FICO score may either fall into the excellent or good VantageScore range.

    Having a very good FICO score is great if you want to negotiate for better loan terms or credit cards: lower interest rates, higher credit limits, faster approvals, etc. However, any credit score is only indicative of a positive impression on the lenders. No score can guarantee low interest rates or credit card approvals because every lender interprets credit scores differently. The likelihood of lenders approving your loan or credit card also depends on which credit bureau(s) the lender pulls information from.

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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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