What is a Good Credit Score?

What is considered a good credit score? Here's what lenders typically consider:

• 350-579: very poor
• 580-669: fair
• 670-739: good
• 740-799: very good
• above 800: excellent

How do credit scores work?

Credit scores range between 350 and 850, with most consumer credit scores falling between 600 and 750. The average FICO score in the U.S. was 717, still considered good; according to FICO's latest report last October 2024.

A higher credit score instills more confidence in creditors regarding a borrower's ability to repay a loan. With a higher score, borrowers are often eligible for better interest rates.

Lenders have specific criteria when evaluating loan applications, including determining the acceptable range of credit scores.

For instance, when purchasing a home, a credit score of 620 or higher is generally considered good, though FHA loans may accept scores as low as 580.

On the other hand, when buying a car, your credit score requirements tend to be less stringent, but the most favorable terms usually require a score of at least 660.

Your interest rate will also be determined in part by your credit rating.

This shows the importance of keeping tabs on your credit score and finding ways to improve it over time.

To find out what your credit score is, we suggest getting a free credit report from credit bureaus such as Transunion.

Once you know what your credit score is, feel free to use LoanFinder™️ to help you find lenders with the best rates and terms for your personal loan needs.