promotion image of download ymail app
Promoted

What's a good credit score?

I just received my credit report and am baffled.

Equifax says 669, Experian says 683, TransUnion says 662.

Can somebody please clarify what a 'good' credit score is, numerically speaking? In other words, is my credit good, bad, average, terrible?? How long does it take to improve credit scores? (Weeks? Months?)

Thanks!

13 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    To really understand the credit scoring system and how healthy your own score is, it is actually important to know some other information as well:

    1. A FICO score can range from 300 to 850.

    2. The national AVERAGE FICO is 678.

    3. The MEDIAN American FICO score, however, is higher at 723.

    Even middle school math made my eyes glaze over, so if you are anything like me it may help to have a refresher on the difference between "median" and "average" at this point.

    "Median" means that half of all credit scores fall below 723 and half of all credit scores fall above 723.

    However the "average" score is what you get if you add together every credit score in America, and then divide that total by the number of scores that were added.

    Why is the median score of 723 higher than the average score of 678? The reason is because there are more really low scores between 300 and 723, than there are really high scores between 723 and 850. In fact, 60% of scores are between 650 and 799. Of the remaining 40% of scores, more are below 650 than are above 799.

    4. Anything below 620 - 650 is considered a poor score. And remember - the lower you score, the higher the interest you are charged, assuming you can get credit in the first place.

    5. There is nothing wrong with having an average score of 678. This is a good credit score and lenders will perceive you as unlikely to default and offer you a competitve interest rate.

    6. A score of 770 and up is considered excellent and people with these scores get the very best deals. However, the advantage between having a score of 800 versus 700 is minor compared to the difference between having a score of 700 versus 600.

    7. At below 550 you would be considered to have damaged credit and be in need of credit repair.

    In short, aim to get above the FICO score average of 678, but don't sweat it. The average FICO score is still definitely good credit and enough for you to qualify for standard rates.

    30% of your score is based on your debt to credit ratio so a fast way to improve your score is to apply for another card, giving you more available credit. However, this only works if you don't run up the card - otherwise it can backfire and hurt instead of help.

    • Commenter avatarLogin to reply the answers
  • shuey
    Lv 4
    4 years ago

    Whats Good Credit

    • Commenter avatarLogin to reply the answers
  • Anonymous
    6 years ago

    Most credit scores – including the FICO score and the latest version of the VantageScore – operate within the range of 301 to 850. Within that range, there are different categories, from bad to excellent.

    Excellent Credit: 750+

    Good Credit: 700-749

    Fair Credit: 650-699

    Poor Credit: 600-649

    Bad Credit: below 599

    • Commenter avatarLogin to reply the answers
  • 5 years ago

    This Site Might Help You.

    RE:

    What's a good credit score?

    I just received my credit report and am baffled.

    Equifax says 669, Experian says 683, TransUnion says 662.

    Can somebody please clarify what a 'good' credit score is, numerically speaking? In other words, is my credit good, bad, average, terrible?? How long does it take to improve credit...

    Source(s): 39 good credit score: https://bitly.im/T4DJc
    • Commenter avatarLogin to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    4 years ago

    For the best answers, search on this site https://shorturl.im/X6G9c

    As long as you make the car payments on time every month, you will build a good credit record. If you can, set up an automatic payment through your bank so you are never late. Just one late payment can set your score back quite a bit and affect your score. You should be able to obtain a credit card after about 6 months of a good payment history.

    • Commenter avatarLogin to reply the answers
  • Anonymous
    6 years ago

    I'm certain that you must find every financial clarification at: loandirectory.info-

    RE What's a good credit score?

    I just received my credit report and am baffled.

    Equifax says 669, Experian says 683, TransUnion says 662.

    Can somebody please clarify what a 'good' credit score is, numerically speaking? In other words, is my credit good, bad, average, terrible?? How long does it take to improve credit scores? (Weeks? Months?)

    Thanks!

    • Commenter avatarLogin to reply the answers
  • 4 years ago

    683 Credit Score

    • Commenter avatarLogin to reply the answers
  • Raj
    Lv 4
    1 decade ago

    It is not too bad. The higher is your credit score, the better it is. It takes months to improve your credit score. Keep up paying bills on time, hopefully you will see change.

    • Commenter avatarLogin to reply the answers
  • Anonymous
    1 decade ago

    Not bad score, your middle score is 669. Here is a website to educate you on your credit scores.

    www.creditscorequick.com

    good luck

    • Commenter avatarLogin to reply the answers
  • Anonymous
    4 years ago

    I would like to say thank you to Destiny kings Loan finance for all the things they have helped me with. I have a large family, and every time we have had a crisis Destiny kings Loan finance has helped us out. I thank God for the help they have provided to me and my family,email them today at{destinykingsfinance@yahoo.com

    {destinykingsfinance@yahoo.com}

    • Commenter avatarLogin to reply the answers
Still have questions? Get your answers by asking now.