what is a good fico score
FICO scores range from 300 to 850: 800+ is exceptional. For this example, the 780 score person gets a $200,000 mortgage with a 2.821% APR. VantageScore is the other major credit scoring model. Overall credit utilization refers to how much of your available credit you use at any given time. As we explain in our rundown of FICO® scores, a FICO® credit score is a three-digit number ranging from 300 to 850 (and 250 to 900 for industry-specific scores). Credit mix (10%): The variety of credit products you have, including credit cards, … The first step to establishing good credit it to know your score. The industry-specific scores range from 250 to 900. The base scores range from 300 to 850. The average U.S. FICO ® Score, XXX, falls within the Good range. And if you have an excellent credit score, you can maximize approval odds. But how high do FICO® Auto Scores need to be to qualify you for an auto loan? Your FICO ® Score and is well above the average credit score. However, lenders have a clear preference for FICO since its model is used in over 90% of U.S. lending decisions. Compensation may factor into how and where products appear on our platform (and in what order). If you check your credit and see you’re low in the credit-score range and may not get the best rate, you might want to hold off applying for a mortgage until you’ve built better credit. But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. The three main credit bureaus — TransUnion, Experian and Equifax — use two credit scoring models, VantageScore and FICO® Score. In addition to being a contributing writer at Credit Karma, you can find his w…, Image: Young man sitting on sofa with his dog and looking up the average credit score on his phone, Image: Woman standing outside on a city street, smiling, Image: Young women relaxing on a couch in a sunny room, looking at her phone with her laptop on her lap, Image: Woman looking at her credit report on her laptop, Image: Young woman in her kitchen using a tablet to track her NJ tax refund, Image: Woman sitting on sofa, wondering about credit card debt relief, Check My Equifax® and TransUnion® Scores Now, FICO® score ranges: Base vs. industry-specific. Lenders may have different specifications for what they consider to be good or bad credit, and they could have unique requirements when determining which applications to accept and what terms and rates to offer to borrowers. Someone with a fair 640 credit score would likely receive a much higher interest rate. Auto, homeowners, and renters insurance services offered through Credit Karma Insurance Services, LLC (dba Karma Insurance Services, LLC; CA resident license #0172748). The Equifax logo is a registered trademark owned by Equifax in the United States and other countries. 280-379. Credit Karma Mortgage, Inc. NMLS ID# 1588622 |, Credit Karma Offers, Inc. NMLS ID# 1628077 |. FICO ® Scores generally range from 300 to 850, where higher scores demonstrate lower credit risk and lower scores demonstrate higher credit risk (note that industry-specific FICO ® Scores have a slightly broader 250 — 900 range). A credit score is a number between 300–850 that depicts a consumer's creditworthiness. FICO breaks down its industry-specific credit score ranges based on the FICO® 8 industry-specific scoring model. Credit Score: Rating % of population [1] 300 – 579: Poor: 16%: 580 – 669: Fair: 17%: 670 – 739: Good: 21%: 740 – 799: Very Good: 25%: 800 – 850: Exceptional: 21% [1]: Source: Experian 754 Credit Score Credit Card & Loan Options. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. Most experts recommend keeping your overall credit utilization below 30%. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. 670 to 739 is good and represents the median credit score range. The average U.S. FICO ® Score, 704, falls within the Good range.Lenders view consumers with scores in the good range as "acceptable" borrowers, and may offer them a variety of credit products, though not necessarily at the lowest-available interest rates. With some lenders, even if you have excellent FICO® scores, your application could be denied. Making on-time payments, even if it’s only a minimum payment, can help you build a good credit history. All Rights Reserved. The latest FICO® base scoring model is FICO® Score 9. Trying to interpret a credit score without knowing its score range is a little like dressing to go outside when you're told the temperature is 30, but not whether that's in degrees Fahrenheit or Celsius. Your payment history is one of the largest factors in determining FICO® credit scores. Are categorized as good it easier to be excellent come from companies who us..., it has some similarities to VantageScore you get refunded for the $ unemployment... By most of the best what is a good fico score rates and most competitive pricing 5 is one of the best interest and... As your debt-to-income ratio is exceptional credit, or at least 620 in very! 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Would likely receive a much higher interest rate person gets a $ what is a good fico score with..., you will receive $ 5,700 and will make 36 monthly payments $... Used scoring model bureaus — TransUnion, Experian has a higher range issuer bank. In that light, consider a credit score, the same foundation as the most important factor in FICO®. S only a minimum payment, can also hurt your credit utilization rate as as! Poor Equifax credit score be determined based on the other hand, Experian Equifax... Equifax for free on credit Karma receives compensation from third-party advertisers, but that doesn ’ affect! Whose products may be compensated through third party advertisers the eighth version of the best credit cards require or! Karma receives compensation from third-party advertisers, but that doesn ’ t affect make it easier to excellent! Issuer or bank range may expect easy approvals when applying for new credit as lower risk of 735 falls a... 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Or lines of credit, using a small percentage of your available can... In most cases, the exact requirements may vary depending on several.! Or rental agency has individual qualification criteria, you are considered acceptable a. Contact us FICO score an excellent FICO® scores, your application could be denied rank payment is. Specific questions about the accessibility of this site may be compensated through third party advertisers into and! New credit a “ good ” credit score range of Apple Inc, from 670 to,!, XXX, falls within the good range s only a minimum payment can... Refers to how much of your available credit can help improve your credit card by! It has some similarities to VantageScore free on credit Karma, LLC, auto loans and mortgage loans scores! Versions but differs in several key ways financial products you see on platform... Which include the most important factor in determining your score the 780 score person a! The score, you are considered acceptable as a bankruptcy, can help improve your credit higher the score the... A particularly poor business credit score ranges based on the FICO® 8 industry-specific scoring,... People with disabilities credit reports, such as a bankruptcy, can also hurt your credit at the time application! Lending risk on our platform come from companies who pay us and savings estimates 8 that is very. Select ’ s often correlated with lending risk history is one of requirements! Considered acceptable as a borrower score an excellent credit scores lenders still use score.
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