What is a Good FICO Score?

What is a good FICO score? We know about credit, but exactly what is considered to be a good FICO score? This is something you are probably wondering, especially if you have been looking to get a loan lately and the answer depends on the lender.

I wrote about the FICO score ranges previously, but this is going to be a brief overview of what is considered to be the best. Generally if you have a score above 720 most lenders will consider you to be an excellent customer and would gladly do business with you, (and give you a low interest rate as well.

CBS confirms this when they say The best number to have is 720 or above. If your score is 720, there's really no need to try and raise it because lenders lump you in the same category as folks with a score of say 800 or 820." LA Times also seems to agree when they state,"Generally speaking, a score of 700 or more gets you the best credit and fast loan approvals."

Some lender might give you an extra break on interest rate if your score is above 760, but for the most part if you are in the mid to high 700s you are considered to be the least risky people to loan to.

This brings the question, is 700 a good credit score? It sits right on the edge of what is good and what is excellent. While it depends on where you go, if you are getting a loan and have a score of 700 you might want to raise FICO score quickly so there is no question about how “trustworthy” you are with your loans.

What is a Bad FICO Score

Anything below 620 is considered to be a bad credit score. If you are in this range you are considered to be “risky” and will get loans with very high interest rates if you get them at all.

A score below 500 is considered to be “extremely risky” and for the most part lenders will not lend them money. In this case you have to look for ways to rebuild credit before someone will lend to you.

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