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What is a Good Credit Score?

Updated February 20, 2012

If you are a little confused about what a good score is and how it affects your ability to obtain credit - join the club! The fact is that your credit score is part of the process for a lender to determine if they will extend you credit and also the terms on the credit extended.

When discussing Credit Scores - keep in mind there are three Credit Bureaus and each one has a different scale on what is considered "good". Also, when seeking credit make sure you ask the credit manager which Credit Bureau they use so you know where you stand. You also should ask them directly, what score is normally needed in order to get the credit I want. More often than not they will know and will give you an answer.

Experian Credit Scale

With Experian, most credit scores are between 600-750. The overall range of numbers, however is from 330-830. Therefore, here is one scale to consider:

750 - 830: Excellent
700 - 750: Good
600 - 700: Fair
330 - 600: Poor

Equifax/My Fico Credit Scale

Equifax and MyFico are essentially the same. FICO scores can range from 300 to 850. From my experience, Equifax is heavily used for auto loans. Here is a scale based on percentiles of actual US scores:

780 - 800: Excellent
745 - 780: Very Good
691 - 745: Good
620 - 690: Fair
300 - 619: Poor

TransUnion Credit Scale

TransUnion scores can range from 501 to 990. From my experience, TransUnion is not heavily used by lenders. Here is a scale based on percentiles of actual US scores:

901 - 990: Excellent
801 - 900: Very Good
701 - 800: Good
601 - 700: Fair
501 - 600: Poor