What Is a Good Credit Score?

What Is a Good Credit Score?

Your credit score can influence your ability to borrow money, get a credit card, rent an apartment, or even secure a job. Although you can check your credit score free of charge once each year, the number itself may be perplexing if you're new to the world of credit. What is a good credit score? What is a bad credit score? Once you know whether your three-digit number is embarrassing or impressive, you will be able to make informed and financially savvy decisions to maintain or improve that score.

What Is a Good Credit Score?

Three Credit Scores

Technically, you have three credit scores, one from each of the three major credit reporting agencies in the United States: Equifax, Experian, and TransUnion. Although the bureaus use similar methods to determine a person's credit score, the formulas are not exactly the same, so your credit score will vary from credit agency to credit agency.

You may have also heard about FICO credit scores. The company FICO uses and analyzes credit information to predict people's credit scores. Lenders and insurance companies use these scores to predict whether an account will succeed or fail. So although FICO isn't a credit bureau, its scores can still be very influential.

Credit Score Ranges

To orient yourself, you first need to understand the ranges of credit scores. Equifax uses a numerical range of 280 to 850, Experian scores range from 330 to 830, and TransUnion scores range from 300 to 850. Finally, FICO credit scores range from 300 to 850. In all of these ranges, a higher score indicates lower credit risk.

What Is a Good Credit Score?

As you can see from the ranges listed above, most credit scores span from about 300 to 850. Within that range, you can get a general idea regarding which scores are poor, which are excellent, and which are just okay:

  • Excellent Credit: 750+
  • Good Credit: 700-749
  • Fair Credit: 650-699
  • Poor Credit: 600-649
  • Bad Credit: below 600

If you're curious, as of April 2015, the average FICO credit score was 695 (source).

Although these valuations are not set in stone, they can help you figure out where you stand. However, remember that lenders have different standards regarding what is considered an acceptable credit score. So even if your score is in the poor range or below, you may still be able to secure credit if you are willing to accept higher interest rates or other specific conditions (like a deposit).

In any case, building your credit score through responsible financial practices is always a good idea. Factors that influence your credit score include number of late payments, severity of late payments, credit utilization, type and number of credit accounts, length of credit history, and total debt.


Although it is composed of just three digits, your credit score can influence your ability to get a loan, your insurance rates, your job search, and so much more. Now that you know which credit scores are superb and which are second-rate, work hard to improve and maintain your score.

Interested in opening a new credit card? You'll be pleased to hear that BluCurrent Credit Union offers two great options: the VISA® Platinum and the VISA® Classic. The Platinum offers rewards on every purchase you make, and the Classic comes with no annual fee, no cash advance fee, and no balance fee! To learn more about our credit cards, please click here, and to open an account, visit any of our branches. You can also give us a call at 417-887-1983 or e-mail us at info@blucurrent.org for more information.

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