What is a good credit score?
The average credit score falls on a scale of 300 to 850. Scores below 600 are considered poor, while scores above 800 are excellent. Depending on the type of loan or credit you're applying for, your credit score may be more important than your income level.
A credit score is a representation of an individual’s financial history. Scoring systems typically range from 300 to 850, with two of the most common being FICO Score and VantageScore. These models both use similar information in order to generate your credit rating but their classifications are different (for example 665 on FICO would be considered fair while it's good under Vantage). Your personal data including how you've handled debt as well as recent inquiries will all contribute towards generating your final score.
Both FICO and VantageScore credit scoring models use the 300-850 score range to assess your financial history. The two systems differ slightly in their classifications (e.g., "fair" on a FICO scale is considered good on a VantageScorescale). For example, 665 is classified as poor by FICOscore but fair by VantageScore's standards; however, it’s important that you know what each system defines as “good” versus “poor."