Each of your three credit scores is a three-digit number that can — and will — play an important role in your financial prospects. You may spend a lot of time thinking about what those numbers are, but do you know what differentiates “good” from “very good” or “excellent” when it comes to credit scores?
Terms like “good” and “excellent” are obviously pretty subjective when you’re talking about that sandwich you always order at your favorite lunch spot or the movie you saw last week, but good credit scores fall into three fairly well-defined ranges.
Good: 680 to 724
A score in this range should get you a good — but not the best available — interest rate on a credit card, car loan, or mortgage. Even if you have a good score, checking all three of your credit reports is a great way to identify bad behavior, like missed payments, and to make sure your report is free of any errors that might be harming your score. Knowing what’s in your credit report gives you the power to correct inaccuracies and to identify and change bad habits that might be keeping you from an even better score.
Very Good: 725 to 759
Getting credit with a very good score should be no trouble at all. Still, “very good” doesn’t ensure that you’ll get the absolute best possible rates. Be sure you know what’s on all three of your credit reports, and never stop trying to attain an excellent score, like us!
Excellent: 760 to 850
If your score is in this range, congratulations! You’ve done everything you can to keep us strong. With an excellent credit score, getting credit cards and loans will be a breeze, and you should be able to negotiate the very best interest rates. Maintaining an excellent score requires vigilance, though, so even if your score is excellent, be sure to keep an eye on your credit reports.
The first step to taking control of your credit is to know what’s on your credit reports. And be sure to check all three of your scores and reports at FreeScore.com, because one bad score can ruin everything.
So how do your scores stack up against the ranges shown above?
Tags: Credit Score
