What Is A Good Credit Score

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What Is A Good Credit Score Breakdown

What is a good credit score and what is a good credit score range are two popular questions asked by many. They are both important questions because credit plan a vital role in almost everything that we do. First of all, credit is one of the main factors for anyone who is looking to buy a car, purchase a new home or take out a loan. Secondly, it plays a role in the jobs that we are trying to get as well as that new apartment that we are trying to get a lease for. In short, it plays such a vital role in all that we do so it’s important that we know how well we are maintaining our credit.

Knowing what is a good credit score as well as knowing your credit score range are two important things to know for positive financial health. In this article, we’ll help you understand the basics regarding what is a good credit score as well as what is a good credit score range.

Most noteworthy, for this article, we used data compiled from Experian Credit Reporting Bureau to help in answering these important questions. So, lets take a look.

So, What Is A Good Credit Score?

First of all, the average credit score for people with good credit start at670. Secondly, the credit score range for people considered to have good credit would be from 670 – 739. In short, anything above 670 is considered good. Most noteworthy, a credit score range generally begins as low as 300 and can go as high as 850. As of April 2017, about 20.7 percent of the population have credit scores about 800 according to FICO.

Above all, people with good credit scores will find it easier to secure more credit and assets. For example, they will be more likely to secure a general loan without collateral. Also, they will receive lower interest rates and lower down payments. In contrast, someone with a credit score range between 300 and 579 will have much higher rates. Also, having bad credit will result in more denials and higher security deposits.

So, here is a full breakdown of credit scores:

  • 300-579: Very Poor
  • 580-669: Fair
  • 670-739: Good
  • 740-799: Very Good
  • 800-850: Exceptional

How Can I Improve My Credit Score

Above all, improving your credit starts with good financial behaviors. For example, watching and controlling your spending is key. Another good thing that helps with improving your credit is proper planning. For instance, proper budgeting in advance will help keep you organized. So, once you start working on your behaviors, the rest will follow.

Another thing that people can do is to hire a consultant or credit repair agency. Above all, these options can help you with your short term and long term planning. Also, they can help to find and correct any errors on your credit report that may be hurting your result. Our Digital Marketing Agency has some articles that you can take a look at to help you improve your credit. For example, we’ve produced the following articles on credit repair including:

Summary

Above all, stay positive. It comes down to controlling spending. Also, paying your bills on time helps big time. Even more so, making sure to never exceed more than 30% in outstanding credit will help as well.