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What is a Good Credit Score: 2018 Range & Chart
What is a Good Credit Score: 2018 Range & Chart
So you’re in the market for a major purchase in your life, you need to rent an apartment, or you’re trying to land a job, knowing what your credit score is and just how good your credit score is essential. Having a good credit score can make your life much easier, your score will allow you to obtain the lowest available interest rates, and encourage someone to put more trust in you.
So what is a good credit score? The range of what people consider to be a good credit score can vary. You will find that many different sites on the net will all be answering the same question with different answers. The reason is that there’s no real explanation to what exactly a good credit score is. It’s all determined by lender/person and their guidelines. However, after being in the mortgage industry over the past seven years, I can tell you what most lenders consider to be good and scores they like to see:
Credit Score Chart & Range
700-759 Very Good
500-579 Very Poor
Having a good credit score will also save you a lot of money. The lower your credit score is, the higher your interest rate will be no matter what you’re borrowing money for. It’s always extremely important to keep your credit score healthy. If you’re not already in the “good range,” here are a few tips that you can work on to improve your credit:
- You always need to pay your bills on time
- If you have missed a payment, get current as soon as possible and stay current
- Keep the balance on your credit cards lower than 30% of the credit line that is available to you
- Payoff your bills if you have any in collections
A good credit score range can also change from one day to another depending on what the economy is doing. For example, prior to 2007, mortgage lending was a lot more lenient then it is today. In other words, a good credit score (a score that will get you approved without a substantial amount in assets and will give you the lowest interest rate) then is a lot different than it is now post, “the great recession.”
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About the Author: Scott Skyles
so i have a credit score of 606 and i had 3 nines on my credit report. i paid them off today and in hopefully 30 days my credit score will go up i was just wondering if anyone knew about how much it will jump.
I apologize, but there isn’t really anyway for me to determine how much your credit score would go up.
If you are a member of Bank of America Privacy Assistance (provided by third-party Intersections), which is a credit monitoring service, you can analyze your credit score based on each sceanrios.
For example, it will provide your credit score as of last available date (whenever you purchased the service) and select “Credit Analyzer” and customize credit scenario where you enter the data (credit card balances or new credit inquiries or new loan) for all your outstanding debts (credit cards & mortgage/auto loans). Once you have entered the information, click analyze and the software will provide you a new score and impact to your score (i.e. New score 630 with Estimated Impact +24).
I am going to be renting an apartment within the next two months. My current credit score ranges from 703-711. (Thats for the 3 credit scores). Would I be able to rent with a score like that? Will I get a lower rent? Will they take in account my partners score and should I find his score out?
Also, I noticed that there is outdated information (employment) on my credit score. Should I say something about it? Would this increase my score or lower it?
Given that you have the income requirements that the apartment complex requires, you should have no problem in obtaining a lease.
I would definitely get your partners credit score and hiv status. Both could be deal breakers.
You were talking about lenders being more lenient prior to 2007 and you were so right! In 2003 I bought my first home with a credit score of 535! Something else to mention is that even when lenders do loan the interest can chew you up and spit you out when you try to refinance and discover virtually none of your payments have been applied to principal. I purchased the home at 19% interest on a 30 year fixed rate mortgage with a monthly payment of $1441 and 20% down. I went through with it because I needed a 3 bedroom for my family and to rent would have been around $1500 monthly so I figured I would buy and refinance in a few years with a better credit rating.
Little did I know I bought a money pit and when major problems required repair in the foundation 5 years laterI needed help and I had no equity in the home. About 50 dollars a month was all that went to equity. I was so stupid to accept the loan at 19% interest. I tried to refinance with a credit score of 640 in late 2007/2008 but the banks didn’t seem to have any money to lend and I went into foreclosure. My credit score dipped into the 300’s after all the leins and foreclosure legal stuff. I thought I would just give up and become a hermit living under an bandoned car somewhere but 12 months ago I decided to live on a cash basis, open a new revolving account (secured credit card) to keep it current and pay my collections off. 12 months later and I now am back up to 601.
I REALLY need to rent/lease an apartment that is in a nice neighborhood. I wonder what the threshold is for renting at a nice apartment complex credit wise. Never the less I am glad I decided to face my credit monster rather that give up.
James, you did the right thing and that’s to never give up. The credit bureaus realize that people can go through struggles and that’s why with a good faith effort your credit score will rise over time. Nobody has to live with less than desirable credit for life. Good job!
I had multiple accounts in collections because I went on a wild spending spree and never paid the money back. I have been paying the companies and disputing inaccuracies for years. Recently I disputed almost everything except for the original creditors of course. I have one collection company that deleted an account before but they are refusing to remove the account even though they said that they would upon me paying the balance in full. What should I do? They have reported the balance as $0 so that raised my score by 55 pts. If it actually gets removed will my score improve more? All I have now is a secured card with a $400 credit limit. What is the best way to continue getting my credit to improve? I Went from the low 400’s and I am at 625 as of yesterday.
Unfortunately, paying off the debt does not get the original report of the delinquent debt removed. Paying it off, however, will improve your score like it has. It takes time for it to be removed from your credit report and the creditor is not required to remove it. They’re only required to report the amount is owed, which in your case is $0.
I am trying to buy a home. I pulled my credit and found an incorrect debt on there and I recently got a letter showing it was taken off but it my not reflect on my score for 90 days. The debt was for $47,000. Does anyone know how many points may be added to my credit score?
Nobody knows exactly how the credit bureaus calculate their scores, so there is really no way for me to give you an answer. Sorry.
I’m posting this only to add some good news and hope for everybody. It was a lot of work. and took about 8 years. Early on, being in my 20s and 30s and spending on things I really didn’t need, living for today, and not paying attention to my financial affairs gave me a score of 600-ish. Then, thank goodness, I married to a tightwad and she did what James did. We cut up the credit cards except one and we poured everything we could into the remaining cards starting with the one that had the highest interest rate. We have one card left and it’s down from $29,000 to $9,000, and we’re paying it off. We eat lunch before we go to the grocery store and stay away from impulse purcheses bu asking the question, “Why am I buying this, do I need it or do I just want it?”. Now we live on a cash basis and we have a monthly budget that we follow, and that can be relly annoying, but it’s paid off. I carry my lunch. We stopped going to restaurants unless we have extra from the previous month, take the kids to the cheap movie theatre, no cable, and stopped the cell phone. (Yeah, we actually stopped the cell phone, and it isn’t a big deal anymore, and it saved a huge amount of money). There are lots of free things to do if you look for them. The one thing we have is a steady job, so we’re lucky there.
And, here’s a secre: I’m not a religious guy, but I started to pray to ask God to help me keep my hand off my credit card and my cash in my wallet. I cant tell you how many times that has helped. Seriously.
So, basically, we made a huge choice to change our lifestyle. We learned how to tune out the incessant advertising that tells us we really need this junk. The feeling you get when you see money in the account is really nice. We have no prwoblem geting a loan and just bought a used car and they gave us a 1.65% interest,
My credit score is 812, and my wife’s is probably higher. Best wishes to everybody. If I can do it, anybody can do it. You can do it.
Great job on getting your financial affairs in order. There are people out there that wouldn’t even attempt to try to pay that amount of debt back and would look to filing bankruptcy as their way out. I commend you sir.
I don’t understand how do I have credit? I don’t own a credit card and I never bought anything like that. I’m only 19 I never bought a house or anything
Hi, Mr. Steel, I got a question:
Like most people, I’d been in quite a lot of debt the last few years I decided to get busy and dig myself out of this hole and now I’m down to 4 major bills. Since Feb 2013 my credit score went from 656 to 673 in two months. My question is, I have a bankruptcy on my report which was discharged 4/5/2006. This is the 7th year. Should I check into when this will be removed from my report or should I wait the entire 10 years? I read that it takes between 7-10 years before a removal can take place. I guess I’m getting anxious about the removal…I’ll be happy when I no longer see this on my report.
It takes 7 years for a chapter 13 and 10 years for a chapter 7 to be removed from your credit report.
I have about 8 doctor bills on my credit report from 3 years and longer on my credit report will thiss help my score if i pay them off or will it hurt me?
I had some payments that I went late on a few years ago. Four accounts that are still active show a past due of 30 days twice, but in the last two years, no late payments on these or any other accounts. How badly do these hurt my credit score?
Thank you. This has helped alot.
Why does the credit score rating numbers keep rising? I know the companies want to keep people in debt. The top score was 800, then 850 and now it’s past 900. Why? Seems that we can never catch up because they keep raising the required numbers. And no one can give an answer to why.
Also with the recession we just went through as a nation ….How can companies justify using credit scores to determine if you are a quality employee when so many are laid off or fired and cannot find work when many have done nothing wrong. That’s crazy to me. We need to be helping each other not finding ways to stop each other from advancing in life. SMH
I was wanting to know my credit score but I do not know. How to get it. Free. Can you advise ?
I recently relocated to United States from Africa and am a permanant resident here.My credit score is zero and I want to raise it.How do I go about it.The safest way please,I dont have any credt card yet coz I do al my purchase on a debit card.
hello my credit score 545 ive never had to pay bills im 20 years old and I really want this apartment right away preferly two weeks from now ill be filling in applications both me and my girlfriend. will this score kill my chances of getting this one bedroom apartment or no I must know ASAP. I work part time now plan on working two jobs in the future or whatever my college degree gets me I. may add I do pay all my credit card bills on time with the right amount or more. please help.
I have a judgement for $1000 that was instituted recently as I was disputing end of lease bill from my car lease
company. I realize that I should have just paid it and not stand on principle.
This dramatically lowered my FICO score to 527. Since it shows that this debt was “written off”
does it even make any sense to pay it off by sending them a check for full amount, or do you recommend
I have a credit score of 751. We owe about 40k on our mortgage and a home equity loan of 15k. All of our credit cards are paid in full every month. How can we get a higher credit rating? Our combined income is around 95k
I have been working on my credit. I have student loans that are 100,000.00, a car loan for 31,000.00 on top of smaller bills. My credit score was low 400’s but now it’s 640. I would love to purchase a home but I don’t know if I would be able to be approved with the loans I already have. Would you be able to tell me if these loans will be a problem for me.
What are some healthy ways to build your credit scores as soon as you turn 18? Do you have any recommendations on what credit company to go to?
Thank you so much…I am trying to recover from long term unemployment. It has been a challenge to find a job in my previous profession due to my credit score. My goal is to be debt free but daily expenses (food, shelter, gasoline) draws on any credit I can pay on! I never truly had the complete (Credit Score Ranges) Poor + Good+Great and NOW I am more enlightened! Thank you! / Striving for a Happy & Balanced Life in Peace in Mind + Heart + Spirit!
Scott, thinking about canceling sams Club MC CC only used it once in first 6 months will it hurt or help credit score, thx Doug
I am on target to be debt free in 22-24 months. My line of credit is 43k with balances of just over 32 %. The remaining $’s are on 2 credit cards and will be below at 22% by Jan, 2018. My question involves strategy: I already have applied/approved for a 0 Balance Transfer Card and a 2nd such card will allow me to move my last debt to interest fee.
I want to cancel/close 2 cards with 0 balances and 10k line of credit, established 7-10yrs. What is the proper formula to number of cards left open, in good standing, 0 balances vs. to many cards. I have 5 cards (3 with 0 balances) and 1 loan. My goal is having 4 credit cards (2 with 0 balances) and no loan in 6 months! My credit score is now 745.
I want to reach debt free without negative effect on my score by closing/opening credit card accounts to reach my goal of 4 cards by 2018 and debt free by June 2019.
i had a credit score of 759 and didn’t realize it until i applied for a loan. wow, i am lucky. i have my debts paid monthly by auto payment withdrawal from each organization. that helps a lot.
A little additional info to help those of you who really want to improve your score & have been in bad or poor territory a long time with ‘no hope’.
First, I belong to a bank that offers members a couple of signature loan options, regardless of credit. As long as you have direct deposit, you can get small ($200 to $1000) loans that is automatically deducted from your account each month. The terms are generally 5 months to a year, depending on loan amount. Doing a few of these (AS NEEDED!) and paying them off on time with no late payments will increase your score.
As for credit cards, I suggest you have no more than 3 unsecured. Get low balance cards ($300 to $500). ONLY use these for autopay on utilities. That way, your utilities are kept current and paid on time each month, which will go towards increasing your score. BE SURE to make monthly payments to each card in the amount of the payments, but pay a few dollars LESS than what those payments are. For instance, if you use one for electric, and your electric bill for the month is $200, pay $175. The idea is to keep your balance paid, but you don’t want to have a $0 balance every month. Although it will look good on your credit report, those that make decisions in extending credit will look negatively at accounts where there is $0 balance due monthly. It doesn’t really show the “financial responsibility” that they are looking for. Keep in mind however that rule of thumb is to carry no more than 20% of your credit line as a balance ($60 on a $300 card, $100 on a $500 card, etc).
Secure a loan (outside of the one mentioned above) that is several thousand. There are companies out there that will issue signature loans to people with credit scores >600. Your interest rate may be high…22-28%, but if you’re ‘frugal’ and pay more than the monthly amount, it will pay the loan off faster with less interest charges.
For instance, I financed an auto from a dealership for approx $10,000. My monthly payment were $280 for 36 month. Over a period of a year, I paid $400 a month. After 15 month, with a perfect payment record, I refinanced the loan and converted to a signature consolidation loan of $7500, with interest of 22%. They paid off the balance of my vehicle loan (which jumped my score almost 8 points!), and consolidated my credit cards and paid them off (which jumped my score another 10 points!).
The purpose in all this is to show multiple types of loans and financial responsibility. You can have a really great score of high 700’s, but still be turned down for loans because of limited financial responsibility types.
Join a site like CreditKarma. They will show you at a glance what your scores are from Equifax & Transunion, and your complete record., and they update scores every couple of days. They also give recommendations on cards that fit your specific profile and tell you what your chances are for obtaining them, so you don’t risk applying for cards that will decline (inquiries now stay on your credit report for ‘up to’ 2 years).
BE VERY CAUTIOUS about credit cards that you get! RESEARCH them! See what that little fine print they don’t want anyone to read says! If it’s more than 28% APR, it’s not worth it, regardless what your situation, as the interest rates alone will eat you up every month so you can never get ahead.
Also, NEVER, EVER get trapped in the ‘Payday Loans & Title loans’. These are traps that will destroy you! And many of them DO report to the credit bureaus! Paying back $30 per $100 borrowed on a 30 day (or less) ‘loan is NOT going to help your situation, irregardless what you may think!
It took me 3 years, but following the above, I went from a score of 528 to 677 (as of the time of this posting). A lot of hard work, diligence, research and perseverance in getting my score where it was more ‘comfortable’.
I hope that all this helped those of you serious about getting your credit back on track.
Keep in mind that what Scott said about scores really does apply – ask 10 different creditors what is a good score and you’ll get 15 different responses. FICO scores are only a base guide, to get your feet in the door. Once in the door, it’s a human element that looks at the details of your credit and how you’ve managed it.
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