FICO 8 and VantageScore 3.0, the most commonly used credit scoring models, have a range of 300 to 850. Each lender sets its own standards for what constitutes a “good” score. However, VantageScores and FICO of over 690 are typically considered good credit scores. Scores above 720 are typically considered excellent.
In general, scores fall along the following lines:
Fair credit, in the 630-689 range, gives you more options, but you’ll likely pay higher interest and will have a limited choice of credit cards.
Bad credit, in the 300-629 range, can make it difficult to qualify for credit, leaving you with few good options when you need to borrow money.
Excellent credit of 720 and up can give you access to most rewards credit cards and the lowest interest rates offered.
Good credit, in the 690-719 range, can give you lower interest rates and more choices.
Ranges and the average score
Data from September 2019 show the average FICO score nationally was 706.
The average VantageScore 3.0 was 682 in 2019, according to credit reporting agency Experian.
Less than 20% of scores fell below 600; 22% were between 600 and 699, and 22% were 800 or above.
How does your credit score affect your life?
You may still be able to get credit, even if your score is in the low 500s. However, it will come with specific conditions, such as depositing money to get a secured credit card or very high-interest rates. You may have to pay more for car insurance or put down deposits on utilities.
