Explaining what is considered a good credit score and how the new credit scoring system affects lenders and borrowers
There are a lot of questions regarding good credit, from how to get it, to what to do if you don't have it. However, one of the most commonly asked question is exactly what is considered a good credit score? This is a great question too, because there are so many confusing policies etc. for different credit card companies, banks, mortgage brokers, etc., it is hard to determine at what point the score becomes a good one.
To understand what is considered a good score, you first have to know what level of scoring there is. The national standard is FICO which stands for the Fair Isaac Corporation. This is the company who devised the formula that calculates the scores for every credit reporting company. According to FICO the credit score range possibility is 300 to 900+, with no one at either end of the spectrum (not a single person qualifies for 900 or more and no one is as low as 300). While the scale is quite large, it is largely accepted that anyone with a score under 620 is a bad risk and it is very difficult for them to get a loan. However, the gradient between what is considered a good score and what isn't is a mere 90 points, because anyone with a credit score of 710 or higher is considered a good risk and should find it easy to get a loan or credit card if they need it.
The kicker here is, with the economy getting tougher, the system is changing and a credit score has to be higher in order to be considered credit worthy. That is not because 710 is no longer an acceptable score, but because banks are worried about their loan investments and they feel it is better to be safe than sorry. So, knowing the answer to what is considered a good credit score, becomes more difficult to answer. What's more, if you go to two different financial institutions you will in all likelihood get two different answers. If that is the case, and you are in the market for a loan, then use the bank that has the lowest possible score as a consideration because if you beat that score then your credit will look much better in their eyes.
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