What is considered a Good Credit Score…620, 680, 700, 990??????
Most people when asked this question, “What is a good credit score, don’t have any idea. They don’t know if their credit rating comes from an A, B or C or if they have a numerical number that rates their credit worthiness. Until the last few years when the VantageScore came into existence the consumer would only see a numeric credit score.
Adding to this confusion is the fact that there are multiple scoring ranges you can get when you request a credit score. If you are not familiar with this fact, you may be elated to see that you have a 750 credit score, because when you pulled your credit you got a VantageScore. Then when your lender pulls your credit using a FICO scoring model your elation turns to disappointment, to find out your score is much lower than you thought.
“Until now, if you were given a 720, you knew that was a good score,” said Gail Hillebrand, an attorney at Consumers Union. “Now, in evaluating your score, you need to know what the grading range is, and that’s a new question consumers didn’t have to ask before.” FICO credit scores range from 300-850, whereas, VantageScore range between 501-990 and has both a numeric rating and a letter grade. An insurance company will give you a letter rating of A, B or C also. But if you are trying to buy a car they are going to get a credit score with a numeric value assigned to it.
To answer the question we started with, FICO considers a good credit score a score above 700 and if you are looking at a VantageScore you would need to have a “B” which correlates to 800 or higher. However, that answer is very conditional of the person, you may be someone who doesn’t want anything less that an 800 with FICO or a 900 with VantageScore.