It’s frustrating, but the real answer to, “What’s a good credit score?” is “It depends.” There are over 1,000 scoring models used, which means it all depends on what type of score you’re considering. FICO is generally considered the most important score, and it can range from 300 to 850. The median score is somewhere between 700 and 760, so if you’re in that range you’re considered normal.
Even if you have an upper-700s credit score, or you’ve made it into the elite 800s, there will always be room for improvement. Good credit is dependent upon the “right” amount of the “right” loans paid at the “right” time. FICO scores also reflect how long your credit history is, and the longer the better-in other words, it’s a lot easier for someone in their 50s to have good credit compared to someone in their 20s just by virtue of their age.… Read the rest