Credit Score Information

As you probably know, the higher your credit score, the more likely you are to be approved for loans or new lines of credit. But we find that many people are uninformed about the exact details of their credit scores and credit report guidelines. Numerous consumers wonder which scores are considered good or great or average? What does it take to get a high score and maintain it? Here you'll find information pertaining to all of the basic credit score categories:

Excellent Credit Scores

• An excellent credit score is typically above 720
• Likely have at least 5 lines of credit open, such as auto loans, credit cards, mortgages
• Excellent scores usually have no records of bankruptcies, foreclosures, or collections in last 10 years
• Credit card balances are low compared to limits
• Few credit inquiries

Very Good Credit Scores

• A very good score is considered to be above 680 but lower than 720
• Also likely has several different lines of credit open, loans, mortgages etc
• No records of bankruptcies, foreclosures, collections in last 7 years
• Fairly low balances compared to limits

Good Credit Scores

• Good credit scores typically fall between 620 and 679
• Several open lines of credit
• Accounts in good standing, may have some late fees
• May have several recent credit inquiries

Average Credit Scores

• An average credit score is below 620 but higher than 580
• Fewer open lines of credit than higher scores
• Balances may be very close to credit limits
• May have several recent credit inquiries

Poor Credit Scores

• In general, a poor score is anything below 579
• Could have recent foreclosures, bankruptcies, or accounts in collections
• Generally has reached the maximum limits of accounts
• Many recent credit inquiries