What Is a Really Good Credit Score?
According to the U.S. General Services Administration website, credit scores are calculated using a scoring range developed by the Fair Isaac Corporation in 1958. Credit scores are calculated in a range of 300 to 850.
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Credit Scores
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Credit scores are used to calculate the risk presented by an individual attempting to gain credit, such as a credit card or mortgage. A credit score is used by institutions such as banks and other lenders to gauge how likely an individual is to make payments on time.
Excellent Score
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The Adjust Credit website reports an excellent credit score to be 800 or higher. Achieving an excellent credit score allows a consumer to benefit from the lowest possible interest rates and means it is extremely unlikely that an application for credit will be declined.
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Very Good Score
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Adjust Credit explains a very good credit score ranges from 700 to 799, which allows a consumer to gain access to both secured and unsecured lines of credit. About 27 percent of the U.S. population has credit scores in this range.
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