What are the Different Ranges of Credit Scores? | Equifax (2024)

Wondering about credit score ranges and where yours is on the scale? Learn more about the total range of credit scores and what is a good credit score range to strive for. [Duration - 1:35]

Highlights:

  • Credit scores are three-digit numbers designed to represent the likelihood you will pay your bills on time.
  • There's no “magic number” that guarantees you loan approval or better interest rates and terms.
  • Credit ranges vary based on the scoring model used to evaluate them.

Credit score is a three-digit number designed to represent your creditworthiness, or how likely you are to repay a lender on time.

Potential lenders and creditors look at your credit score as one factor when deciding whether to offer you new credit. Lenders may also use your credit score to set the interest rates and other terms for any credit they offer.

Credit scores typically range from 300 to 850. Within that range, scores can usually be placed into one of five categories: poor, fair, good, very good and excellent.

Credit score ranges – what are they?

There's more than one credit scoring model available and more than one range of scores. However, most credit score ranges are similar to the following:

  • 800 to 850: Excellent
    Individuals in this range are considered to be low-risk borrowers. They may have an easier time securing a loan than borrowers with lower scores.
  • 740 to 799: Very good
    Individuals in this range have demonstrated a history of positive credit behavior and may have an easier time being approved for additional credit.
  • 670 to 739: Good
    Lenders generally view those with credit scores of 670 and up as acceptable or lower-risk borrowers.
  • 580 to 669: Fair
    Individuals in this category are often considered “subprime” borrowers. Lenders may consider them higher-risk, and they may have trouble qualifying for new credit.
  • 300 to 579: Poor
    Individuals in this range often have difficulty being approved for new credit. If you find yourself in the poor category, it's likely you'll need to take steps to improve your credit scores before you can secure any new credit.

What are the Different Ranges of Credit Scores? | Equifax (1)

What is a good credit score?

There's no “magic number” that guarantees you'll be approved for a loan or receive better interest rates and terms. However, in many popular scoring models, borrowers need a minimum score of 670 for their credit to be considered “good.”

Overall, the higher your credit score is, the more likely you are to appeal to lenders. Higher credit scores indicate that a borrower has demonstrated responsible credit behavior in the past. So, they also often receive more favorable terms and interest rates from lenders.

How are credit scores calculated?

Your credit score is calculated using the information found on your credit report. Your payment history, the mix of credit accounts you have, the length of your credit history and your credit utilization rate (the percentage of available credit limits you are using) are all factors that might influence your credit scores.

However, there's more than one way to calculate your credit scores. Lenders and credit reporting agencies often use different scoring models. One model might place the most importance on your payment history. Another could prioritize the types of credit you have available. Because of these differences, your score could vary depending on how it was calculated.

Your scores may also vary based on the credit reporting agency providing them. This is because not all lenders and creditors report information to all three nationwide consumer reporting agencies (Equifax, TransUnion and Experian). Some may report to only two, one or none at all.

How can I improve my credit scores?

The good news is your credit score is not a fixed number. With time and responsible choices, it can be improved. Just keep in mind that this process takes patience. This is especially true if you haven't kept the best credit habits in the past.

Some credit habits that could improve your score in the long term include making your payments on time, keeping old accounts open to lengthen your credit history and keeping your credit utilization rate low.

You'll also want to make sure to keep tabs on your credit report to confirm that the information included is up to date. Credit reports do not include your credit scores, but here are a few ways you can check your credit scores.

What are the Different Ranges of Credit Scores? | Equifax (2024)

FAQs

What are the Different Ranges of Credit Scores? | Equifax? ›

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

What are the 5 levels of credit scores? ›

FICO score ranges
  • Below 580: poor.
  • 580 to 669: fair.
  • 670 to 739: good.
  • 740 to 799: very good.
  • 800 and above: exceptional.
Nov 21, 2023

What is a good FICO score? ›

670-739

Is a 900 credit score possible? ›

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

How common is a 700 credit score? ›

Credit score distribution: How rare is an exceptional 800 to 850 score?
FICO® Score rangePercent within range
650-69912%
700-74917%
750-79924%
800-85023%
4 more rows
May 31, 2023

What credit score is needed to buy a house? ›

The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).

How much of a loan can I get with a 730 credit score? ›

You can borrow $50,000 - $100,000+ with a 730 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

What is a good FICO score by age? ›

Following NerdWallet's general guidelines, a good credit score is within the 690 to 719 range on the standard 300-850 scale, regardless of age. Credit scoring companies have their own measures. FICO's good range is 670-739 and VantageScore's, which it labels “prime,” is 661-780.

Does anyone have an 850 credit score? ›

How many Americans have an 850 credit score? Only 1.31% of Americans with a FICO® Score have a perfect 850 credit score. While a score this high is rare among any demographic, older generations are more likely to have perfect credit. Baby boomers make up a whopping 59.4% of the people with an 850 credit score.

What is a good credit score to buy a car? ›

Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.

What is the highest credit score ever recorded? ›

And when people talk about achieving the “highest” credit score possible, they're usually talking about the ever-elusive 850 FICO® Score. Earning a perfect 850 FICO Score isn't common, but it's certainly possible.

Who has the lowest credit score? ›

Top 10 states with the lowest credit scores
  • Mississippi: 675.
  • Louisiana: 684.
  • Alabama: 686.
  • Texas: 688.
  • Georgia: 689.
  • South Carolina: 689.
  • Arkansas: 690.
  • Oklahoma: 690.

How common is an 800 credit score? ›

22% of U.S. Consumers Have Exceptional Credit
Percentage of Consumers by FICO® Score 8 Range
RangePercentage of Consumers
Good (670-739)21.6%
Very good (740-799)28.1%
Exceptional (800-850)21.9%
2 more rows
Apr 17, 2024

What is the average credit score in America? ›

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

Can I buy a house with a 702 credit score? ›

A conventional mortgage is often best for those with a credit score of 700 or higher. (Generally, the credit score requirement is 620 and above.) Benefits of a conventional loan include: Buy a house with as little as a 3% down payment.

What is considered excellent credit by Capital One? ›

Good: 670 to 739. Very good: 740 to 799. Exceptional: 800 and over.

What is a Tier 5 credit score? ›

Tier 5: A fair credit score ranges from 630 to 649 and means you “try to be responsible with my credit but have had some recent credit challenges.”

What is a Level 1 credit score? ›

In FICO's scoring model, scores in the 800 to 850 range are considered exceptional, or best. A given lender, however, may consider scores in the 750 to 850 range as best and categorize those borrowers as tier 1.

Which credit score is most accurate? ›

Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.

What are the 5 C's of credit score? ›

Character, capacity, capital, collateral and conditions are the 5 C's of credit. Lenders may look at the 5 C's when considering credit applications. Understanding the 5 C's could help you boost your creditworthiness, making it easier to qualify for the credit you apply for.

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