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What is a Good Credit Score?
High 700's
Consumers with credit scores in the high 700's are considered the lowest risk to potential lenders. Because they pose less risk using the credit bureaus scoring range they commonly are approved and receive the best interest rates.
Low 700's
This is still considered a good great score. According to Fair Issac Corporation, the creators of the FICO score a 723 is the average score in the U.S. - 2010.
High 600's
While not the best, consumers in this range may still qualify for home and auto loans, credit lines, etc.
Mid to Low 600's
This is where trouble can begin. While people with mid to low 600's may still qualify, they will pay higher interest rates, fees and finance charges. Back in the housing boom of the early and mid 2000's, this was okay. Today, it simply isn't good enough in most cases.
Below 600
This is considered bad credit. A high risk for lenders that in most cases will be denied credit unless there are mitigating factors which an underwriter may consider before extending what would normally be a high interest rate loan.