According to Experian, a good credit score is a score above 700. This suggests to a lender that there is a history of good credit management. Experian states that most credit scores are between 600 to 750.Know More
There are several factors that impact a credit score. Numerous late payments, age of an account, credit to balance ratio and total debt are some factors that can negatively impact a credit score. On-time payments, no collection accounts and a low number of credit inquiries are factors that impact a credit score positively, Experian explains.
Each lender uses a different credit system to yield a credit score, Experian notes. A good credit score with one reporting agency typically leads to a good credit score with a lender.Learn more about Credit & Lending
A credit score of 585 is not considered to be a good credit score and indicates to lenders that the individual is in the high-risk category. With a FICO credit score of 585, it is difficult for a person to get new lines of credit or loan approvals.Full Answer >
A good credit score when buying a house is very important but becomes less critical with a big down payment, according to U.S. News and World Report. If a credit score is too low, a home buyer may not even qualify for a conventional loan.Full Answer >
It takes years to build and establish a good credit score, according to FreeScore.com. An individual's credit score changes over time, and it is affected by applying for, using, making or missing payments for credit. Recent activity carries more weight, according to the California Department of Consumer Affairs.Full Answer >
As of 2015, a decent or average credit score ranges from 630 to 689, while a good credit score ranges from 690 to 719. Individuals can improve their scores by using credit responsibly, paying bills in a timely manner and keeping monthly credit card balances as low as possible.Full Answer >