what is a good fico score

Industry-specific scores include the FICO® Bankcard Score and FICO® Auto Score. And overall, fair, quick, consistent and predictive scores help keep the cost of credit lower for the entire population as a whole. Unlike the grades you were given in school — A through F — base FICO… But if you have a high score with FICO Score 8, you'll most likely have a high score with the FICO Bankcard Score. This is pretty straightforward – the higher your score, the better off you are. Your FICO® scores (an acronym for Fair Isaac Corp., the company behind the FICO® score) are credit scores. The fact is, a good FICO Score can save you thousands of dollars in interest and fees as lenders are more likely to extend lower rates if you present less of a risk for them. It’s a sort of grade based on the information contained in your credit reports . Just so you know, lenders also use the FICO Bankcard Score, which ranges from 250 to 900. Generally speaking, a credit score is a three-digit number ranging from 300 to 850. Credit scores are calculated using information in your credit report, including your payment history; the amount of debt you have; and the length of your credit history. The FICO Score 8 is the most widely used version by all three credit bureaus, and scores range from 300 to 850. In this article: Most creditors have a policy that defines applicants’ credit score ranges. Credit Score Scale. It's nearly as good as credit scores can get, but you still may be able to improve it a bit. Consumers in this range may qualify for … The FICO® Score 9, which is the latest FICO® Score, and the FICO® Score 8 -- the most widely used score -- both weigh the following five factors: Payment history (35%) Amounts owed (30%) Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 769 FICO ® Score is above the average credit score. As we mentioned previously, the credit score range is between 300 and 850, and generally speaking, most lenders will consider 720 a good credit score. Establishing a good credit score isn't a complex process, but it's vital for your overall financial picture. How to improve your 812 Credit Score. However, here is a more in depth look at each part of the credit scale. FICO credit scores typically range from a low of 300 to a high of 850. The most recent edition is FICO® Score 9, though lenders may still be using FICO® Score 8 or an earlier version. In most cases, the credit score used is the FICO, and there are about 50 types of FICO scores. There are multiple versions and editions of these as well. The minimum credit score needed to qualify for a particular loan program and/or Annual Percentage Rate (APR) is known as the “score cutoff”. A FICO ® Score of 812 is well above the average credit score of 704. More importantly, your score is on the low end of the Exceptional range and fairly close to the Very Good credit score range (740-799). The FICO score is the brand of credit score used by most consumer lenders, so it's the one to pay the most attention to. Since the score cutoff varies by lender and loan product, it's hard to say what a good FICO ® Score is outside the context of a particular lending decision.

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