What is a Good Credit Score?

Updated: Sep 5, 2018

When it comes to credit every lender define their own standard for a good credit score. Typically anything that is 700 or higher is considered good. The credit score scale ranges from 300-850.



What is the purpose of a Good Credit Score?

Credit score helps determines lenders if they will give you a loan. Not only do you have a higher chance of getting approved but you will also pay less, if you have a higher credit score. Typically those with a lower credit score end up paying much more for the same item due to interest rates.


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How to find your Credit Score?

There are a couple ways you can go about this. If you are applying for a loan, the lender will have to pull a credit report on your behalf. This will slightly hurt your credit as you will take an inquiry hit. However, when you decide to pull your credit yourself, this does not hurt your score. You are also able to get a report from multiple credit monitoring services. Although, this may not be the most accurate scores they are a great reference point that will get you started in the right direction.


What to do next?

Once you have your score from either a credit report you pull or the credit monitoring services, the next step is to determine your goals. Do you want to buy a house or car within the next 12 months. Maybe, you want to buy something on credit within the next 6 months. Whatever your goal maybe, make a plan and start planning so that you can get the best deal and save some money. While still getting what you want!

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