A good credit score is a score above 660, but a really good score is above 720. If you do not know your exact credit score you can either pay $15.95 to check your credit score or you can use the guidelines from below (obtained from the Capital One website) to get a directional assessment of how good is your credit score.
In order to make the most of your credit score you should start by ensuring that there are no errors on your credit report. Did you know that you are entitled, by law, to get a free credit report once a year?
Excellent Credit (Credit Score: 720+)
ALL of these statements are true for you:
- I have had a loan or credit card for more than 5 years
- I have a credit card with a limit above $10,000
- I have NEVER been more than 60 days late on a credit card, medical bill or loan payment
- I have never declared bankruptcy
Good / Above Average Credit (Credit Score: 660-719)
ALL of these statements are true for you:
- I have had a loan or credit card for more than 3 years
- I have had a credit card with a limit above $5,000
- I have NOT been more than 60 days late on a credit card, medical bill, or loan payment in the last 12 months
Fair / Average Credit (Credit Score: 620-659)
ALL of these statements are true for you:
- I have a loan or credit card
- I do NOT have a credit card with a limit above $5,000
- I may have been late on more than one credit card, medical bill, or loan payment in the last 6 months
Bad / Damaged Credit (Credit Score: 300-619)
ANY of these statements is true for you:
- I am currently late on a credit card, medical bill, or loan payment
- On most of my credit cards, the balance is close to the credit limit
- I declared bankruptcy in the last 3 years
- I have been more than 60 days late on a credit card, medical bill, or loan payment in the last 9 months
Limited Credit History / New to Credit
ALL of these statements are true for you:
- I have had my own loan or credit card for less than 3 years or never had one
- I have a limited credit history. For example I am a college student, or new to the country, or a young person working for a living, or I have been an authorized user on someone else’s credit card
Once again the above guidelines are just a rule of thumb and you should not be surprised if they lead to an inaccurate assessment. If you are looking for something more interactive than the guidelines from above, you can also get an estimate by using our free credit check (which is also just a directional estimate).
