What Is a Good Credit Score in 2022?

Gray Frame Corner
Gray Frame Corner

Why Is It Important?

Credit scores can have a profound impact on our finances. For example, a good credit score could mean better terms on your loan.

When we talk about credit scores, there are typically two significant players, FICO and VantageScore.

What Is a Credit Score?

Essentially, a credit score is a number ranging from 300 to 850 to help lenders determine the likelihood that you’ll pay your loan back to them.

What Factors Impact Your Credit Score?

Some common factors are: – Paying Your Bills – Your Debt – Credit Card Usage – Credit and Loan Applications

How Do I Get My Credit Scores?

You can get a full credit report from each of the three credit bureaus once per year from AnnualCreditReports.com.

What Is a Good Credit Score – FICO

A FICO score is typically a score in the range of 300 – 850. There are several ratings credit scores in the FICO rating system: poor, fair, good, very good, and exceptional.

What Is a Good Credit Score – VantageScore

VantageScore also uses data from Equifax, Experian, and TransUnion to determine a credit score for consumers. VantageScore also uses a similar range of 300- 850.

SWIPE UP TO READ MORE

Arrow
Arrow
Arrow