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What is a Good Credit Score: 2014 Range & Chart

by Scott Skyles on January 10, 2012

in Credit Scores

So you’re in the market for a major purchase in your life, you need to rent an apartment, or you’re trying to land a job, knowing what your credit score is and just how good your credit score is essential.  Having a good credit score can make your life much easier, your score will allow you to obtain the lowest available interest rates, and encourage someone to put more trust in you.

So what is a good credit score? The range of what people consider to be a good credit score can vary. You will find that many different sites on the net will all be answering the same question with different answers. The reason is that there’s no real explanation to what exactly a good credit score is. It’s all determined by lender/person and their guidelines. However, after being in the mortgage industry over the past seven years, I can tell you what most lenders consider to be good and scores they like to see:

Credit Score Chart & Range

760-850 Excellent

700-759 Very Good

660-699 Good

620-659 Fair

580-619 Poor

500-579 Very Poor

Having a good credit score will also save you a lot of money. The lower your credit score is, the higher your interest rate will be no matter what you’re borrowing money for.  It’s always extremely important to keep your credit score healthy.  If you’re not already in the “good range,” here are a few tips that you can work on to improve your credit:

  • You always need to pay your bills on time
  • If you have missed a payment, get current as soon as possible and stay current
  • Keep the balance on your credit cards lower than 30% of the credit line that is available to you
  • Payoff your bills if you have any in collections 

A good credit score range can also change from one day to another depending on what the economy is doing. For example, prior to 2007, mortgage lending was a lot more lenient then it is today. In other words, a good credit score (a score that will get you approved without a substantial amount in assets and will give you the lowest interest rate) then is a lot different than it is now post, “the great recession.”

{ 16 comments… read them below or add one }

dwayne

so i have a credit score of 606 and i had 3 nines on my credit report. i paid them off today and in hopefully 30 days my credit score will go up i was just wondering if anyone knew about how much it will jump.

Reply

Scott

Hi Dwayne,

I apologize, but there isn’t really anyway for me to determine how much your credit score would go up.

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Anonymous

If you are a member of Bank of America Privacy Assistance (provided by third-party Intersections), which is a credit monitoring service, you can analyze your credit score based on each sceanrios.

For example, it will provide your credit score as of last available date (whenever you purchased the service) and select “Credit Analyzer” and customize credit scenario where you enter the data (credit card balances or new credit inquiries or new loan) for all your outstanding debts (credit cards & mortgage/auto loans). Once you have entered the information, click analyze and the software will provide you a new score and impact to your score (i.e. New score 630 with Estimated Impact +24).

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Andie

I am going to be renting an apartment within the next two months. My current credit score ranges from 703-711. (Thats for the 3 credit scores). Would I be able to rent with a score like that? Will I get a lower rent? Will they take in account my partners score and should I find his score out?
Also, I noticed that there is outdated information (employment) on my credit score. Should I say something about it? Would this increase my score or lower it?

Reply

Scott

Hi Andy,

Given that you have the income requirements that the apartment complex requires, you should have no problem in obtaining a lease.

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Kevin

Andie,

I would definitely get your partners credit score and hiv status. Both could be deal breakers.

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James

You were talking about lenders being more lenient prior to 2007 and you were so right! In 2003 I bought my first home with a credit score of 535! Something else to mention is that even when lenders do loan the interest can chew you up and spit you out when you try to refinance and discover virtually none of your payments have been applied to principal. I purchased the home at 19% interest on a 30 year fixed rate mortgage with a monthly payment of $1441 and 20% down. I went through with it because I needed a 3 bedroom for my family and to rent would have been around $1500 monthly so I figured I would buy and refinance in a few years with a better credit rating.

Little did I know I bought a money pit and when major problems required repair in the foundation 5 years laterI needed help and I had no equity in the home. About 50 dollars a month was all that went to equity. I was so stupid to accept the loan at 19% interest. I tried to refinance with a credit score of 640 in late 2007/2008 but the banks didn’t seem to have any money to lend and I went into foreclosure. My credit score dipped into the 300′s after all the leins and foreclosure legal stuff. I thought I would just give up and become a hermit living under an bandoned car somewhere but 12 months ago I decided to live on a cash basis, open a new revolving account (secured credit card) to keep it current and pay my collections off. 12 months later and I now am back up to 601.

I REALLY need to rent/lease an apartment that is in a nice neighborhood. I wonder what the threshold is for renting at a nice apartment complex credit wise. Never the less I am glad I decided to face my credit monster rather that give up.

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Scott

James, you did the right thing and that’s to never give up. The credit bureaus realize that people can go through struggles and that’s why with a good faith effort your credit score will rise over time. Nobody has to live with less than desirable credit for life. Good job!

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Catherine Mack

I had multiple accounts in collections because I went on a wild spending spree and never paid the money back. I have been paying the companies and disputing inaccuracies for years. Recently I disputed almost everything except for the original creditors of course. I have one collection company that deleted an account before but they are refusing to remove the account even though they said that they would upon me paying the balance in full. What should I do? They have reported the balance as $0 so that raised my score by 55 pts. If it actually gets removed will my score improve more? All I have now is a secured card with a $400 credit limit. What is the best way to continue getting my credit to improve? I Went from the low 400′s and I am at 625 as of yesterday.

Reply

Scott

Unfortunately, paying off the debt does not get the original report of the delinquent debt removed. Paying it off, however, will improve your score like it has. It takes time for it to be removed from your credit report and the creditor is not required to remove it. They’re only required to report the amount is owed, which in your case is $0.

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Emily Smith

I am trying to buy a home. I pulled my credit and found an incorrect debt on there and I recently got a letter showing it was taken off but it my not reflect on my score for 90 days. The debt was for $47,000. Does anyone know how many points may be added to my credit score?

Reply

Scott

Hi Emily,

Nobody knows exactly how the credit bureaus calculate their scores, so there is really no way for me to give you an answer. Sorry.

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Steel Cross

I’m posting this only to add some good news and hope for everybody. It was a lot of work. and took about 8 years. Early on, being in my 20s and 30s and spending on things I really didn’t need, living for today, and not paying attention to my financial affairs gave me a score of 600-ish. Then, thank goodness, I married to a tightwad and she did what James did. We cut up the credit cards except one and we poured everything we could into the remaining cards starting with the one that had the highest interest rate. We have one card left and it’s down from $29,000 to $9,000, and we’re paying it off. We eat lunch before we go to the grocery store and stay away from impulse purcheses bu asking the question, “Why am I buying this, do I need it or do I just want it?”. Now we live on a cash basis and we have a monthly budget that we follow, and that can be relly annoying, but it’s paid off. I carry my lunch. We stopped going to restaurants unless we have extra from the previous month, take the kids to the cheap movie theatre, no cable, and stopped the cell phone. (Yeah, we actually stopped the cell phone, and it isn’t a big deal anymore, and it saved a huge amount of money). There are lots of free things to do if you look for them. The one thing we have is a steady job, so we’re lucky there.

And, here’s a secre: I’m not a religious guy, but I started to pray to ask God to help me keep my hand off my credit card and my cash in my wallet. I cant tell you how many times that has helped. Seriously.

So, basically, we made a huge choice to change our lifestyle. We learned how to tune out the incessant advertising that tells us we really need this junk. The feeling you get when you see money in the account is really nice. We have no prwoblem geting a loan and just bought a used car and they gave us a 1.65% interest,

My credit score is 812, and my wife’s is probably higher. Best wishes to everybody. If I can do it, anybody can do it. You can do it.

Reply

Scott

Mr. Steel,

Great job on getting your financial affairs in order. There are people out there that wouldn’t even attempt to try to pay that amount of debt back and would look to filing bankruptcy as their way out. I commend you sir.

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Juan

Hi, Mr. Steel, I got a question:

Like most people, I’d been in quite a lot of debt the last few years I decided to get busy and dig myself out of this hole and now I’m down to 4 major bills. Since Feb 2013 my credit score went from 656 to 673 in two months. My question is, I have a bankruptcy on my report which was discharged 4/5/2006. This is the 7th year. Should I check into when this will be removed from my report or should I wait the entire 10 years? I read that it takes between 7-10 years before a removal can take place. I guess I’m getting anxious about the removal…I’ll be happy when I no longer see this on my report.

Thanks

Reply

Scott Skyles

Hi Juan,

It takes 7 years for a chapter 13 and 10 years for a chapter 7 to be removed from your credit report.

Reply

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