What Are Credit Score Ranges?

Credit scores are numerical representations of your creditworthiness, typically ranging from 300 to 850. The higher your score, the more appealing you are to lenders, landlords, and even employers. Here are the general ranges:

• Poor Credit: 300 to 579
• Fair Credit: 580 to 669
• Good Credit: 670 to 739
• Very Good Credit: 740 to 799
• Excellent Credit: 800 to 850

How Are Credit Scores Calculated?

Credit scores are calculated based on the information in your credit reports from major credit bureaus: Experian, TransUnion, and Equifax. The exact formulas are proprietary, but here are the key factors:

FICO® Score Factors

• Payment History: 35%
• Amounts Owed: 30%
• Length of Credit History: 15%
• Credit Mix: 10%
• New Credit: 10%

VantageScore Factors

• Payment History: Extremely Influential
• Total Credit Usage: Highly Influential
• Credit Mix and Experience: Highly Influential
• New Accounts Opened: Moderately Influential
• Balances and Available Credit: Less Influential

How to Check Your Credit Scores

You can check your credit scores from various sources. For example, Experian offers a free FICO® Score 8, and you can track your score over time. Paid memberships can provide scores from all three credit bureaus with quarterly updates.

How to Improve Your Credit

Improving your credit score involves focusing on the underlying information in your credit report. Here are some actionable steps:

• Pay All Your Bills on Time: On-time payments help build your credit.
• Pay Down Balances: Lowering your debt can improve your credit utilization ratio.
• Look for Credit Accounts That Don’t Require Good Credit: Options like secured credit cards can help you build credit.
• Use Experian Boost®: Add eligible payments to your Experian credit report to potentially improve your scores.

Frequently Asked Questions

What Is a Good Credit Score?

A good credit score typically ranges from 670 to 739. This range can help you qualify for many loans and credit cards with favorable terms.

Why Are My Credit Scores Different?

Credit scores can vary depending on the scoring model and the credit report used. Different models may weigh factors differently.

What’s the Highest Possible Credit Score?

The highest possible credit score is 850. Achieving this score can give you access to the best financial products and terms.

Keep the Big Picture in Mind

While it’s important to know where you stand in the credit score range, remember that all your credit scores depend on the information in your credit reports. Monitoring your credit and working on improving it over time can help you increase all your scores and get closer to the top of the range.