What are the credit score ranges?

Credit score ranges are: Excellent (750+), Good (700-749), Fair (650-699), Poor (550-649), and Very Poor (below 550). These ranges are approximate and may vary between FICO and VantageScore models.

What factors affect your credit score?

Five factors affect your FICO credit score: Payment history (35%), Credit utilization (30%), Length of credit history (15%), Credit mix (10%), and New credit inquiries (10%).

Does checking your own credit score lower it?

No. Checking your own credit score is a 'soft inquiry' and does not affect your score. Only 'hard inquiries' from lenders when you apply for credit may have a small, temporary impact.

What Is a Good Credit Score?

Q: What is a good credit score?

A good credit score is generally 700-749 on the FICO scale. Scores of 750+ are considered excellent and typically qualify for the best rates. Scores of 650-699 are fair, while below 650 is considered poor.

A credit score is a three-digit number, typically ranging from 300 to 850, that represents your creditworthiness based on the information in your credit report. Lenders, landlords, and sometimes employers use credit scores to evaluate risk.

The two most common scoring models are FICO and VantageScore. While both use similar data from your credit report, they weigh factors slightly differently and may produce different scores. Most lenders use FICO scores, though VantageScore is increasingly used for pre-qualification and credit monitoring.

The average credit score in the United States is approximately 715, which falls in the "Good" range. However, averages vary significantly by age, region, and income level. Your credit score is a snapshot of your creditworthiness at a specific point in time; it is not a permanent judgment of your financial character. (Source: FICO, VantageScore, Federal Reserve)

Credit Score Ranges

750+

Excellent

Typically qualifies for the best rates and terms on loans and credit cards.

700-749

Good

Generally qualifies for most products at competitive rates.

650-699

Fair

May qualify for credit but often with higher interest rates.

550-649

Poor

Limited options with higher costs; may require a cosigner in some cases.

Below 550

Very Poor

Difficulty qualifying for most credit products. Rebuilding strategies may help over time.

Ranges are approximate and may vary between FICO and VantageScore models. (Source: FICO)

What Affects Your Credit Score

Payment History (approximately 35%): On-time payments are the single most important factor. Even one payment that is 30 days late can cause a noticeable score drop, and the impact may last up to seven years on your credit report. Setting up autopay for at least the minimum payment can help avoid missed payments.

Credit Utilization (approximately 30%): This is how much of your available credit you are using. For example, if you have a $10,000 credit limit and carry a $3,000 balance, your utilization is 30%. Reducing this to $1,000 (10% utilization) typically results in a noticeable score improvement within one to two billing cycles. Most scoring models consider both per-card and overall utilization.

Length of Credit History (approximately 15%): Older accounts generally help your score. This is why closing your oldest credit card can sometimes hurt your score, as it may reduce the average age of your accounts.

Credit Mix (approximately 10%): Having different types of credit (credit cards, installment loans, mortgage) may benefit your score modestly. However, opening accounts you do not need solely to diversify your mix is generally not advisable.

New Credit Inquiries (approximately 10%): Each hard inquiry from a credit application may lower your score by a few points for up to two years. However, multiple inquiries for the same type of loan (mortgage, auto) within a 14-45 day window are typically counted as a single inquiry. (Source: FICO, CFPB Consumer Guidance)

These weights are approximate and vary between scoring models. Individual results depend on your complete credit profile.

Common Credit Score Myths

Myth: Checking your own credit score lowers it.

Fact: Checking your own score is a "soft inquiry" and has no effect on your score. Only "hard inquiries" from credit applications affect your score. The CFPB encourages consumers to check their credit regularly. (Source: CFPB)

Myth: Closing old credit cards helps your score.

Fact: Closing a credit card reduces your total available credit, which can increase your utilization ratio. It may also reduce the average age of your accounts. In most cases, keeping unused cards open (especially if there is no annual fee) is better for your score. (Source: CFPB)

Myth: You need to carry a balance to build credit.

Fact: You do not need to pay interest to build credit. Paying your statement balance in full each month demonstrates responsible credit use and avoids interest charges. Your payment history is reported regardless of whether you carry a balance. (Source: CFPB)

Myth: Your income affects your credit score.

Fact: Income is not a factor in credit score calculations. However, income may indirectly affect your score by influencing your ability to make payments on time and maintain low utilization. (Source: FICO)

Tools to Help

Credit Score Simulator : See how actions may directionally affect your score
Credit Utilization Calculator : Check your utilization ratio
How to Read Your Credit Report : Understand what is on your report

Data Sources

FICO Consumer Financial Protection Bureau (CFPB) Consumer Complaint Database CFPB Consumer Tools (consumerfinance.gov/consumer-tools)

Credit Factor is not a credit repair company, lender, or financial advisor. All content on this site is for educational purposes only and does not constitute financial, legal, or professional advice. Results vary based on individual credit history and the scoring model used. Consult a qualified financial professional for personalized advice.