What Is a Good Credit Score? Complete Range Guide (2024)
Credit score ranges explained—what's good, what's excellent, and how different scores affect loan rates and approval odds.
Credit scores typically range from 300 to 850. Here’s exactly what each range means for your borrowing options.
FICO Score Ranges
| Score Range | Category | What It Means |
|---|---|---|
| 800-850 | Exceptional | Best rates available, approved for anything |
| 740-799 | Very Good | Better-than-average rates, easy approvals |
| 670-739 | Good | Average rates, approved for most products |
| 580-669 | Fair | Higher rates, limited options |
| 300-579 | Poor | Very limited options, high rates or denial |
How Score Affects Mortgage Rates
On a $300,000 30-year mortgage:
| Credit Score | Estimated APR | Monthly Payment | Total Interest |
|---|---|---|---|
| 760-850 | 6.8% | $1,960 | $406,000 |
| 700-759 | 7.0% | $1,996 | $418,000 |
| 680-699 | 7.2% | $2,033 | $431,000 |
| 660-679 | 7.5% | $2,097 | $454,000 |
| 640-659 | 7.9% | $2,188 | $487,000 |
| 620-639 | 8.5% | $2,307 | $531,000 |
Going from 640 to 760 saves $125,000 in total interest on this example loan.
What Lenders Look At Beyond Your Score
- Debt-to-income ratio: Total monthly debt payments ÷ gross monthly income. Under 43% to qualify for most loans; under 36% for the best terms.
- Length of credit history: Average age of accounts, oldest account age
- Recent credit activity: Hard inquiries, recently opened accounts
- Employment and income: Particularly for mortgages and large loans
Quick Reference: What You Can Qualify For
580-619 (Fair): FHA loans (3.5% down), secured credit cards, some personal loans at high rates
620-659 (Fair/Good): Conventional mortgage (with higher rates), most personal loans, standard credit cards
660-699 (Good): Competitive mortgage rates, premium credit cards, auto loans at good rates
700-739 (Good/Very Good): Better-than-average rates on everything, rewards credit cards
740+ (Very Good/Exceptional): Best rates available on mortgages, cars, personal loans, and premium credit cards
FAQ
How often does my score change? Typically monthly when lenders report to credit bureaus. After major changes (paying down debt, opening accounts), allow 1-2 billing cycles.
Which score do lenders use? Most mortgage lenders use FICO Score 5 (Experian), FICO Score 4 (TransUnion), and FICO Score 2 (Equifax)—and often use the middle score. Auto lenders often use FICO Auto Score variants.
What’s the average US credit score? Around 714 as of 2023, meaning the average American has “good” credit but isn’t maximizing their borrowing power.
Use our Mortgage Calculator to see how your credit score affects total loan cost.
Written by KDMoney Finance Team
The Finance Calculator team creates comprehensive financial guides and tools to help you make smarter money decisions.