A good credit score generally falls within the range of 670 to 739 on the common 300 to 850 scale used by FICO and many lenders. Scores in this range are considered good because they indicate to lenders that you are a relatively low-risk borrower
. Here is a more detailed breakdown of credit score ranges:
- 670 to 739: Good credit score - lenders view you as an acceptable or lower-risk borrower
- 740 to 799: Very good credit score - demonstrates a history of positive credit behavior and can help you secure better loan terms
- 800 and above: Excellent credit score - considered low risk and may provide the best access to credit and lowest interest rates
Different scoring models like FICO and VantageScore have slightly different ranges, but they generally align closely. For example, VantageScore considers 661 to 780 as a good score range
. In Canada, a good credit score is typically between 660 and 724, with 725 and above considered very good or excellent
. Having a good credit score can help you qualify for loans or credit cards with better interest rates and terms, reflecting your creditworthiness to lenders
