What Kind of Credit Score Is Considered to Be Good?
By The Exchange Team
What constitutes good credit is determined by the sort of credit score used.
There is multiple credit scores, with FICO being the most common and VantageScore coming in second.
Lenders can choose from numerous variations of your score under each credit score category.
What Is an Appropriate FICO Score?
FICO ranges from 300-850. In April 2021, the average FICO score was 716, which is in "good" Category.
Good credit makes you a good borrower, but you won't get the lowest rates. A good FICO score means 8% delinquency risk.
What Is an Appropriate VantageScore?
Like FICO, VantageScore 3.0 goes from 300 to 850. 661 to 780 is a good VantageScore.
Why is a 669 fair FICO a good VantageScore? Because The scoring factors aren't weighted equally. Therefore, you can't compare the two scores.