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What is a good FICO® Score?
The score above which a lender would accept a new application for credit, but below which the credit application would be denied, is known as the “score cutoff”. Since the score cutoff varies by lender, it’s hard to say what a good FICO® Score is outside the context of a particular lending decision. For example, one auto lender may offer lower interest rates to people with FICO® Scores above, say, 680; another lender may use 720, and so on. Your lender may be able to give you guidance on their criteria for a given credit product.
The chart below provides a breakdown of ranges for FICO® Scores found across the U.S. consumer population. It provides general guidance on what a particular FICO® Score represents. Again, each lender has its own credit risk standards.
|Ranges of the FICO® scores||Rating||What FICO® Scores in this range mean|
|800 or Higher||Exceptional||These FICO® Scores are in the top 20% of U.S. consumers. Demonstrate to lenders that the consumer is an exceptional borrower|
|740 to 799||Very Good||These FICO® Scores are in the top 40% of U.S. consumers. Demonstrate to lenders that the consumer is a very dependable borrower|
|670 to 739||Good||These FICO® * Scores are near the average for U.S. consumers. Considered by most lenders to be good scores|
|580 to 669||Fair||These FICO® Scores are in the lowest 40% of U.S. consumers. Some lenders will approve credit applications within this score range|
|Lower than 580||Poor||These FICO® Scores are in the lowest 20% of U.S. consumers. Demonstrate to lenders that the consumer is a very risky borrower|