What Is A Good Credit Score?
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What Contributes To A Good Credit Score?
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For the 300 to 850 scoring range, a score of 700 or above is good credit. If your credit score is over 800, it’s considered excellent. For most people, the score lies between 600 and 750.
The US average FICO score was 710 in 2020, which was a seven-point increase from 2019.
Although these scores are generally considered good, creditors can also have their own standard definition of good credit.
Factors That Affect Your Credit Score
The factors that contribute to your credit score are divided into five categories.
- Payment History: If you have a credit card or a mortgage, making regular payments contributes to a good credit score. On the contrary, if you miss payments, the act could hurt your credit.
- Credit History Length: The category covers the age of your different credit accounts. It also includes your most recent and oldest accounts’ ages.
- Credit usage: The category involves the balance in your accounts. Plus, it includes the amount you owe in debt.
- Account Types: The category is also known as ‘credit mix,’ and it determines if you’re managing revolving (like credit cards) and installment accounts (like personal loans or an auto loan). If you’re managing both types of accounts well, it reflects positively on your credit.
- Recent Activity: If you’ve recently opened an account or applied for one, it will affect your credit.
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