Many of life’s major purchases include the borrowing of capital, whether it be a mortgage…
Good is generally a subjective adjective used to describe something, but in the case of credit reports it is an objective term dependent on your scores.
The credit score is one of the primary factors that determine a lender’s decision because your scores represent your riskiness as a borrower. Having Good, Very Good, or Excellent Credit determines your eligibility to be approved for financing, whether it be for a credit card, mortgage, refinancing, auto loan, ect.
These scores don’t just decide your approval, they also are factored into interest rates, APRs for credit cards, and your car insurance costs.
Based off of the FICO Scoring:
- Excellent: 800-850
- Very Good: 740-799
- Good : 670-739
- Fair: 580-669
- Poor: 300-579