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It depends on the individual lender, but what is considered a good credit score is usually anything above 700. A score of 700 or better may get you the best available rate on a loan, as long as you qualify under the lender’s other loan guidelines.
Credit Reporting Agencies
Because there are several popular credit reporting agencies, the amount of credit history that each one uses to determine your credit score can vary. You may obtain a copy of your credit report for free in many cases, which can help you increase your score by correcting any inaccurate information.
A good score is usually anything over 700, and will help your chances of receiving the best loan terms available. An average score is roughly 600-699, which can still get you a good rate if your employment is solid and the loan you take out is sufficiently collateralized.
Anything under 600 is generally considered poor credit, which will either increase the interest rate on your loan request, or cause you to be denied altogether. If you have a hardship that caused your low credit score, be sure to explain the reasons to your lender and they may be willing to approve your request.
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