May 16th, 2012
What Is a Good Credit Score? Part 2
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In our last video we talked about how, in general, a credit score of 720 is good enough to get your the best rates on most loans. Now we’re back, talking in more detail about what exactly makes a credit score “good.”
What Is a Good Credit Score?
Simply put, “good” depends on what kind of credit you’re looking for.
Say we have two credit cards: the 600 silver and the 700 gold. If the silver is the card you want, than a 600 credit score is good enough to get the best terms from that card. But if you want the gold, then you’ll need at least a 700.
A perfect score of 850 is overkill… and almost impossible to get. In our example, the guideline of 720 is more than you need. So instead of thinking about whether you credit score is “good,” the better question might be, “Is my credit score good enough for the credit products I need?”
If you go to www.CreditKarma.com/creditcards, you can see how high of a score you need (on average) to be approved for different cards. This is based on historical Credit Karma data, but it doesn’t guarantee approval. That way you can see if you need to improve your credit health or if your score is already where it needs to be for what you want.
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Disclaimer: All information posted to this site was accurate at the time of its initial publication. Efforts have been made to keep the content up to date and accurate. However, Credit Karma does not make any guarantees about the accuracy or completeness of the information provided. For complete details of any products mentioned, visit bank or issuer website.