As a financial expert with years of experience in credit scoring and lending practices, I can provide you with a comprehensive understanding of what constitutes a really good credit score.
The FICO credit score is the most widely used score in lending decisions and it ranges from 300 to 850. This score is a numerical representation of an individual's creditworthiness, which is a critical factor for lenders when deciding whether to extend credit or loans to a person. The score is calculated based on a variety of factors, including payment history, the amount of debt owed, the length of credit history, recent credit inquiries, and the types of credit used.
Understanding the different tiers of credit scores can help individuals gauge where they stand and what they can do to improve their scores. Here's a breakdown of the general categories:
- Excellent: A FICO score of 750 to 850 is considered excellent. Individuals with scores in this range are deemed to have a low risk by lenders and are often eligible for the most favorable interest rates and loan terms. This score indicates a consistent history of on-time payments, a manageable level of debt, and a long and positive credit history.
- Very Good: Scores ranging from 720 to 749 are considered very good. While not quite as advantageous as an excellent score, individuals in this category still enjoy favorable interest rates and loan terms. They are also viewed as low risk by lenders.
- Good: A score between 670 to 719 is considered good. People with good credit scores are likely to be approved for loans and credit cards, but they may not receive the most competitive rates and terms available.
- Fair: If your score falls between 580 to 669, it's considered fair. Individuals in this category may face higher interest rates and less favorable terms when borrowing. They are seen as moderately risky by lenders.
- Poor: A score below 580 is considered poor. People with poor credit scores often struggle to get approved for loans and credit cards. If they are approved, the terms are typically unfavorable, with high interest rates and fees.
It's important to note that while the FICO score is the most widely used, there are other credit scoring models as well, such as the VantageScore model, which may have slightly different ranges and criteria. However, the general principles of what constitutes a good credit score remain consistent across models.
Maintaining a good credit score is crucial for several reasons. Not only does it affect your ability to secure loans and credit cards, but it can also impact your insurance rates, rental applications, and even employment opportunities in some cases. Here are some tips to improve and maintain a good credit score:

1. Pay your bills on time: Payment history is the most significant factor in your credit score. Consistently paying your bills on time can greatly improve your score.

2. Keep your credit utilization low: Credit utilization refers to the percentage of your available credit that you're using. Aim to keep this below 30%.
3. **Avoid opening too many new accounts at once**: Multiple credit inquiries in a short period can negatively impact your score.

4. Maintain a mix of credit types: Having a mix of credit, such as credit cards, installment loans, and mortgages, can show that you can manage different types of credit responsibly.

5. Monitor your credit report: Regularly review your credit report for errors and discrepancies. If you find any, dispute them with the credit bureau.

6. Be patient: Building and improving a credit score takes time. It's a gradual process, but with consistent effort, you can achieve a really good credit score.
In conclusion, a really good credit score is one that falls within the excellent range of 750 to 850. It signifies financial responsibility and opens up opportunities for better financial terms and conditions. By understanding the factors that contribute to your credit score and taking proactive steps to maintain and improve it, you can position yourself for success in the world of credit.
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Most credit scores -C including the FICO score and VantageScore 3.0 -C operate within the range of 300 to 850, and a score of 700 or above is generally considered to be good. Within that range, there are different categories, from bad to excellent. ... Excellent Credit: 750+ Good Credit: 700-749.Apr 11, 2018read more >>