Question:

What is considered a good credit rating score?

Answer:

What is considered a good credit rating score is a score around 700.

The high end FICO is 850; the US median is 720. The higher your credit score, the better rates you get. Pretty straightforward.

However, it is difficult to say what is a good credit rating score. Scores over 800 are considered perfect - virtually every home loan will be open to you with the best possible rates. A score over 720 is close to perfect - it is considered a good credit rating score. A credit score of 650 is average. It is good credit but not enough.

Any outstanding debt you have, any poor financial decisions in the last years will result in decrease in the credit score.

Make sure you avoid late payments and hopefully foreclosure never happens to you. A foreclosure or bankruptcy will ruin a good credit score pretty quick.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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