I need to get approved for a credit card ASAP – what is a good credit score that will get me approved?
If we lived in a world where you could get a credit card with no credit card no credit check and no deposit, you wouldn’t need to worry about your credit score.
In reality, we all need to know our credit score and how it will look to creditors. So, what is a good credit score anyway?
Good credit generally means you have paid your bills on time and don’t owe too much money. Here’s a breakdown of good scores vs. bad FICO scores, according to Experian, one of the three major credit bureaus:
- 800-850 — Excellent credit
- 740-799 — Very good credit
- 670-739 — Good credit
- 580-669 — Fair credit
- 300-579 — Bad credit
So, if you have a FICO score of 670 or higher, congratulations. You have good credit. Data from Experian show that 67 percent of people have good or better FICO scores.
What does having good credit mean to you? Here are two of the main benefits of having good credit (or working to build it):
- It is easier to get credit. Good credit shows lenders that you are likely to repay loans on time so it is less risky to lend you money. This means you may be more likely to get a credit card, a mortgage or another loan.
- You pay less for credit. Having good credit means you may get lower interest rates on credit cards and other loans. You may get offers like 0% interest interest on a credit card for a year or more.
If you have good credit, keep your good financial habits. If not, it’s definitely worth working to build a great score.