The answer depends on for what purpose you’re hoping to use your credit score(s). However, my short answer is:
- Good Credit: 700-739
- Great Credit: 740+
I’m basing this short answer on mortgage rates. A FICO score of 740+ should be high enough to get the best mortgage rate from virtually lender. A FICO score of 700-739 is sufficiently high to qualify for most mortgages but at likely a slightly higher rate (+1/8 %).
Your credit score is only one of several important variables that factor into a mortgage qualification decision. Other factors include income, amount borrowed, appraised home value, and credit history details (from your credit report).
For credit cards a score of 720+ is a high enough score to qualify for all but the most selective credit cards. Credit card company each have their own proprietary risk measures that go beyond just credit score.
One thing I have learned is that if you have a big total limit from on credit card issuing bank, you will have a harder time of getting more total credit from that bank. The issuing banks care about how much risk they are exposed to.
So, if your are trying to grow your total available credit in general it is best to do a little bit of homework as to what is the issuing bank. If you already have 3 credit cards from Bank of America, applying for a 4th from them is probably not your best option. Instead look for a card issued by another bank, say, US Bank, or Capital One.
Balhiser.com 