Financially Tough » credit crisis http://www.financiallytough.com Getting Tough With Your Money Thu, 24 Jun 2010 06:51:18 +0000 en hourly 1 http://wordpress.org/?v=3.0 What is considered a good FICO score http://www.financiallytough.com/what-is-considered-a-good-fico-score http://www.financiallytough.com/what-is-considered-a-good-fico-score#comments Wed, 18 Feb 2009 01:09:36 +0000 http://www.financiallytough.com/?p=32 Yet Another Related Posts Plugin.]]> Today, having a good FICO score could be one of the best things you could have.  That is because of the current credit crunch that is happening in the country.  Defaults and foreclosures are causing lenders to tighten down their lender practices.  And for those individuals with less than perfect credit, it could be difficult to get a loan.

You need to have a good FICO score if you want to get a loan.  So what is considered a good FICO score?  Most people see a good FICO score to be at 700 or above.  This is better than the average consumer in the country and you should not have a had time getting a loan.

This still will not get you the best interest rate.  Only individuals with excellent credit scores will get those.  And those scores usually start at 730 or so.

The truth is what is considered to be a good FICO score is actaully determined by the lender.  Each potential lender does not use the same lending guidelines.  So having a 710 FICO score with one will get you a really good rate of interest, but with another lender if might not be as great.  Each lender has thier own cut off to what is considered a good credit score.  So it is in the eye of the creditor, who determines what is a good credit score.

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