What constitutes a great credit score depends on several factors. Different types of scores have different scales. A number that is a great score on one scale may be only a fair score on another. Also, different credit situations have different requirements and individual lenders often have different standards.
Types
There are two major types of credit scores used by lenders, the FICO score and the VantageScore. By far, the most widely used is the FICO score. The VantageScore is relatively new. It was first offered in 2006.
FICO Scores
The range for FICO credit scores is 300 to 850--the higher the score the better. According to MyFICO.com, most lenders consider a credit score above 750 to be excellent. A score around 700 is good.
VantageScore Scores
The scale for VantageScore credit scores is 501 to 990. Liz Pulliam Weston, personal finance columnist for MSN Money, reports that a score in the 901 to 990 range is an "A" score, which equates to excellent. Scores in the 801 to 900 range are considered good.
Considerations
Most people have a FICO credit score in the 600s and 700s.
Fun Fact
The average credit score for people in the United States, according to MyFICO.com, is 723.
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