According to the U.S. General Services Administration website, credit scores are calculated using a scoring range developed by the Fair Isaac Corporation in 1958. Credit scores are calculated in a range of 300 to 850.
Credit Scores
Credit scores are used to calculate the risk presented by an individual attempting to gain credit, such as a credit card or mortgage. A credit score is used by institutions such as banks and other lenders to gauge how likely an individual is to make payments on time.
Excellent Score
The Adjust Credit website reports an excellent credit score to be 800 or higher. Achieving an excellent credit score allows a consumer to benefit from the lowest possible interest rates and means it is extremely unlikely that an application for credit will be declined.
Very Good Score
Adjust Credit explains a very good credit score ranges from 700 to 799, which allows a consumer to gain access to both secured and unsecured lines of credit. About 27 percent of the U.S. population has credit scores in this range.
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