What is considered good credit? How to check your score

  • Credit score depends on account history, missing payments and number of accounts.
  • Average credit score data shows that older individuals generally have higher scores.
  • Learning about risk factors and how to create a credit report can help improve your score.

Credit scores dominate spending and decisions, but few are aware of this emerging statistic.

FICO made The first credit score model in 1989It is known as the most widely used and accepted credit score today. While FICO Algorithm provides As for credit scores, the three major credit bureaus — Equifax, Experian and TransUnion — provide data for credit reports.

Rod Griffin, senior director of consumer education and advocacy at Experian, suggests creating a plan before opening a line of credit.

“Credit is a financial tool, debt can be a financial problem,” Griffin says.

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What is considered a good credit score?

According to Experian, approximately 67% of Americans have a FICO credit score of 670 and above, ranking them “good,” “very good” or “extraordinary.”

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