A good credit score is between 670 and 739 on the FICO scoring scale that runs between 300 to 850.
Credit scores above 740 are considered to be very good to exceptional credit scores and will unlock the best interest rates on loans and cards.
Credit scores are grouped into standard tiers which include.
Exceptional credit score is between 800 to 850.
Very Good credit score is between 740 to 799.
A Good credit score is between 670 to 739.
A Fair credit score is between 580 to 669.
And a Poor credit score is between 300 to 579.
When it comes to credit scores, your credit score is also a snapshot of your financial responsibility, which is determined mainly by 5 key factors which include.
Your payment history, which is your track record of paying your bills on time.
Amounts Owed and Credit Utilization, which is how much of your available credit you're currently using.
Your length of credit history, which is the age of your oldest and average accounts.
New Credit, which is how many credit inquiries and new accounts that you have.
And your credit mix, which is the variety of credit that you hold, like auto loans, mortgages, credit cards etc.
Having a credit score in the "Good" range or higher proves that you are a reliable borrower to lenders, which generally results in easier approvals for apartment rentals, mortgages, credit cards and credit card perks and lower interest rates.
Landlords frequently pull your credit during the rental application process and having a good credit score, helps increase your chances of getting approved for the apartment rental.
With a good credit score, you also can often access credit cards with better rewards, cash back and 0% introductory APRs.
And with a good credit score, you can often get lower interest rates, which saves you thousands of dollars over the life of an auto loan or home mortgage.