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Your credit score says a lot about you. Whether you’re buying a car or house, or refinancing your student loans, lenders look at your credit score to gauge how reliable you are as a borrower. This information is then used to determine your interest rate.
Generally speaking, a credit score 670 and above is considered “good” by most lenders. What exactly is your credit score saying about you?
To help explain the separation between good credit scores and the not-so-good, let’s reference FICO®, one of the most common types of scores.
FICO scores range anywhere from 300 to 850. They also come in five tiers:
According to FICO, the average credit score in the U.S. rose to 700 in April 2017, marking the first time it’s been above the 600s since FICO began recording the average in 2005.
Here’s how the average U.S. credit score has changed over the years:
Credit is critical to your financial wellbeing. It can be used as an asset to aid with major purchases in your life. To learn more on how to build credit, please call 1-888-333-5145, visit us online, or Ask a Citizen at your nearest Citizens Bank branch.
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit: