A credit score is a number that lenders use to help them decide how likely they will be repaid on time if they give you a loan or a credit card. Your personal credit score is built on your credit history and calculated from the information about your credit accounts. Those accounts tell a story of how long you’ve had the loan or credit card, what the balances are, and ultimately if they were paid on time.

All this data is gathered by the credit-reporting agencies, also called credit bureaus, and complied into your credit report. Your credit score is essential for your financial well-being because the higher the score, the less of a credit risk you are considered, but likewise, the lower the score, the more of a risk.

While creditors can set their own standards for what scores they’ll accept, here’s a general idea of how credit scores are categorized and perceived:  

  • Excellent Credit (720+): With an excellent credit score of 720 or higher, you will get the very best rates available.
  • Good Credit (690 – 719): This is a great credit range to be in, and depending on the lender, you will get still get a good rate on loans or credit cards.
  • Average Credit (630 – 689): Your score could use some improvements. This range is considered fair, and as a result, you should be able to get a decent rate, but not the best rate.
  • Poor Credit (629 – 580): A credit score in this range means you’re a higher risk and might have trouble finding decent rates. You may also get turned down on some credit applications.
  • Very Poor Credit (579 or less): Anything less than 579 means that you’re a very high risk for borrowing. You may get turned down for almost all credit applications, and should you do get approval, the interest rate will be exceptionally high.


Now that you know where your credit score falls, here are your next steps:

  1. If you already have excellent credit, ranging from 720 and higher, you’re in good shape. Your only job now is to keep doing what you’ve been doing to maintain that creditworthiness.


  1. If your scores fall between 690 – 719, you may want to optimize your score even more to achieve a higher one. If you see any inaccuracies or fraudulent accounts on your credit report, call 972-364-7842  to get information on how to help with disputing them.


  1. If your score falls below 630, Legacy Credits can help you get into a better credit score range. Improving your credit report and score will take some patience and dedicated resources but don’t worry, that’s what Legacy Credits specialize in.