One of the most common questions I get asked is whether I think someone has a good credit score (quickly followed by how they can improve their credit score). I know a little bit about credit scores and can usually give someone a good idea but whether a score is good will depend on a lot of factors.
First off, when people talk about credit scores, they’re usually talking about the Fair Isaac Corporation’s FICO credit score. There are others out there, one for each of the credit bureaus, the VantageScore, but ultimately the one people care about is still the FICO credit score. The others are given less glamorous names, like FAKO score.
With the score itself, a lot of it will depend on what you’re trying to do, how rates are in the marketplace, and whether your score gets you the rate you need to complete the transaction.
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