A good credit score is essential for accessing affordable financing and keeping insurance premiums low. Generally, a credit score between 670 and 739 is considered good. The most widely known credit scoring system, FICO, considers scores between 670 and 739 to be good. According to FICO, as of August 2022, the average credit score was 716, falling within the good range. FICO also categorizes scores between 580 and 669 as fair, scores between 740 and 799 as very good, and anything above 800 as exceptional. On the other hand, VantageScore, a competitor to FICO, produces a similar score using the same credit report data from the three major credit bureaus. It’s important to note that lenders may have their own standards for what constitutes good credit. A good credit score helps individuals qualify for lower interest rates on loans, such as mortgages, ultimately resulting in lower monthly payments. Furthermore, a good credit score can lead to lower insurance premiums. So, working on achieving and maintaining a good credit score can have significant financial benefits.