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What is "good credit" anyway?
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In essence your credit score is a measure of your trustworthiness.

Although average scores have fallen recently, in normal times:

     Excellent                    720 and >

     Good                         660-719

     Fair                           620-659

     Bad                           619 and <

 

The median score is 723.  So half of Americans have a score in the "Excellent" range.

Your credit score is not a rating of your credit worthiness, but a ranking of your credit worthiness versus the rest of America at a given point in time. Thus your score can change even when your behavior has not.

<NEXT:  Why good credit matters>

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