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What Is a Good Credit Score (And How to Get One)

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, according to FICO; however, the required credit score to get approved on a loan or line of credit depends on the lender. One lender might offer its lowest interest rate to borrowers with a score above 730, while another lender might require a score of 760 to get approved.

The VantageScore was created in 2006 and is another widely used scoring model, after FICO. VantageScore is used on credit reports across all three credit bureaus.

This algorithm uses traditional data, like number of on-time payments, credit card balances, assets, and other factors to calculate your credit score.

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