What is a good or bad credit score?

In general, a score of 720 or above is considered a very good credit score. However, there is no single "cutoff" score used by all companies, and there are many additional factors besides your credit score that companies use to determine your credit risk and corresponding interest rate or down payment.

Credit ScoreResult to you
720 and upPeople with scores of 720 or higher will have a good chance of obtaining loans at the best interest rates. These loans may require less documentation and paperwork, and potentially less or no down payment or collateral.
680-720The average person has credit scores in this range and will usually not be able to negotiate the best terms.
620-680Persons with these credit scores will usually fall under "standard" company rules and have less flexibility in choosing the better loans or services.
580-620These people will be reviewed by companies with a critical eye and will need compensating factors to be approved for most loans or services.
Under 580A person whose credit score is in this range will typically be required to provide a substantial down payment/collateral and/or pay a higher interest rate.