I got 720 credit score, is that good?

Hi everyone, I just found out my credit score is 615 and I also wonder whether this is a good one or not. But the problem is I don't even know for sure what is a credit score and how and by whom it's calculated...Are there any financial gurus around who can tell us more about this?

 Hi Susan and Brandon, credit scores are calculated by credit bureaus such as FICO or Vantage and basically represent your creditworthiness, which is very important when you want to get a loan or something like this. Last year in the United States the average FICO score was 695 and the average Vantage score was 673, so for Susan I wouldn’t worry at all. In Brandon’s case, the score is a bit below average but I think there will not be significant problems in getting loans from various banks with such a score…Hope this helps!

I actually wouldn’t worry so much about previous credit scores. I think that if you can prove that at the moment you have a stable job with a stable (and decent) income, you would not have so many problems in getting a loan from many banks. I had some low credit score in the past, but after I settled with my current job, I had no problems to get a loan for buying a car. So stop calculating and go ahead and apply!  

 yeah totally agree with Saul

no need to think so much, just ask the banks, see what they say

if one doesn't work, just ask another 🙂

Thanks a lot guys! you made my day!

I'll just start applying for some loans, let's see what I can get

thanks for the info, guys, very useful!

I'm still a bit worried about my score though, but I'll try to get over it