• Everlasting Capital

What is Considered a "Good" Credit Score?

Updated: Jan 10


"Credit is more than just the score, if you are looking at the number you are doing it all wrong." - Will Murphy

If someone asked you how your credit score was, would you say it was good or bad? We determine the status of our credit by a simple number; a score. With the help of Credit Karma (or any credit checking service) you can find your score. You enter in your info and you find out you have a 728. WHAT?! You’re amazed your score is so high. The higher the better correct?


Turns out there’s a lot more to a credit score than just the score. When we look at a credit report, multiple factors come into play:



  • Do they own a home?

  • Do they own a car?

  • Any installments? (Credit cards, loans, etc)

  • Do they pay their bills on time? - This is super important because it ensures that this person can be trusted to pay back something they borrowed.


So what makes a good credit score? Let’s look at a scenario of two different people:




1) Person A has a 750 credit, but is just starting out and only has a couple credit cards open.

2) Person B has a 625 credit with a house, car, and hasn’t missed a payment.


In equipment financing, person B would more likely get approved. Why? Because they have strong credit. Their score might not look so great, but they have a lot to back it up. Lenders are more willing to trust this person than someone who just started building their credit with a couple credit cards.


If you think your credit score is not so great, there are ways to build it! Take your time, stay ahead of your bills. Make extra payments when you can — paying more than the minimum amount required will get rid of debt quicker. Most importantly, don't miss a payment!


A credit report is almost like a resume. How much experience does this person have, how much are we willing to put our money on them. Do you consider yourself to have “good credit”? Did something happen that ruined your credit? Let us know!