Is 648 mid and 680 high good fico scores?

Answer 1

The answer to this question depends on who you are asking and how you define "good". Generally, your 648 mid would be considered "below average" and your 680 would be "average". In the past, the national average for a FICO score was 670. Most lenders use your average score, so your high is not the best indicator of your borrowing ability. For most purposes "good" scores start over 700, often using 720 as a bench mark. A grade credit often does not start until you hit 750. In light of the economic crash it's safe to assume that the average credit score will drop as thousands loose their jobs, their homes and the ability or desire to repay debts. At the same time, this crash has restricted underwriting and credit requirements, therefore raising the bar on what scores are acceptable. Lenders who would provide a loan to someone with a 648 score in the past may now require a 690 mid score.