person looking at cell phone with credit scores open on the screen
person looking at cell phone with credit scores open on the screen
Resources / Understanding Credit / Good Credit

WHAT DOES IT MEAN TO HAVE
'GOOD CREDIT'?

FICO scores image. Exceptional 800 to 850. Very Good 740 to 799. Good 670 to 739. Fair 580 to 669. Very Poor 300 to 579.
FICO scores image. Exceptional 800 to 850. Very Good 740 to 799. Good 670 to 739. Fair 580 to 669. Very Poor 300 to 579.
People have different credit types. Some people have good credit, others have bad credit and some have no credit at all.1
 
GOOD CREDIT : It typically means you pay your bills on time and do not have much debt. Good credit could give you more loan choices and easier access to credit with lower interest rates.
 
BAD CREDIT : It usually means you had late payments and have a higher debt amount. By having a bad credit score, you could have fewer loan choices and might pay a higher interest rate.
 
NO CREDIT : This means you probably have not borrowed money, have not had credit and/or don’t have a payment history. Similar to the consequences of bad credit, it may be more difficult to find loan choices. You may also need to pay a higher interest rate.
 
Each credit reporting company creates a credit score. The range varies, but it usually goes from about 300 (low) to 850 (high). To the right is a graph showing the FICO score ranges.2
 
Credit plays an important role in the mortgage loan process, but credit challenges don’t always mean you can’t buy a home. Learn more about our DHI Mortgage Home Buyers Club and how they can help put you on a path to successful homeownership!
FICO scores image. Exceptional 800 to 850. Very Good 740 to 799. Good 670 to 739. Fair 580 to 669. Very Poor 300 to 579.
1Source: https://www.consumer.gov/articles/1009-your-credit-history#!what-to-know.
2Source: https://www.experian.com/blogs/ask-experian/infographic-what-are-the-different-scoring-ranges/.
The DHI Mortgage Home Buyers Club does not guarantee to raise credit scores or guarantee loan approval. Credit education offered by the DHI Mortgage Home Buyers Club does not assure participants that they will qualify for, or successfully obtain, a home mortgage loan. Participants are not required to finance their home purchase through DHI Mortgage or to purchase a home from DHI Mortgage’s affiliated builder, D.R. Horton, to enroll in the DHI Mortgage Home Buyers Club. Participants must complete a HUD approved homebuyer’s education course at their own cost as a prerequisite to participation in the DHI Mortgage Home Buyers Club. DHI Mortgage Home Buyers Club is not a credit counseling or credit repair organization. See your DHI Mortgage Home Buyers Club Credit Consultant for full details. HUD = U.S. Department of Housing and Urban Development.