What is a good credit score?

The bar for "good" credit continues to be raised. Less than a year ago, a credit score of 680 was considered to be "great." However, the credit crisis that came out of the subprime mortgage issue has lenders tightening their standards. As of this writing, "excellent" credit now comes with a credit score of 740 or better. But here is the range of rating scores as it applies to consumer average:

300 to 559 BAD
560 to 659 NOT GOOD
660 to 724 GOOD
725 to 759 VERY GOOD
760 to 850 GREAT

Under current economic conditions, scores higher than 740 are ideal.

This new standard is troubling. It raises the bar very high for people to achieve good credit. As a credit expert, I have seen very few credit scores over 740. I know how extremely difficult it will be for people to maintain this higher standard. However, I do believe that, over time, standards will lighten up. But, until then, consumers need to learn everything they can about achieving good credit, and must take the steps to get there.