In this March 5, 2012, file photo, consumer credit cards are posed in North Andover, Mass. (AP Photo/Elise Amendola, File)

Jeff Reeves, USA TODAY

 
(USA Today) — Most Americans are aware that their credit score is an important figure that determines how much it will cost for you to borrow money — or, in fact, whether banks will lend to you at all.

But what is a good credit score?

And most importantly, how can you make sure your credit rating is attractive to lenders?

Unfortunately, there is no universal measure of what’s “good.” Different groups employ slightly different calculations and even different grading scales for scores. Additionally, some lenders may be looking for a slightly higher score than others depending on the size or nature of your purchase.

But if you insist on a number, Bruce McClary of the National Foundation for Credit Counselling suggests to “shoot for something north of 760” for your FICO score; the FICO scale ranges from a low of 300 to a high of 850, and is one of the oldest and most widely used measures of consumer credit.

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That said, McClary warns that “it’s not a matter of obsessing over a number.”

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