So the question is "What are good credit scores?" And the answer is it depends. So to start with let's take a look at the FICO credit score range using the image to the right. You can see that credit scores ranges from 300 to 850.

Right away you can see that around 750 and up is a good credit score. It used to be that all you needed was a 720 to get the best rates.  This was because 720 used to be considered a good credit score.

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This was a couple years ago.  Now add in a major global financial crisis which includes a housing meltdown and you have banks and lenders who are very leery when it comes to lending money to anyone without a perfect credit score.

So now you need a higher credit score just to get the best rates and if you thought you had a good FICO at 720, you find yourself getting higher rates instead of the best rates.

You may even find that your interest rates are going up because some computer program the banks are using have flagged you as a higher risk profile.

And you may be doing nothing wrong. You may be paying all your bills on time and still be considered a high risk. This is a position you do not want to be in. And worst of all it's not even your fault. You can get labeled high risk for no reason at all.

The banks just want to protect themselves from future possible defaults. Before they used to lend money to anyone with a pulse. And sometimes even to people without a pulse.

Now they want perfect credit scores and they will only lend you a little bit of money. They will watch you like a hawk.

That's if you are even lucky enough to get a loan or a new credit card.

So how do you go about increasing your credit score so you get back into the lenders' good graces and get the rates they give to people with good credit scores?

Pay your bills on time, reduce your debts, reduce your credit utilization ratios, keep your accounts open, and don't borrow any more money. Simple as that. Ha!

That's the standard stuff you hear from all the personal finance gurus.

If you are having trouble keeping up with your bills, worrying about your credit score may be the least of your worries. What would you rather have - a mountain of credit card debt or a good credit score?

Which will help you sleep better at night? When you think about that you may realize that having a good credit score may not be the best thing for you and your family right now. What you should be more concerned about is reducing your debts any way you can. And that may include debt consolidation, credit counseling, debt settlement or even bankruptcy.

Because who cares if you have a high score if you can barely afford to feed your family? Maybe your priorities need rearanging. 

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