Generally, a good to excellent credit score is recommended for larger loans, as a high-interest rate on a large loan amount can very quickly escalate your financial situation. Even if you're able to get approved for a $20,000 personal loan with fair or bad credit, you may be charged a very high interest rate that could potentially cost you thousands.  A good credit score, according to FICO, ranges from 670 to 739, and a very good score is between 740 to 799. An excellent credit score ranges from 800 to 850.