NEW YORK — Just a year ago, a credit score of 650 seemed like a sure bet to land favorable financing rates to buy a car, purchase a house or receive a credit card.

However, today's environment of nearly frozen credit markets and shrinking economy has changed all of that, placing a premium on credit scores well above 700.

“What used to be called good credit is no longer considered good enough,” said Todd Huettner, owner of Denver-based financial firm Huettner Capital. “Prior to a few months ago, there was no difference between a score of 620 or 820 for most loans.”

The stricter lending standards have