Is a 712 credit score bad in this economy ?

I have 3 things reporting on my credit history my car loan , my credit cards , and my bank loan . I have been late once on my credit card 2 years ago. When I applied for a 1200 dollar dental loan they told me i was denied. Very surprised I probed why ? The Representative told me " a 712 isn't very good in this economy".Is this the case and whats the highest ?