I try to grade very conservatively. I use the Goldmine grading standard. If you are unfamiliar with that, please see below, where I've cited the three most common ratings used (EX, VG+, VG).
If I rate a vinyl VG, and you receive it, hear background noise, and question the quality, I will point you back to this standard.
Goldmine Grading Standard
VERY GOOD PLUS (VG+) OR EXCELLENT (E)
A good description of a VG+ Record is, except for a couple of minor things, this would be Near Mint.
Most collectors, especially those who want to play their records, will be happy with a VG+ record, especially if it is toward the high end of the grade, (sometimes called VG++ or E+).
VG+ records may show some slight signs of wear, including light scuffs or very light scratches that do not affect the listening experience. Slight warps that don't affect the sound are OK. Minor signs of handling are OK, too, such as telltale marks around the center hole, so long as repeated playing has not misshapen the hole. There may be some very light ring wear or discoloration, but it should be barely noticeable.
VG+ Covers should have only minor wear. A VG+ cover might have some very minor seam wear or a split (less than one inch long) at the bottom, the most vulnerable location. Also, a VG+ cover may have some defacing, such as a cut-out marking. Covers with cut-out markings can never be considered Near Mint.
VERY GOOD (VG)
Many of the imperfections found on a VG+ Record are more obvious on a VG record. That said, VG records, which usually sell for no more than 25 percent of a an NM record, are among the biggest bargains in record collecting, because most of the big money goes for more perfect copies. For many listeners, a VG record or sleeve will be worth the money.
VG records have more obvious flaws than their counterparts in better shape. They lack most of the original gloss found on factory-fresh records. Groove wear is evident on sight, as are light scratches deep enough to feel with a fingernail.
When played, a VG record has surface noise, and some scratches may be audible, especially in soft passages and during a song's intro and ending. But the noise won't overpower the music otherwise. Minor writing, tape or a sticker can detract from the label. Many collectors who have jukeboxes will use VG records in them and not think twice. They remain a fine listening experience, just not the same as if it were in better shape.
VG covers will have many signs on human handling. Ring wear in the middle or along the edges of the cover, where the edge of a record would reside, is obvious; it may appear on all three sides, thought it won't be obvious upon looking. Someone might have written on it or stamped a price tag on it, too.