In a Nutshell Compared to lower scores, a good credit score can unlock better credit opportunities. Although credit and loan applications are evaluated by lenders based on a number of criteria, applicants with better credit scores typically have a better chance of being approved. Good credit scores can also help you qualify for lower interest rates and more-favorable loan terms. That said, if you’re aiming to go higher, there’s still room for improvement. Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect.
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Is a 747 credit score good? Absolutely! It falls squarely within the “Very Good” credit score range, placing you among the top 22% of Americans in terms of creditworthiness. This means you’re in a fantastic position to secure favorable loan terms, attractive credit card offers, and even lower insurance premiums
But hold on, credit champion! While a 747 credit score is certainly something to be proud of, there’s always room for improvement. Let’s dive deeper into the world of credit scores and explore how you can take your 747 to the next level, propelling it into the coveted “Exceptional” territory (800-850).
What Makes a 747 Credit Score So Good?
A 747 credit score indicates that you’ve established a solid track record of responsible credit management Lenders view you as a reliable borrower with a low risk of default, making them more willing to offer you competitive rates and terms.
Here’s a breakdown of what a 747 credit score unlocks:
- Favorable loan terms: Lower interest rates on mortgages, auto loans, and personal loans, potentially saving you thousands of dollars over the life of the loan.
- Access to prime credit cards: Enjoy lucrative rewards programs, travel perks, and valuable insurance benefits.
- Lower insurance premiums: Some insurance companies offer discounts to individuals with good credit scores.
- Increased approval odds: A high credit score makes you a more attractive applicant for loans, credit cards, and even employment opportunities.
Taking Your 747 to the Exceptional Zone
While a 747 credit score is impressive, reaching the “Exceptional” range (800-850) can unlock even more financial benefits. Here are some actionable steps to elevate your score:
- Pay your bills on time, every time: This is the single most important factor influencing your credit score. Set up automatic payments or calendar reminders to ensure you never miss a due date.
- Keep your credit utilization low: Aim to use less than 30% of your available credit limit. This demonstrates responsible credit management and improves your score.
- Limit opening new credit accounts: Every time you apply for new credit, a hard inquiry is placed on your credit report, temporarily lowering your score.
- Become an authorized user on a responsible account: If you have a friend or family member with excellent credit, ask them to add you as an authorized user on their account. This can give your score a boost.
- Dispute any errors on your credit report: Mistakes happen, and they can negatively impact your score. Regularly review your credit reports from all three bureaus (Experian, Equifax, and TransUnion) and dispute any inaccuracies you find.
Remember, improving your credit score is a marathon, not a sprint. Applying these tactics on a regular basis will help you move up the credit ladder and enjoy the benefits of having an excellent credit score.
A Final Word of Encouragement
Congratulations on achieving a 747 credit score! You’ve already accomplished a lot, but don’t rest on your laurels. Embrace the challenge of pushing your score even higher and unlocking the financial doors that await you in the “Exceptional” zone. Remember, a little effort now can lead to significant financial benefits in the future. So, keep striving for credit excellence!
Hard inquiries by credit score range
| Credit score range | Average number of inquiries |
|---|---|
| 300–639 | 8 |
| 640–699 | 5 |
| 700–749 | 4 |
| 750–850 | 3 |
Ranges identified based on 2023 Credit Karma data.
A 747 credit score is considered a good credit score by many lenders.
| Generation | Percentage |
|---|---|
| Gen Z | 24.3% |
| Millennial | 16.1% |
| Gen X | 15.3% |
| Baby boomer | 15.8% |
| Silent | 12.8% |
“Good” score range identified based on 2023 Credit Karma data.
You may have an easier time getting approved for mortgages and auto loans with better terms and lower interest rates if your credit score is high. You might also be approved for credit cards with valuable sign-up bonuses and attractive rewards programs.
Why are these three-digit figures so important to your financial health? Because lenders use your credit scores to determine how likely you are to repay loans that they make to you. Thus, having a high credit score can encourage a lender to lend you money on terms that work for you. Although it might not be sufficient to obtain the best terms or financial products, it’s a sign that you’re approaching excellence.
You might be surprised to hear that there are several different credit scores available because people frequently refer to their “credit score” as though they only have one. The credit-scoring model that underpins a credit score varies based on the provider of the score, such as VantageScore or FICO. These models can pull information from Equifax, Experian, or TransUnion—the three major credit bureaus—to create your credit scores.
Each model has its own standard for what qualifies as “good. To further complicate matters, it’s frequently unclear which credit score, model, or data bureau a specific lender is using, as well as what additional variables the lender might consider in addition to scores.
Keeping this in mind, use each credit score as a gauge to better understand your overall credit situation and track your progress. No single score you look at is a guarantee that you’ll qualify for certain products or offer terms.
Here’s what else you need to know about building, maintaining and using a good credit score.
What is a GOOD Credit Score in 2024? What’s the Average Credit Score Overall & By Age / Generation?
FAQ
Can I buy a house with 747 credit score?
Can I get a loan with a 747 credit score?
Is a credit score of 747 good or bad?
How rare is a 750 credit score?
What is a good credit score?
Percentage of generation with 700–749 credit scores Generation Percentage Gen Z 24.3% Millennial 16.1% Gen X 15.3% Baby boomer 15.8% Silent 12.8% “Good” score range identified based on 2023 Credit Karma data. With good credit scores, you might be more likely to qualify for mortgages and auto loans with lower interest rates and better terms.
Is a 747 credit score a good credit score?
A 747 credit score is considered a good credit score by many lenders. Here’s what it means to have good credit and how you can maintain your score. × Download the app 4.74.8 Get Get Intuit Credit Karma Credit Cards Shop Credit Cards Balance Transfer Cards Reward Cards Travel Cards Cash Back Cards 0% APR Cards Business Cards
Can I get a car loan with a 747 credit score?
Compare car loans on Credit Karmato explore your options. Can I get a credit card with a 747 credit score? With good credit scores, you might qualify for credit cards that come with enticing perks like cash back, travel rewards, or an introductory 0% APR offer that can help you save on interest for a period of time.
Is a good credit score good for a loan?
A good credit score can help you get approved for attractive rates and terms when you apply for a loan. But stating whether or not a particular credit score is good is complicated. That’s because the threshold for what’s considered good can vary based on the type of loan you’re applying for and which lender is reviewing your information.