In summary, obtaining a very good or excellent score can lead to access to some of the best deals and prices available. Excellent credit scores typically indicate you have a good chance of being approved for loans and other credit products with favorable terms, though lenders take a number of factors into account when evaluating a credit or loan application. Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect.
We think its important for you to understand how we make money. Its pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make enables us to produce our other fantastic tools and instructional materials as well as to provide you with free credit scores and reports.
Compensation may factor into how and where products appear on our platform (and in what order). However, since the majority of our revenue comes from the offers you accept, we make an effort to present you with offers we believe are a good fit for you. Thats why we provide features like your Approval Odds and savings estimates.
Naturally, not all financial products are represented by the offers on our platform, but our aim is to present you with as many excellent options as possible.
A credit score of 823 will most likely allow you to qualify for the best interest rates and loan terms available, so the answer to your question is yes, you can get a mortgage!
Here’s why:
- A credit score of 823 falls within the “Exceptional” range (800-850), which is the highest credit score category. This means that lenders view you as a low-risk borrower, making you highly desirable to them.
- Lenders are more likely to offer you competitive interest rates and loan terms when you have a high credit score. This can save you a significant amount of money on your mortgage over the life of the loan.
- You may also be eligible for other benefits, such as lower down payment requirements or no private mortgage insurance (PMI).
But it’s crucial to keep in mind that lenders take into account a number of factors before approving a mortgage, including your credit score. In addition, they’ll consider your employment history, debt-to-income ratio, income, and other variables.
Here are some tips for getting a mortgage with a credit score of 823:
- Shop around for the best interest rates and loan terms. Don’t settle for the first offer you receive. Compare rates from multiple lenders to find the best deal.
- Make sure you have a good down payment. A larger down payment will reduce your loan amount and make you a more attractive borrower.
- Keep your debt-to-income ratio low. This is the percentage of your income that goes towards debt payments. A lower debt-to-income ratio will show lenders that you are able to manage your finances responsibly.
- Get pre-approved for a mortgage. This will give you a better idea of how much you can afford to borrow and will make the home buying process smoother.
You’re in a great position to get a mortgage and purchase your dream home with an 823 credit score. Just remember to do your homework and compare prices to get the best deal.
Here are some additional resources that you may find helpful:
- Experian’s Mortgage Learning Center: https://www.experian.com/blogs/ask-experian/credit-education/mortgages/
- Credit Karma’s Mortgage Guide: https://www.creditkarma.com/mortgage/
- NerdWallet’s Mortgage Calculator: https://www.nerdwallet.com/mortgages/mortgage-calculator
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Auto loans for excellent credit
Although it’s not a guarantee, having excellent credit can increase your chances of being accepted for auto loans at the best rates.
To get the best loan terms and rates available to you, it’s crucial to shop around and compare offers. Rates offered at dealerships may be higher than those at a bank, credit union, or online lender, even if your credit is excellent.
Using our auto loan calculator, you can determine how these various rates and terms might affect your monthly payment for an auto loan.
And when you decide on an auto loan, consider getting preapproved. When haggling over a car’s price at a dealership, a preapproval letter from a lender can be useful, but be advised that it may require a hard inquiry.
If your credit is outstanding, it might also be worthwhile to calculate the costs associated with refinancing an existing auto loan. If your credit has improved since you initially financed the vehicle, you might be able to find a better rate.
Compare car loans on Credit Karma to explore your options.
Age of open accounts by credit score range
| Credit score range | Average age (years) |
|---|---|
| 300–639 | 2.4 |
| 640–699 | 3.6 |
| 700–749 | 4.0 |
| 750–850 | 7.5 |
Ranges identified based on 2023 Credit Karma data.
How Do I Get A Mortgage with a Zero Credit Score?
FAQ
Can I get a mortgage with 825 credit score?
What is the lowest credit score to get a mortgage?
|
Loan Type
|
Minimum Credit Score
|
|
Conventional loans
|
620
|
|
FHA loans
|
500 (with 10% down payment); 580 (with 3.5% down payment)
|
|
USDA loans
|
640
|
|
VA loans
|
The VA has no minimum limit, but lenders generally like to see at least 620
|
How rare is an 825 credit score?
What mortgage rate can I get with 850 credit score?
|
FICO® score
|
APR
|
Monthly payment *
|
|
760-850
|
6.545%
|
$1,905
|
|
700-759
|
6.767%
|
$1,949
|
|
680-699
|
6.944%
|
$1,985
|
|
660-679
|
7.158%
|
$2,028
|