In the credit score range of 300 to 850, a score of 700 or higher is typically regarded as good.
In the credit score range of 300 to 850, a score of 700 or higher is typically regarded as good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U. S. reached 714.
You may be able to get a credit card or loan with better terms and a lower interest rate if you have a high credit score. That said, different lenders use their own criteria for deciding whom to lend to and at what rates. Here are some additional details about what makes a good credit score, what affects credit, and how to raise credit.
Hey there, credit score enthusiasts! Are you curious about what a 792 credit score means and how you can leverage it to unlock the best financial opportunities? Buckle up, because we’re about to dive deep into the world of credit scores, exploring what makes a 792 good, how it compares to other scores, and most importantly, how you can take your score to the next level.
So, is a 792 credit score good? Absolutely! A 792 credit score falls within the “excellent” range, which means you’re in a prime position to secure favorable loan terms, enticing credit card rewards, and potentially even lower insurance premiums. However, don’t let this excellent score lull you into complacency. There’s always room for improvement, and pushing your score into the exceptional range (800-850) can open doors to even more lucrative financial opportunities.
Let’s break down what makes a 792 credit score good:
✅ Outstanding Credit Score: A credit score of 792 is in the “excellent” range, which is highly coveted by creditors and lenders.
✅ Access to Prime Loan Terms: With a 792 credit score, you’re likely to qualify for the best loan terms, including low interest rates and minimal fees, on mortgages, auto loans, personal loans, and more.
✅ Eligibility for Premium Credit Cards: Many premium credit cards with lucrative rewards programs and exclusive perks are only accessible to individuals with excellent credit scores.
✅ Potential for Lower Insurance Premiums: Some insurance companies offer lower premiums to individuals with high credit scores as they are considered lower-risk customers.
✅ Overall Financial Advantage: An excellent credit score can positively impact your financial well-being, saving you money on interest payments, unlocking better insurance rates, and potentially opening doors to new financial opportunities.
However, while a 792 credit score is good, there’s always room for improvement. By taking proactive steps to further enhance your credit score, you can unlock even greater financial benefits. Let’s explore some key strategies to elevate your credit score from good to exceptional:
Reduce Credit Utilization: Aim to keep your credit utilization ratio (the amount of credit you’re using compared to your available credit) below 30%. Ideally, strive for even lower utilization, such as 10%, to demonstrate responsible credit management.
Pay Bills on Time: Maintaining a positive payment history and avoiding negative marks on your credit report require consistency. Make all of your bill payments on time, every time.
Limit New Credit Inquiries: Avoid applying for multiple new credit cards or loans within a short period, as each inquiry can temporarily lower your credit score.
Monitor Credit Reports Regularly: Regularly review your credit reports from all three major credit bureaus (Experian, TransUnion, and Equifax) to identify and address any errors or inaccuracies that could be dragging down your score.
Manage Debt Strategically: Develop a plan to pay down existing debt, focusing on high-interest accounts first. Reducing your overall debt burden can significantly improve your credit score.
⏳ Have Patience and Perseverance: It takes time and constant work to establish and maintain excellent credit. Remain determined to achieve your objectives, don’t give up, and acknowledge your accomplishments as you go.
Remember, a high credit score is a valuable asset that can empower you to achieve your financial goals. By following these tips and maintaining responsible credit habits, you can unlock the true potential of your 792 credit score and pave the way for a brighter financial future.
Why There Are Different Credit Scores
Credit scores are a tool that lenders use to make lending decisions. Different credit scoring models are developed by FICO and VantageScore for lenders, and both businesses release updates to their models on a regular basis, much like other software companies might release new operating systems. The most recent iterations may better conform to recent regulatory requirements, take into account changes in consumer behavior or technological advancements, or both.
An example of a tri-bureau scoring model developed by VantageScore is the ability to assess your credit report from any of the three major consumer credit bureaus (Experian, TransUnion, and Equifax) using the same model. The first version (VantageScore 1. 0) was built in 2006. The latest version, VantageScore 4. 0, was released in 2017 and developed based on data from 2014 to 2016. It was the first credit score that was generic and included trended data, or how customers handle their accounts over time.
Being an established company, FICO was among the first to develop credit scoring models that utilized consumer credit reports. It develops various iterations of its scoring models to be applied to the data from each credit bureau; however, more recent iterations have a common name, like FICO® Score 8. There are two commonly used types of consumer FICO® Scores:
- Base FICO® Scores: Designed to estimate the probability that a customer will miss any kind of credit obligation, these scores are available for use by all lenders. Base FICO® Scores range from 300 to 850.
- Industry-specific FICO® Scores. For the purpose of auto lenders and card issuers, FICO generates bankcard and auto scores. Industry scores, which range from 250 to 900, are designed to forecast the possibility that a customer will miss payments on a particular kind of account.
Building upon a foundational FICO® Score, FICO offers industry-specific scores on a regular basis. The FICO® Score 10 Suite, for instance, was announced in early 2020. It consists of three scores: the standard FICO® Score 10, the trended FICO® Score 10 T, and new industry-specific scores. FICO 10 T and VantageScore 4 will be needed by mortgage lenders who deal with government-backed mortgage companies Fannie Mae and Freddie Mac. 0 credit scores in evaluating borrower eligibility in the coming years.
There are scores used more rarely as well. For example, customers can link checking, savings, or money market accounts with FICO’s UltraFICO® Score, which takes banking activity into account. Lenders may also create custom credit scoring models designed with their target customers in mind.
For the most part, lenders can choose which model they want to use. In fact, because switching could require an investment, some lenders may choose to remain with older versions.
Additionally, until you submit an application, you frequently won’t know which credit report and score the lender will use. The good news is that the same underlying data—found in one of your credit reports—is used by both VantageScore and FICO to calculate consumer credit scores. Additionally, they are all trying to predict the same thing: the probability that a person will fall behind on a bill (generally or specifically) by ninety days in the upcoming twenty-four months.
As a result, the same factors can impact all your credit scores. Depending on the scoring model and the credit report it examines, you may notice variations in your scores if you track multiple credit scores. But, over time, you may see they all tend to rise and fall together.
Why Having a Good Credit Score Is Important
Having good credit can make achieving your financial goals easier. It might mean the difference between getting approved for or denied for a significant loan, like a mortgage or auto loan. And, it can directly impact how much youll have to pay in interest or fees if youre approved.
For instance, there could be a $161 monthly difference between obtaining a 620 FICO® Score and a 670 FICO® Score for a 30-year, fixed-rate $250,000 mortgage. Thats extra money you could be putting toward your savings or other financial goals. Over the lifetime of the loan, having the better score would save you $57,842 in interest payments. Learn more about what credit score you need to buy a house.
Furthermore, credit scores have an effect on non-lending decisions, like whether or not a landlord will let you rent an apartment.
Your credit reports can also impact you in other ways. Before deciding to hire you or give you a promotion, some employers may look over your credit reports but not your credit scores. Additionally, insurance companies may use credit-based insurance scores in the majority of states to help determine your life, home, and auto insurance premiums.
750 – 799 Credit Score: Key Things to Know
FAQ
What can you do with a credit score of 792?
How common is a credit score over 800?
How rare is 900 credit score?
Does a 750 vs 800 credit score matter?
Is 792 a good credit score?
In fact, 792 is classified as “excellent credit,” and having a credit score this high should qualify you for good terms on most loans, credit cards and other lines of credit. Credit Rating: 792 is an excellent credit score, which is even better than a good score. Many people consider excellent credit to be a score of 720+.
What is the average utilization rate for a 792 credit score?
Among consumers with FICO ® credit scores of 792, the average utilization rate is 17.0%. The best way to determine how to improve your credit score is to check your FICO ® Score. Along with your score, you’ll receive information about ways you can boost your score, based on specific information in your credit file.
Can you get a student loan with a 792 credit score?
Student loans are some of the easiest loans to get with a 792 credit score, seeing as roughly 90% of them are given to applicants with a credit score below 780. A new degree may also make it easier to repay the loan if it leads to more income.
Can you get a car loan with a 792 credit score?
You should be able to get approved for a decent car loan with a 792 credit score, considering that roughly 80% of all auto loans go to people with credit scores below 780. Still, it’s important to compare your auto loan options carefully if you want to get a low APR.