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.
Yo, credit fam!
So, you’re rocking a 753 FICO score. That’s pretty darn good, my dude! It puts you in the “Very Good” credit range, which means you’re financially responsible and trustworthy in the eyes of lenders.
But hold up, don’t get too comfy in that “Very Good” zone just yet. You’ve got the potential to level up to the “Exceptional” credit range (800-850), where the real magic happens.
Why strive for “Exceptional”? Simple: it unlocks the best of the best when it comes to loans, credit cards, and more. We’re talking rock-bottom interest rates, sweet rewards programs, and VIP treatment from lenders.
So how do you get there? Buckle up. credit warrior. because I’m about to drop some knowledge bombs:
1. Be a Payment Ninja: Make every payment on time, every time. Even a single late payment can ding your score Set up autopay to avoid any accidental slip-ups
2. Slash Your Credit Utilization: ✂️
This means keeping your credit card balances low compared to your credit limit. Aim for 30% or less.
3. Lengthen Your Credit History:
The longer your credit history, the better. Don’t close old accounts unless they have high annual fees.
4. Diversify Your Credit Mix: ♀️
Show lenders you can handle different types of credit, like credit cards and installment loans. But don’t go overboard with new accounts.
5. Monitor Your Credit Reports: ️♀️
Check your credit reports regularly for errors or suspicious activity. You can get free reports from AnnualCreditReport.com.
Bonus Tip: Refinance existing debt with a lower interest rate. This can boost your score and save you money.
Remember, reaching “Exceptional” credit takes time and effort. But with these tips and some dedication, you’ll be there in no time.
Now go forth and conquer the credit world!
P.S. Don’t forget to check out Credit Karma for free credit scores, reports, and monitoring. It’s like having a credit coach in your pocket.
P.P.S. If you have any questions, hit me up in the comments. I’m always happy to help a fellow credit warrior.
Peace out! ✌️
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.
What Information Credit Scores Do Not Consider
FICO and VantageScore do not consider the following information when calculating credit scores:
- Your race, color, religion, national origin, sex or marital status. (U. S. The receipt of government assistance, the exercise of any consumer rights under the Consumer Credit Protection Act, and these facts are all prohibited by law from being taken into account in credit scoring formulas. ) .
- Your age.
- Your salary, occupation, title, employer, date employed or employment history. (Remember, though, that lenders might take this information into account when determining whether to approve an application overall.) ) .
- Where you live.
- Soft inquiries. Soft inquiries are typically started by other people, such as when businesses extend promotional credit offers or when your lender regularly examines your current credit accounts. Additionally, soft inquiries happen when you use credit monitoring services from firms like Experian or when you check your own credit report. These inquiries do not impact your credit scores.
This Is What Your FICO Score REALLY Means
FAQ
Can I buy a house with a 753 credit score?
What percentage of people have a FICO score over 750?
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FICO® Score range
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Percent within range
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650-699
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12%
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700-749
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17%
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750-799
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24%
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800-850
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23%
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Can you buy a car with a credit score of 753?
What is an excellent FICO score?
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FICO Credit Score Ranges
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Excellent/Exceptional
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800-850
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Very good
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740-799
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Good
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670-739
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Fair
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580-669
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Is a 753 FICO ® score good?
Your FICO ® Score falls within a range, from 740 to 799, that may be considered Very Good. A 753 FICO ® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders’ better interest rates and product offers. 25% of all consumers have FICO ® Scores in the Very Good range.
How to improve a 753 credit score?
Best Way to Improve a 753 Credit Score: Reducing the credit utilization on your credit card accounts could quickly boost your score. You can also check out your WalletHub credit analysis for personalized tips.
Can you get a mortgage with a 753 credit score?
Nearly 70% of first mortgages go to borrowers with credit scores below 780, so you should be able to finance your home purchase without issue. Student loans are some of the easiest loans to get with a 753 credit score, seeing as roughly 90% of them are given to applicants with a credit score below 780.
Does free credit monitoring help a 753 credit score?
Take Advantage of Free Credit Monitoring: You don’t want fraud or credit report errors to derail your pursuit of a 753 credit score. And while free credit monitoring won’t prevent such things from happening, it will make sure you know about them immediately.