750 Credit Score: Is It Good or Bad? - NerdWallet (2024)

FAQs

750 Credit Score: Is It Good or Bad? - NerdWallet? ›

A 750 score is considered excellent. You will get among the very best rates on loans and credit cards.

Your FICO^® Score falls within a range, from 740 to 799, that may be considered Very Good. A 750 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.

The two types of credit scores most commonly used in credit decisions are the FICO score and its competitor, VantageScore®. NerdWallet partners with TransUnion® to present your credit report and a VantageScore® 3.0.

Checking your credit score on NerdWallet only prompts a soft inquiry on your credit report - not a hard inquiry - and will never impact your score in any way, no matter how often you check it.

What Percentage of the Population Has a Credit Score Over 700? The same data referenced above also reveals the percentage of the population with a score of over 700. According to FICO.com, approximately 59.2 percent of the U.S. population has a credit score range between 700 to 850.

You are one of the 46% of Americans who had a score of 750 or above in 2021, according to credit scoring company FICO. Here's how your 750 credit score can affect your financial life.

Your score will vary, depending on which scoring model was used and whether it looked at your credit report from Experian®, Equifax® or TransUnion®. In fact, you really have many credit scores, because of the variety of scoring models and number of credit bureaus.

Credit Karma is likely the best option for you if your primary concern is managing or improving your credit score. If your primary concern is budgeting and finance tracking, NerdWallet is likely the better choice.

Most importantly, checking your own credit is a soft inquiry, so it won't affect your score. You can get your free credit report on demand from a personal finance website like NerdWallet.

Can I trust NerdWallet? ›

Is NerdWallet Safe to Use? Overall, NerdWallet is safe to use.

Yes, NerdWallet is a legitimate public company that was founded in 2009 by Jacob Gibson and Tim Chen. The company offers several financial tools, investment calculators, and loan matching services. NerdWallet has an A+ accreditation from the Better Business Bureau (BBB).

Its web site is directed primarily towards Millennials and provides information on credit card selection and benefits, college loans, banking, mortgage loans, stock trading and insurance policies.

What percentage of the population has a credit score over 900? Only about 1% of people have a credit score of 850. A 900 credit score can be thought of as fairly unrealistic.

The credit limit you can get with a 750 credit score is likely in the $1,000-$15,000 range, but a higher limit is possible. The reason for the big range is that credit limits aren't solely determined by your credit score.

Here's the short answer: The credit scores and reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus.

So, given the fact that the average credit score for people in their 20s is 630 and a “good” credit score is typically around 700, it's safe to say a good credit score in your 20s is in the high 600s or low 700s.

Credit scores help lenders decide whether to grant you credit. The average credit score in the United States is 698, based on VantageScore^® data from February 2021. It's a myth that you only have one credit score.

What is the average credit score by age? ›

The highest credit score you can have on the most widely used scales is an 850. For common versions of FICO and VantageScore, the scale ranges from 300 to 850 and lenders typically consider anything above 720 excellent credit.

Some people wonder whether the starting credit score is zero, for example, or whether we all start with a credit score of 300 (the lowest possible FICO score). The truth is that there's no such thing as a “starting credit score.” We each build our own unique credit score based on the way we use credit.

Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus. In this article, you will learn: Different types of credit scores.

It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.

In some cases, as seen in an example below, Credit Karma may be off by 20 to 25 points.

Updating times. In addition to data differences, credit bureaus update their information at different intervals. For example, TransUnion may update its information every 30 days, whereas Experian may update information every 60 days. That time difference can lead to different scores.

Credit Karma uses a different scoring system than the one mortgage lenders use. There are two main scoring systems: FICO – it was created in the 1950s and is used by mortgage lenders. VantageScore – it began in 2006 and is what Credit Karma uses.

Secured credit cards will likely be the easiest cards to get for those with either poor credit or no credit. That's because they require collateral upfront in the form of a security deposit, which is typically equal to the amount of your credit line and reduces the risk to the card issuer if you fail to pay your bill.

A mortgage preapproval can have a hard inquiry on your credit score if you end up applying for the credit. Although a preapproval may affect your credit score, it plays an important step in the home buying process and is recommended to have. The good news is that this ding on your credit score is only temporary.

How many credit cards is too many to have open? ›

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

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Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.

How good is 800 credit score? ›

Your 800 FICO^® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO^® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Credit Score Basics. Exceptional Credit Score: 800 to 850. Very Good Credit Score: 740 to 799. Good Credit Score: 670 to 739. Fair Credit Score: 580 to 669.

Since the length of your credit history accounts for 15% of your credit score, negative, minimal or no credit history can stop you from reaching an 800 credit score. To solve this problem, focus on building your credit. You can do this by taking out a credit-builder loan or applying for your first credit card.

Only about 1.6% of the 232 million U.S. consumers with a credit score have a perfect 850, according to FICO's most recent statistics.

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.

You should have a 640 or higher credit score in order to qualify for a $20,000 personal loan. If you have bad or fair credit you may not qualify for the lowest rates. However, in order to rebuild your credit you may have to pay higher interest rates and make on-time payments.

A 750 credit score is often considered very good — or even excellent. A very good or excellent credit score can mean you're more likely to be approved for good offers and rates when it comes to mortgages, auto loans and credit cards with rewards and other perks.

While achieving a perfect 850 credit score is rare, it's not impossible. About 1.3% of consumers have one, according to Experian's latest data. FICO scores can range anywhere from 300 to 850. The average score was 714, as of 2021.

Has anyone got 900 credit score? ›

What percentage of the population has a credit score over 900? Only about 1% of people have a credit score of 850. A 900 credit score can be thought of as fairly unrealistic.

To get a 750 credit score, you need to pay all bills on time, have an open credit card account that's in good standing, and maintain low credit utilization for months or years, depending on the starting point. The key to reaching a 750 credit score is adding lots of positive information to your credit reports.