What percentage of people have a credit score over 750?
Your credit score helps lenders decide if you qualify for products like credit cards and loans, and your interest rate. You are one of the 48% of Americans who had a score of 750 or above as of April 2023, according to credit scoring company FICO.
Your credit score helps lenders decide if you qualify for products like credit cards and loans, and your interest rate. You are one of the 48% of Americans who had a score of 750 or above as of April 2023, according to credit scoring company FICO.
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.
In the U.S., the average credit score is 716, per Experian's latest data from the second quarter of 2023. And when you break down the average credit score by age, the typical American is hovering near or above that score.
The latest credit score data is in and as of October 2023, the national average FICO® Score now stands at 717. This is one point lower than it was earlier in 2023 and reflects the first time the metric has decreased in a decade as shown in Figure 1.
Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Yes. Assuming the rest of your finances are solid, a credit score of 700 should qualify you for all major loan programs: conventional, FHA, VA and USDA loans all have lower minimum requirements, and even jumbo loans require a 700 score at minimum.
What is a good credit score for my age?
Average Credit Scores FAQs
Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
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 mortgage payments.
Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates — which can save you money over time — excellent credit can help you qualify.
With a credit score of 620 or higher, you're eligible for most types of mortgages. However, mortgage lenders consider more than just your credit score. They evaluate your credit report, your overall debts, and the size of your down payment.
FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score.
A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 7.01% or better, or a used-car loan around 9.73% or lower. Superprime: 781-850. 5.64%.
- Conventional Loans Minimum Credit Score: 620. ...
- Jumbo Loans Minimum Credit Score: 700. ...
- FHA Loans Minimum Credit Score: 500. ...
- VA Loans Minimum Credit Score: 620. ...
- USDA Loans Minimum Credit Score: 580.
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
What is a bad FICO credit score? A bad FICO credit score may fall in the fair or poor FICO range. FICO considers a credit score to be fair if it's between 580 and 669, and poor if it's below 580. According to FICO, borrowers with a FICO score in a lower range tend to be viewed as a credit risk.
Can I buy a house with a 718 credit score?
However, with a 718 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.
The average debt an American owes is $104,215 across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. Data from Experian breaks down the average debt a consumer holds based on type, age, credit score, and state.
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
Pavelka, 56, has a credit score of 848 out of 850. The letter he got from the credit bureau recently said his score "ranks higher than 100 percent of U.S. consumers." That makes Pavelka a financial anomaly. While an 848 isn't a perfect score, it's as high as most experts have ever seen.
A breakdown of younger generation credit scores
Millennials average a credit score of 690, and Gen Zers come in at 680. For reference, the qualifying credit score for most conventional home loans is 620, according to Rocket Mortgage.
