If you have a credit score of 720, you rank at the higher end of the “good” credit score range. You probably will have many options available if you apply for credit, such as mortgages, credit cards, car loans, and personal loans with competitive rates.
Even better, just over 1 in 5 people (21.2%) have an exceptional FICO credit score of 800 or above, all but guaranteeing access to the best products and interest rates.
While there is no minimum credit score to get a credit card, you'll need a higher credit score to qualify for the best credit cards available. Typically, travel credit cards and cash-back credit cards are reserved for borrowers with good to excellent credit (690 and above on the FICO® scale).
You can get a credit card with a credit score of 580, but you'll need to apply for specific cards that accept applicants with low credit scores. Also, be sure to analyze your monthly budget to see if it's the best decision for your financial needs at this time.
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.
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024.
A 750 score is considered excellent. You will get among the very best rates on loans and credit cards. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.
A credit score of about 700+ will likely qualify you for just about any credit card, including those with cash back rewards, lower annual percentage rates (APRs) and more.
A 720 score is significantly better than the average of 700 on the VantageScore 3.0 model, as of October 2023, up six points from a year before. You are in the excellent credit range, which is 720-850. But any drop in your score could move you back to the good credit range of 690-719.
If you have excellent credit, high income and low credit utilization among other variables, issuers may offer you a credit line of $30,000 to $50,000.
Broadly speaking, a credit score of 720 or better makes conventional loans optimal, while scores between 680 and 720 may find favorable loan terms in conventional or FHA, and below 680 (or borrowers with less than 10% down) will likely find the best terms in FHA loans.
Generally, a good credit score to buy a car falls within the range of 660 to 720 or higher. However, it's important to note that each lender has different criteria, and some may consider lower credit scores as well.
Key Takeaways. Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
There's no single, specific credit score that will automatically qualify you for a mortgage (though having the maximum score of 850 certainly never hurts). However, while lenders might not set precise qualifying numbers, they do have minimum credit score requirements.
A credit score of 999 from Experian is the highest you can get. It usually means you don't have many marks on your credit file and are very likely to be accepted for a loan or credit card. However, a high credit score doesn't guarantee your loan will be accepted.
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. Since so few people have such high scores, lenders don't split the 800+ credit score crowd into smaller groups that get separate offers.
What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
A hard inquiry from a card application can cause a small, temporary drop in credit scores. A denial or approval won't hurt your credit scores, because decisions aren't reflected in credit reports. When making lending decisions, card issuers use credit reports and credit scores to determine creditworthiness.