A 720 credit score is in an area that credit bureau Experian describes as “prime,” but it's well short of “superprime,” which begins at 781. You will pay more in interest on a car loan than someone with a higher score.
Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U.S. FICO® Score, 711, falls within the Good range.
To a mortgage lender, FICO scores of 670 and above are considered 'good. ' Although the best interest rates typically go to borrowers with credit scores of 720 or higher.
Prime borrowers typically have credit scores of 670 or above, while subprime borrowers usually have scores below that, typically in the 580-to-669 range. However, the classification can vary slightly from lender to lender and also depends on the credit scoring model used.
Prime credit is a credit score that is one level below super prime, which is the highest credit rating. Consumers with prime credit pose little risk to lenders and creditors. Consumers with prime credit receive loans with some of the lowest interest rates and best terms.
You can get a personal loan with a 740 credit score. The best lenders to get a personal loan from with a credit score of 740 are SoFi , LightStream and Barclays because they offer the most competitive APRs and fees.
For example, while a lender may permit you to borrow up to 95% of the property value if you have a 750 credit score, they may restrict you to no more than 80% of the property value if your credit score is 650.
A 720 credit score is definitely good enough to get a car loan. Most lenders require a minimum credit score of 661 to get approved.
A 735 credit score is considered a good credit score by many lenders. “Good” score range identified based on 2021 Credit Karma data. With good credit scores, you might be more likely to qualify for mortgages and auto loans with lower interest rates and better terms.
A 700 credit score meets the minimum requirements for most mortgage lenders, so it's possible to purchase a house when you're in that range. However, lenders look at more than just your credit score to determine your eligibility, so having a 700 credit score won't guarantee approval.
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.
A 750 credit score generally falls into the “excellent” range, which shows lenders that you're a very dependable borrower. People with credit scores within this range tend to qualify for loans and secure the best mortgage rates. A 750 credit score could help you: Qualify for a mortgage.
Experts say you need a minimum credit score of 620 to be approved for a conventional mortgage loan. As a result, a credit score of 790 should make a mortgage approval highly likely.
To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, the type of home loan, loan term, and mortgage rate.
Having a credit score over 800 isn't just good. According to the FICO credit scoring system, it's exceptional. Although both the FICO and VantageScore credit scoring systems go all the way up to 850, you actually don't need to hit 850 to reap the same benefits as those with a perfect credit score.
A FICO® Score of 729 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO® Score, 711, falls within the Good range.
A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
About 21.8% of America has a credit score higher than 800 points. If you have a credit score of 800, it likely means that you manage debt well and never miss a loan payment. This makes you an ideal borrower and gives you access to more offers and lower interest rates.
Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 770 FICO® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. 25% of all consumers have FICO® Scores in the Very Good range.
Prime credit scores for an auto loan are 660 and higher, with the best interest rates usually offered to people with super prime scores 720 or higher.
The credit score of a super-prime borrower
According to the most recent data from the federal Consumer Financial Protection Bureau (CFPB) Consumer Credit Panel, a super-prime credit score falls within the range of 720 or above.
The average FICO® Score☉ in the U.S. rose to 714 in 2021, according to Experian data from September 2021. It's the fourth consecutive year of an increase, up from the average FICO® Score of 710 in September 2020.