Yes, a 793 FICO score is considered very good, placing you in the top tier for lenders, just shy of "exceptional" (800+) and well above average, giving you access to excellent rates on loans and credit cards. It shows a strong history of managing credit well, meaning you'll likely qualify for the best financial products available, says Upstart and Experian.
A 793 credit score is very good, and it's much higher than the national average credit score of 702. In fact, 793 is classified as “excellent credit,” and having a credit score this high should qualify you for good terms on most loans, credit cards and other lines of credit.
If you want to increase your score, there are some things you can do, including:
Your FICO Score is a specific, widely-used type of credit score, but it's not the only credit score, as other models (like VantageScore) and lender-specific scores exist, though FICO scores are used in over 90% of lending decisions, making them the most important to know for loans and credit cards. Think of "credit score" as the general term for a risk number, and "FICO Score" as a popular brand, like how "soda" is general and "Coca-Cola" is specific.
It's partly true: most negative items like late payments and collections are removed from your credit report after about seven years, but the underlying debt often still exists, and bankruptcies (Chapter 7) last 10 years, so your credit isn't entirely "clear" but mostly refreshed from old negatives. The 7-year clock starts from the date of the original delinquency, not when you paid it off or sent to collections, and the debt itself can still be pursued by collectors.
Pay your bills on time
Prioritize and schedule your monthly payments, making sure to pay at least the minimum payment on time every month on all your accounts. Try to pay more than what's due whenever possible. This helps to pay down debt faster, save on interest expense and may improve your credit score.
A 795 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.
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.
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.
Yes, you can likely get a $50,000 loan with a 700 credit score, as this falls into the "good" credit range (670-739) that unlocks better rates, but approval also hinges on your income, debt-to-income (DTI) ratio (ideally below 36%), and overall credit history, with lenders looking for stability and repayment ability, so prequalifying with multiple lenders helps compare terms.
For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
The length of time it will take to improve your credit scores depends on your unique financial situation, but you may see a change as soon as 30 to 45 days after you have taken steps to positively impact your credit reports.
Lenders know what they are getting when they review a FICO Score. FICO Scores are trusted to be a fair and reliable measure of whether a person will pay back their loan on time. By consistently using FICO Scores, lenders take on less risk, and you get faster and fairer access to the credit you need and can manage.
This credit score is a representation of your creditworthiness, which helps lenders assess how likely you are to repay borrowed money. FICO credit scores are widely used to help lenders make lending decisions, with nearly 90% of lending decisions relying on FICO scores.
It is rare to have an 850 credit score, but not impossible, and may be useful when applying for credit opportunities. Achieving and maintaining an 850 credit score can be difficult as it takes time, diligence and commitment to manage your credit effectively.
Maintain and improve it by paying bills on time, keeping credit utilisation low, limiting new applications, reducing high-interest debt, and consistently monitoring your credit report. A credit score of 782 is seen as excellent by most lenders. It shows that you are highly responsible in managing your money and credit.