What a 700 credit score can get you. Your credit score is used by lenders to see if you qualify for financial products and to set the interest rate you'll pay. With a 700 credit score, you've crossed over into the "good" credit range, where you can get cheaper rates on financial products like loans and credit cards.
What is the highest credit score possible? To start off: No, it's not possible to have a 900 credit score in the United States. In some countries that use other models, like Canada, people could have a score of 900. The current scoring models in the U.S. have a maximum of 850.
A 700 credit score can help you in securing a Rs 50,000 Personal Loan with many benefits, such as: Lower interest rates. Higher loan amounts. Faster approval process.
Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.
What is a bad credit score? Well, there are several credit score ranges. For instance, 780–850 may be considered "excellent" while 720–780 may be seen as "good." But when it comes to a range that may be seen as bad, a score between 300 (the lowest) and 600 fits into the “poor” category.
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. 21% of all consumers have FICO® Scores in the Exceptional range.
"The 850 FICO Score." Experian. "The Elusive 850: Experian Reveals Traits of Consumers With Perfect FICO® Scores."
Given that the average credit score for people aged 18 to 26 is 680, a score between 680 and 690 (the average for people aged 27 to 42) could be considered “good.”
Banks are tightening amid the riskier lending environment, despite having the money to lend to borrowers. Lenders are no longer that eager to get your business, so even if you have a FICO credit score of more than 700 (which is considered 'good'), you are still not guaranteed to be approved for a home loan.
For those with scores in the fair range (650-699), financing is still possible, though you may encounter slightly higher interest rates. It's worth noting that the average credit score required for the best auto loan rates has been gradually increasing, so aiming for a score of 700 or higher is advisable.
The average credit score for a 21-year-old is 680, which falls into the good range. So a good score at 21 may be 670 (the start of the good range for FICO scores, which ends with 739) or anything higher than that.
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.
Conventional loans typically require a minimum credit score of 620, though some may require a score of 660 or higher. These loans aren't insured by a government agency and conform to certain standards set by the government-sponsored entities Fannie Mae and Freddie Mac.
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.
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.
The max credit score possible from both FICO® and VantageScore® credit models is 850. Having a high credit score can earn you many benefits, including lower interest rates on loans, waived security deposits and better insurance rates.
The average FICO Score has steadily risen over the years and hit an all-time high of 718 in October 2023. A 760 is considered "very good" credit, along with anything above 739.
Overall, Credit Karma may produce a different result than one or more of the three major credit bureaus directly. The slight differences in calculations between FICO and VantageScore can lead to significant variances in credit scores, making Credit Karma less accurate than most may appreciate.
Here's the average credit score by generation as of March 2024, per VantageScore CreditGauge data shared with CNBC Make It: Gen Z (18 to 27): 665. Millennials (28 to 43): 687. Gen X (44 to 59): 710.