The average FICO® Score☉ in the United States was 715 in 2023, according to Experian data, increasing by one point from its 714 average in the third quarter (Q3) of 2022. It marks the 10th consecutive year that average FICO® Scores in the U.S. haven't decreased on an annual basis.
2023, the average VantageScore 4.0 in the US was 701. A 701 is in the “good” score range for VantageScores (670 to 739), and people with this score can likely qualify for many loans and credit cards.
A credit score of 721-880 is considered fair. A score of 881-960 is considered good. A score of 961-999 is considered excellent (reference: https://www.experian.co.uk/consumer/guides/good-credit-score.html).
Your score falls within the range of scores, from 300 to 579, considered Very Poor.
Scores between 661 and 780 are considered good credit scores. Anything over 780 is excellent.
Fair (580–669): Although these borrowers have a below-average credit score, lenders typically still approve them for mortgage loans. Poor (350–579): A poor credit score shows you're a risky borrower, which may make it harder to qualify for a mortgage. Those who are eligible will likely pay higher interest rates.
Because lending that much money is inherently risky, lenders look for potential home buyers to have solid financials, including a strong credit score. With a FICO score of 740 or higher, you're likely to get the best jumbo mortgage rates.
The major credit bureaus have different credit scoring categories, and a good credit score is between 670 and 739. A 650 is on the high end of the fair credit score category, which ranges from 580 to 669. A 650 credit score will help you qualify for most home loans, but you may end up with a higher interest rate.
Yes, you can buy a house with a 600 credit score — but it would be less challenging if your score were higher. A 600 score will not be high enough to qualify for a conventional home loan, so look into FHA loans, which have lower requirements: 500 with a 10 percent down payment, and 580 with a 3.5 percent down payment.
While it's true that a lower credit score of 550 or less can decrease the choice of lenders who are willing to accept you, it doesn't mean that getting a mortgage is completely out of the question.
Your 753 credit score puts you in an excellent position to qualify for these. It's also worth mentioning that interest rates can vary significantly among lenders, even for borrowers with the exact same credit score. So, if you're buying a home or car, it's important to shop around for the best loan terms.
Mortgages with a 753 Credit Score
Nearly 70% of first mortgages go to borrowers with credit scores below 780, so you should be able to finance your home purchase without issue.
According to credit bureau Experian, a good credit score is 700 or above. But if you're in your 20s and just starting out, a score of 700 or higher may be tough as you're just establishing your credit history.
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 minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
Generally speaking, negative information such as late or missed payments, accounts that have been sent to collection agencies, accounts not being paid as agreed, or bankruptcies stays on credit reports for approximately seven years.
Paying off your credit card balance every month is one of the factors that can help you improve your scores. Companies use several factors to calculate your credit scores. One factor they look at is how much credit you are using compared to how much you have available.
What credit score do I need to get a $50,000 personal loan? Most lenders will require a credit score of 650 or more, which is considered a fair credit score. Other lenders may require a credit score of 600, but they will charge higher fees and a higher interest rate.
What credit score is needed to buy a $300K house? The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of mortgage.
You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500. Whether you qualify for a specific loan type also depends on personal factors like your debt-to-income ratio (DTI), loan-to-value ratio (LTV) and income.
If you make $70K a year, you can likely afford a home between $290,000 and $310,000*. Depending on your personal finances, that's a monthly house payment between $2,000 and $2,500. Keep in mind that figure will include your monthly mortgage payment, taxes, and insurance.