Most people believe that having a “good credit score” can make their financial lives better. Honestly, it’s TRUE. A reliable credit score can save you thousands of dollars on your mortgage, credit card rates, Auto-loans.
This means that you’ll have more money in your wallet, which you can further use for investments or savings to multiply your money.
But do you know what does a bad credit do? Bad credit can harm and keep you from buying your dream house or car that you want. Not only this, it can even turn your normal financial life into a heart-wrenching one by keeping you away from the job you want.
Erin Lowry says that,
Your credit score and credit report are two of the most vital aspects of financial health.
The better credit score you have, the more approval you’ll get when discussing personal loans, credit cards, insurance and more.
So here’s a brief article about what you’ll get to know about having a 750 credit score.
- What is a good credit score?
- Is 750 a good credit score?
- How good is a 750 credit score?
- What are the benefits of having a 750 credit score?
- Final Thoughts
What is a good credit score?
Inside This Article
A credit score above 670 is usually considered a good credit score. However, a credit score above 800 would be exceptional.
According to the Shift Processing
67% of Americans have at least a “good” credit score.
It means that 67% of Americans have a good credit score. The American people have a credit score of over 800 21.8%, up a full percent from before. Until now, the highest credit score is 850, and only 1.2% of American people have the right to become a member of the excellent credit score family.
If you’re looking to find an average credit score of your state, then don’t forget to check out this image given below:
If your credit score is below average credit score, now it’s time to change your financial habits and skyrocket your credit score.
You can increase your credit score by making timely payments, paying high debts as early as possible. Remember, don’t max out your credit card limit as it may hurt your credit score.
Apart from this, you must also watch any suspicious activity happening with your account and check your credit reports regularly to make sure that all financial activities registered under your name are authorized and safe.
Credit Saint can help you to achieve a good credit score. Credit Saint is a credit repair company that helps you improve and boost your credit score by building a positive payment history. Alternatives to Credit Saint are Disputebee, Lexington Law & Credit Repair Cloud.
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Is 750 a good credit score?
If you’re scratching your head and thinking about whether 750 is a good credit score or not, let me tell you, 750 is an excellent credit score that can unlock tons of opportunities and deliver the best rates on the market.
Several creditors look for multiple factors while dealing with credit card or loan applications. For example, a credit score of 750 means you have a 100% chance of getting a loan or other credit products approved without any trouble.
However, the credit scores of most consumers usually range from 300 to 850, with 850 being the highest credit score. A credit score of 750 usually means that the person can manage their finances for a more extended period.
Average U.S. FICO® Score at 716, Indicating Improvement in Consumer Credit behaviors despite pandemic
This year the average FICO score is 716, which is eight points higher than the previous year. The primary reason behind the rising FICO score is due to the COVID-19 pandemic,
The FICO trended up during the early months of the COVID-19 pandemic. Here’s a look at the average FICO score you can check from 2005 to 2021
So when you’re opting for a loan, the first thing a lender will ask you is your credit score as a part of the approval process. Let me tell you 750 is the best credit score is not bad as you’re thinking; instead, it will approve your loan instantly.
Also, having a credit score between 700 to 750 showcases that you’re performing far better than the average person, and you’re rewarded for your hard work and efforts. Finally, you’ll enjoy the perks of having a good credit score as long as you maintain it.
How good is a 750 credit score?
A credit score of 750 is impressive and better than the US average of 2021. If you have a 750 credit score, it depicts that you’re capable of paying bills on time and a very dependable borrower.
Having this much of a credit score will quickly help you
- Get selected and secure the best mortgage rates.
- Negotiate and secure good loan terms.
- Approved for good offers
However, there might be a chance that some lenders will consider a 750 credit score between “good” to “excellent,” which might affect the rate you’re looking to receive from the lender.
All you can do is keep an eye on increasing your credit score in the months leading up to your mortgage application.
Tip: If you want to maintain a good credit score or looking to amplify your credit score, the best thing you can do is by paying all bills on time and keep your credit balances low.
There is no exact sign of a “healthy credit score,” but maintaining a reputable and high credit score will help you apply for loans and secure mortgage rates.
What are the benefits of having a 750 credit score?
I know you might not realize this, but having a reputable credit score can positively affect countless aspects of your life, which is far beyond getting your personal loan or credit card application approved by lenders.
Here are some significant benefits of having a healthy credit score that will uplift your mood:
1. Instant Credit Approval
No one likes to wait longer to get their credit card application approved because all they want is instant money, right?
Having a 750 credit score can speed up your credit card process, and there are higher chances of getting your approval because the higher the credit score is, the faster banks and lenders will lend you money.
If you have an average to low credit score, your credit card approval might go to different people to get it approved. Unfortunately, it means that you have to wait for a more extended period to get your credit card authorized by banks.
Related: 10 Best Rewards Credit Cards
2. Higher Chances Of Getting Credit Limits
Some of the best banks and lenders will review your credit score and report before sending your credit applications for approval. Of course, this means that amount of money you’re looking to borrow depends on your income.
But the major perk of having a good credit score such as 750 is that it becomes easier for banks and lenders to trust you with a higher credit limit.
A 750 credit score can speak volumes about your capability to pay bills on time. When you’re looking for a permanent credit limit increase, you can use this credit score to your advantage.
Asking for a credit limit is simple and easy to do for most credit card companies but some companies like Wells Fargo only has one way to ask for a credit limit increase.
3. Higher Chances of Getting Your Credit Card Or Loan Approved
A bad credit score showcases that you have a poor payment record. And very few banks and business lenders will take the risk to do business with you if your credit score is meager.
Having a 750 credit score indicates that you are financially stable and diligent in making bill payments on time, lowering your risks as a borrower.
Always remember, a good credit score means it will lower the risk, and lenders will quickly approve your credit applications without any trouble.
Is 750 A Good Credit Score To Buy A House?
750 is a great credit score to buy a house. If you are a first time home buyer and planning on getting an FHA loan a minimum credit score of 580 is needed. Anything higher will get you the better rates.
For a conventional home loan you will need a minimum of 620 to qualify. So if you have a credit score of 750 you will get better loan terms and rates which will save you money.
Is 750 A Good Credit Score To Buy A Car?
While there is no universal minimum credit score to buy a car a 750 credit score puts you in a great spot for getting approved for a car loan. According to The Experian State of Automative Finance Market Report, people who got approved for a new car loan in 2020 had a 718. The people who got approved for a used car had an average credit score of 657.
With a 750 credit score you can get approved for a new car with better rates such as lower monthly payments and lower interest rates.
A 750 credit score is VERY GOOD. However, it can turn into an excellent one in the range of 800 to 850.
A great place to start increasing your credit score is with Credit Repair BluePrint, and if you’re tired of paying thousands of extra dollars on interest rates, then repairing your credit with Credit Repair BluePrint will make your credit back on track.
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- How to find your credit report and your ACTUAL Credit Score
- A breakdown of how your credit score is calculated
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- Credit dispute letter templates and when to send them
- The best credit cards for your credit score
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- How to use credit cards to get free travel, bonuses and rewards
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