750 Credit Score: Is it Good or Bad?
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Your credit score tells a lot about you and is used by everyone from lenders to potential employers. So what does a 750 credit score say to the world?
A FICO score between 740 and 799 is labeled โvery goodโ and is above the average score of 716 (as of August 2022). Lenders consider someone with a 750 credit score a responsible borrower. This is because only 1% of these individuals will become delinquent on their loans in the future.
While credit scores of 800 or above are labeled โexceptional,โ a score of 750 will likely get you some of the best rates available for auto loans and mortgages. Youโll also have access to some of the most attractive credit card products.
A 750 credit score should unlock the best cards available, including those with attractive cash back rewards, free hotel nights, airport lounge access, and low interest rates.
Here are three of our favorite credit cards for anyone with a 750 credit score.
This card's generous benefits and flexible Chase Ultimate Rewards points make it an excellent deal for those who can use them. Users get a Priority Pass Select airport lounge membership (retail value $469), a $300 annual travel credit that applies to travel purchases each year, 50% more value when redeeming their rewards for travel through Chase, a fee credit toward Global Entry or TSA PreCheck membership, and a generous suite of travel insurance benefits.
Introductory Offer:
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The card_name is one of the best premium travel credit cards available. While it comes with a annual_fees, the perks easily make up for it.
Youโll bonus_miles_full. Youโll also be eligible for the following Ultimate Rewards points on purchases:
In addition to points on purchases, cardholders will receive an annual $300 travel credit, up to $100 credit every four years for Global Entry or TSA Precheck, Priority Passโข Select lounge access, and more.
If you donโt mind keeping track of variable cash back rewards, consider the card_name . Youโll bonus_miles_full, and the following cash back rewards on purchases made:
As a card member youโll receive up to a $120 statement credit for an Equinox+ membership. Youโll also get $7 back monthly when you use your card to pay for the Disney Bundle (Disney+, Hulu, and ESPN+). There is a annual_fees annual fee.
If you have a 750 credit score youโll usually be approved for most products. The only question will be the terms you receive.
If you want to take out a car or personal loan, you should have no issues being approved and be able to receive one of the lowest interest rates that each lender offers.
When purchasing a home there are a lot of things that factor into a lender's decision. This includes your credit score, monthly income, debt-to-income ratio, and more. However, if you have a 750 FICO score, you shouldnโt have any issues being approved for a mortgage.
With most lenders you should also qualify for excellent mortgage rates as long as you have a reasonable debt-to-income ratio. However, some lenders require a 760 credit score before offering their best interest rates.
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Landlords donโt typically have a standard credit score they look for when deciding whether to approve a rental application. However, itโs unlikely that a landlord will decline a potential tenant because of a 750 credit score.
Having a 750 credit score will affect some key financial aspects of your life.
Lenders pay close attention to credit scores when deciding which rates to offer borrowers for different products. A 750 credit score should get you a rate thatโs among the best for nearly any loan product. Occasionally, however, some lenders will require a 760 credit score before offering the best mortgage rates.
Earning credit card rewards is important to a lot of people. However, someone with a lower credit score isnโt going to have a lot of opportunities to earn rewards. As your score increases, the cards available will also increase. Generally, someone with a 750 credit score can access the best credit cards with the most attractive perks.
Do you want to increase your credit score to ensure that you get the best rates possible? Here are a few tips to help.
Monitoring your credit score is one of the most important things you can do. It allows you to stay on top of potential problems on your credit report that could cause adverse movements in your FICO score. Services such as Experian keep you in the loop about changes to your credit report. If you spot things that donโt seem right, you can quickly have them corrected.
If youโre not keeping a budget, you should be. Your credit utilization makes up 30% of your FICO score. This is the amount of credit you use compared with your available credit. When you track how much youโre spending each month, youโre more likely to keep your spending in control. Apps such as Simplifi by Quicken will give you visibility into how much you spend each month on different categories, helping you make adjustments if needed.
The most significant piece of your credit score is your payment history, which makes up 35% of your FICO score. Missed payments can stay on your credit report for seven years and significantly impact your score.
The easiest way to ensure that you never miss a payment is to set up automatic payments. Most credit card companies allow you to set up automatic payments for the minimum balance, statement balance, or total balance on your card. You can use Cash App to set up automatic payments on other bills.
When you apply for a new credit card or loan product, a hard inquiry will be done on your credit report. This will reduce your credit score by several points. While this is a short-lived impact, it can affect the interest rate for which youโre eligible. Some lenders may only do a soft pull on your credit to check for eligibility. This wonโt have any impact on your credit score.
If you have a credit card youโve thought about canceling because of the annual fee, avoid it if possible. Fifteen percent of your credit score is the length of your credit, and closing credit cards can negatively impact that number. Instead, call your card issuer and ask if you can downgrade to another card with no annual fee. Most issuers are more than willing to do this. They keep you as a customer, and you no longer need to pay the annual fee on the card.
Historically, not all payments have been considered when establishing your credit score. However, services such as Experian Boost will allow you to improve your credit score with on-time payments for rent, phone bills, and streaming services.
If you have a credit score of 750, youโre doing something right. Youโre proving to lenders that youโre a responsible borrower and will be rewarded with lower interest rates on loan products and access to the best credit cards. That said, โvery goodโ isnโt โexceptional.โ You need a score of 800 or higher for that, and it could get you even better credit cards and the lowest mortgage interest rates.
With a 750 credit score youโll be able to get lower interest rates on auto loans, personal loans, and credit cards. While some mortgage lenders will offer you their lowest interest rates, others will require you to boost your credit score to 760.
While your credit score is part of determining how much money you can borrow, other factors include your income and debt-to-income ratio. Lenders will use all this information to understand how much you can reasonably borrow for specific products.
The kind of mortgage you can get depends on more than just your credit score. Whether itโs a conventional mortgage or a government-insured one matters, as does whether it is a fixed- or variable-interest rate loan. Your annual income, the homeโs location, the size of your down payment, and the term and amount of the loan all factor into what you may be offered.
As of Dec. 18, 2023, FICO reports that with a 750 credit score, the annual percentage rate (APR) on a 30-year fixed-rate conventional mortgage for $300,000 would be 6.416%. The monthly payment would be $1,880. For a 15-year fixed-rate version, those numbers would be 5.747% and $2,491.
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