![]() It could also influence the kind of home or car you’ll be able to buy. It can influence how much interest you’ll have to pay on loans and credit cards, or whether you’ll be able to get them at all. Your credit score is a three-digit number that has a strong influence on your financial life. “Fair” credit score ranges indicate to credit issuers that a credit user may hold high amounts of debt. “Very good” and “good” credit score ranges tell credit issuers that a credit user usually pays back debts dependably. In other words, having a credit score of 800 puts you within the top credit score range and will help you qualify for the best terms, whether it's for a mortgage or a personal loan.“Exceptional” credit scores can mean a person qualifies for most credit card offers, depending on other elements of the application. ![]() Generally, the rule of thumb is you'll need to have a credit score above 760 in order to receive the best terms on loans and/or mortgages. scorable population had a FICO score of 850 - it's typically unnecessary to aim for a credit score above 800. A recent FICO report showed that in April 2019, just 1.6% of the U.S. That said, you don't necessarily need to have a perfect credit score in order to get favorable terms on loans or low APRs on credit cards, as only a very small percentage of people have a perfect credit score. All this information shows lenders that you're likely to make good on your loan.Īccording to a 2021 survey conducted by LendingTree, nearly all people with credit scores of 800 or above made their payments on time and in full - they also tend to have a low average credit utilization ratio of 5.7% and have old active accounts, with the average being at least 27 years. If you have a credit score of 800, it probably means you have a long credit history, have been making payments on time and keep a low credit utilization ratio.
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