Is 750 a good credit score? Yes, it is an excellent credit score. You are among the best borrowers in the country.
The national average credit score is about 710. A total of 25% of the adult population in the USA has a credit score over 750.
A 750 credit score or any score above it is considered very good and excellent.
People with an excellent credit score like 750 are statistically less likely to falter.
How good is a 750 credit score?
A 750 credit score is an excellent credit score.
You’ll be getting the best rates for all types of loans including mortgage loans.
Once you have a credit score of 750, there is little point in improving it further. You should focus more on maintaining your credit score.
The interest rates on loans will be similar for a credit score of 750 and 800.
What are the advantages of a 750 credit score?
The top-of-the-list advantage of a 750 credit score is cheaper loans with longer credit terms.
An excellent credit score like 750 comes with these advantages:
- Cheaper credit cards and loans
- Easy approval for higher credit limits
- Easy renting of houses and apartments
- Better insurance rates
- No-Security deposit cell phone deals
Generally, you will be received as a valued customer at most places as an excellent credit score shows you are responsible with money and you have good purchasing power.
How to get a 750 credit score?
The journey to an excellent credit score like 750 takes planning and time.
These are the basic principles you will use when building credit, you’ll benefit from them no matter your credit score.
Pay bills on time
Paying bills on time is the basis of credit score.
If you are timely with your credit card bill payment, loan repayment, etc. your credit score will grow with time.
Missing a single payment can damage your credit score by up to 100 points.
Pro Tip: We recommend setting autopay for your credit card loans. That way, you won’t miss any payment.
Keep Credit Utilization Ratio Low
The credit utilization ratio is the amount of credit you use versus the total available credit limit.
For example, if your available credit limit is $15,000 and you spend $4500, your credit utilization ratio is 30%.
The ideal credit utilization ratio is 10%. However, this is hardly practical. You can achieve an excellent credit score with a credit utilization of around 30%.
Regularly Monitor Credit Report
Identity theft and credit fraud are increasing. If you are not paying attention, you can be a victim of these two.
Make a habit of checking your credit report regularly. See when you can spare a few hours and how badly you want to raise your credit score.
When there is an accuracy on your credit report, a credit reporting agency will typically take about 30 days to investigate and make corrections.
Consider a monthly credit report checking for spotting any identity theft, missing data, or inaccuracies.
Keep Old Credit Accounts Open
Keeping your old credit card accounts and other debt accounts open helps build your credit score in many ways.
Your credit card age establishes your credit history. As we know it, a longer credit history improves your credit score.
When you have a high credit limit, thanks to many credit card accounts, you can spend the same amount of money without raising the credit utilization ratio. The number of credit cards you have and the credit limit on each card makes your credit limit.
Did you know: If you are a small business owner or self-employed, you can buy products or services on net 90 credit terms where you can get the product or service today and make payment in 90 days.
Check our list of net 90 vendors for more details.
Make a Credit Mix
If you are only using credit cards, consider adding auto loans or mortgages to your credit mix.
When you have a credit mix and you are paying bills on time, it shows that you can credit well all around.
Prioritize low-interest rate loans that can you pay easily, and on time. Set up automatic payments for these small loans.
Pro Tip: If you want to build a credit score quickly, check out this guide on how to build a credit score in 30 days proven by credit experts.
Is 750 a Good Credit Score? How you can Achieve it?
Mortgage Loan for an Excellent Credit Score
Is a 750 credit score good? It is good enough to get you a low APR on a mortgage loan.
An excellent credit score helps you get the best rates on a mortgage.
For example, your mortgage rate is expected to be around 2.52% with a credit score of 750 or above. Whereas, your expected mortgage rate is 4.11% for a credit score of 620-640.
When you already have a good credit score, don’t wait for an excellent score to get a mortgage. The interest rates can change in the meantime.
The difference in the interest rate for a 750 credit score mortgage loan and a 780 credit score mortgage loan is not much. It does not worth much effort.
This is the interest rate you can expect for different credit scores.
You might be wondering ‘is a credit score of 750 good’ to buy a house. Check our FAQs to know more.
When you have a credit score of 750, you are in the excellent credit score tier.
You will get one of the best mortgage rates and you can buy your dream house at a low interest rate.
You can get cheap auto loans with excellent credit like 750.
Most auto finances offer a bigger credit limit with longer credit term for excellent credit scores. You can buy the car of your dreams with a 750 credit score.