In this article, we’re going to be answering “Is 750 a good credit score?”
In short, the answer is yes. But, we’re going to detail just how good 750 is, why it’s important to maintain good credit and answer common questions we receive on the topic.
This article is part of our free series on credit cards in the US, including how to get a US credit card with an ITIN number, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Is 750 a Good Credit Score?
- What Is Considered a Bad Credit Score?
- Why Does a Good Credit Score Matter?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Is 750 a Good Credit Score?
Yes, 750 is a good credit score. In fact, 750 is in the middle of the range for good credit scores, according to the FICO system. Using this method for calculating credit scores, “good” credit scores are those between 670 and 739.
Before diving in any further, if this is your first time visiting GlobalBanks, don’t forget to download your FREE US Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
What Is Considered a Bad Credit Score?
Bad credit scores are those that fall into the “very poor” category, which includes credit scores between 300 and 579. That said, certain lenders may consider “fair” credit scores, which are between 580 and 669 as less desirable as well.
What Is Considered a Good Credit Score?
A “good” credit score is a score between 670 and 739 on the FICO scale. That said, any credit score above 670 is considered good, but those from 740 to 850 are considered either very good or exceptional.
As we’ll discuss below, it’s critical to maintain a good credit score so you can access financing for many major purchases.
Alternatively, if you’re looking to access specific cards, including a guaranteed credit card with no deposit, you can access our free guide linked here to learn how to get started.
Why Does a Good Credit Score Matter?
A good credit score matters for a number of reasons, not the least of which is the ability to access credit in the future. This includes the ability to access mortgages, personal loans, car loans, and other important financing requirements.
Without a good credit score, it is unlikely that an individual will receive approval for these types of credit products. Alternatively, individuals who receive approval will likely have high rates, high down payment requirements, and generally unfavorable terms.
On the other hand, if a person has a good credit score, they can generally get financing. Additionally, depending on the credit score, they will have very favorable credit terms.
Are Credit Scores Needed for Personal Loans?
Yes, credit scores are needed for personal loans and lines of credit. In fact, very few financial institutions will entertain personal loans without being confident in a person’s ability to repay the loan. That said, personal loans related to education are one example where it may be possible for an individual to obtain financing with a low, weak, or non-existent credit score.
Is a Credit Score Needed for a Home Loan?
Yes, a credit score is needed for a home loan. In fact, a credit score is one of the most important considerations when assessing a borrower’s potential for a mortgage (along with income and asset assessment).
Is a Credit Score Needed for a Credit Card?
Yes, a credit score is needed for an unsecured credit card. This is because card issuers rely on credit scores in order to determine the creditworthiness of an applicant. However, a credit score is not required for a secured credit card. This is because card issuers then base creditworthiness on the security deposit to offset their risk.
Are Credit Scores Needed for Car Loans?
Yes, credit scores are needed for car loans and other credit products. While there are certain secure credit options available for certain types of credit, it is highly unlikely that a car loan will be available this way. The one exception where this might be possible is through a guarantor, which is another person (with a credit score) who is willing to guarantee the car loan for you.
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into if 750 is a good credit score. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Can a 750 Credit Score Get You?
A 750 credit score is a “very good” credit score. As a result of having such a high credit score, individuals will be able to access credit products from any borrower with very attractive terms compared to others.
How to Improve Credit Score From 750 to 800?
To improve a credit score from 750 to 800, an individual can consider using several strategies, which include maintaining a credit utilization score below 30%, maintaining a diverse credit mix, and always making payments on time.
How Good Is 800 Credit Score?
800 is an “exceptional” credit score. In fact, any credit score between 800 and 850 (which is the maximum score possible) is exceptional. However, even credit scores below this level, between 670 and 799 are still good or very good.
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