Experts say that a 760 FICO score will get you all the same benefits as an 850 score.Experts say that a 760 FICO score will get you all the same benefits as an 850 score.
FICO is the scoring model most lenders use to check an applicant’s creditworthiness. A perfect FICO credit score is 850, but experts tell CNBC Select you don’t need to hit that target to qualify for the best credit cards, loans or interest rates.
“If you’re at 760, or 780, you’re already getting the best you can get,” Jim Droske, president of the credit counseling company Illinois Credit Services, said. “You’re already hitting that pinnacle of what lenders care about. Anything above that is just pride.”
In fact, according to a May 2024 study from Experian, only about 1.54% of the scoreable U.S. population had the maximum 850 score.
Here’s why a 760 credit score is the one to aim for, what it can get you and how to check your FICO score.
What’s the best credit score to have?
It might be exciting to aim for 850, the highest possible FICO score, but it really comes with no additional benefits. According to credit expert John Ulzheimer, a 760 will typically get you the best mortgage rate and a 720 score is all you need for the best interest rate for an auto loan.
“I always tell people, shoot for 760 or better,” Ulzheimer told CNBC Select. “That way, they’re safe for all loan types and cards.”
Even FICO says not to stress about perfection
“From the standpoint of qualifying for credit, it doesn’t matter whether you have a perfect 850 or a score just below that,” said Ethan Dornhelm, VP of FICO Scores and predictive analytics. “To lenders, a consumer with a score in the 800s is a sparkling applicant.”
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
What a good credit score can get you
FICO scores are grouped into broad categories.
If you haven’t yet reached a 760 credit score, you’re not alone. The national average FICO Score is 717, as of the most recent October 2023 data.
The good news is that anything upwards of 670 is considered a good credit score and will enable you to get a conventional mortgage and qualify for top-notch credit cards. Here are some of the best credit cards that have “good” credit score requirements:
Best for cash back and 0% APR
On Wells Fargo’s secure site
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Unlimited 2% cash rewards on purchases
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Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
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0% intro APR for 12 months from account opening on purchases and qualifying balance transfers.
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19.24%, 24.24%, or 29.24% Variable APR
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Intro balance transfer fee of 3% for 120 days from account opening, then up to 5%, min: $5
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Excellent/Good
See rates and fees, terms apply.
Best for travel rewards
Best for long 0% APR intro period
Compare credit repair options
How to check your credit score for free
Despite the common misconception, checking your credit report won’t hurt your credit score. Many banks and credit card issuers will provide customers with their current FICO score for free.
Experian CreditWorks is a paid credit-monitoring service that includes your FICO® score, as well as identity protection and credit reports from Experian, Equifax and TransUnion.
If you’re looking to raise your score, an easy way to do it quickly is with *Experian Boost®. This free service links monthly bills for things like cell phone, gas and streaming services to your Experian credit report and gives you credit for on-time payments.
According to Experian, members whose scores improved saw an average increase of 13 points.
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13 points, though results vary
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Experian®
Results will vary. See website for details.
FAQs
Is it possible to have an 850 credit score?
It is possible to have a perfect 850 credit score, but it’s not necessary to get the best loan terms and rates. In most cases, a 760 will get you the same benefits.
What’s considered a good FICO Score?
A good FICO Score falls within the range of 670 to 739.
Is a 600 a good credit score?
600 is considered a “fair” credit score on the FICO Score model. You can qualify for a variety of financial products, but you likely won’t get the best interest rates, rewards or terms.
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Meet our experts
At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed financial expert John Ulzheimer, formerly of FICO and Equifax, Jim Droske, president of the credit counseling company Illinois Credit Services, and Ethan Dornhelm, VP of FICO Scores and predictive analytics.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit monitoring and credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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