750 credit score: is it good?
A 750 credit score can help you get some excellent financial deals! Understand how below! We'll explain everything you need to know!
Understand what a 750 credit score means to your financial life!
Have you ever wondered if having a 750 credit score is good? Well, then, wonder no longer! We are here to answer all your questions!
So keep reading our full article and discover what this number means and how it can influence your finances! Are you ready? Then let’s go!
Is a 750 credit score a good thing?
Since we are not here to make any mystery, you must know that having a 750 credit score is a good thing!
It shows that you have an excellent level of and are trustworthy regarding your finances!
This means lenders and creditors will highly consider you when you apply for a credit card, loan, or other financial product.
For example, with this very good credit score, you are more likely to qualify for lower interest rates and better product offers in general.
Statistically, only 1% of consumers have a Very Good credit score. So 750 is a great number to reach, after all!
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What are the credit score ranges?
The U.S. has 3 major credit bureaus: Equifax, TransUnion, and Experian. Each will define its criteria when rating your creditworthiness.
However, there is a general scoring model on which your credit score will be based! Check it out below!
- Very poor: 300 – 579;
- Fair: 580 – 669;
- Good: 670 – 739;
- Very Good: 740 – 799;
- Excellent: 800 – 850.
What defines my credit score?
Credit bureaus calculate a credit score based on the reports sent by creditors, lenders, and other financial institutions.
They consider 5 key factors that will highly affect your credit score:
- Payment history: This is the most important factor! They’ll analyze how likely you are to pay back your debts;
- Credit mix: The types of credit accounts and how many you have;
- Credit utilization: This shows creditors how much credit you’re using;
- Credit history length: It includes the age of your accounts. The longer your credit history, the better;
- New credit: The number of accounts you’re opened recently also counts. Too many inquiries can lower your credit.
Pros of having a 750 credit score
As said, a 750 credit score means you have a very good credit rating. And this can outcome in some excellent benefits when it comes to credit!
Further, check some advantages of having this credit score!
1. Qualify for better credit cards
Companies will consider you a responsible credit user so that you might qualify for some great credit cards!
For example, you can get a card that offers reward programs, such as cashback, points, or miles for every purchase you make!
You might also qualify for options with a generous welcome bonus and exclusive perks.
2. Get lower rates
Who doesn’t want to pay less interest these days, huh? And that’s what a 750 can get you!
With this credit rating, you’ll qualify for lower rates on credit cards, personal loans, mortgages, and other products!
This can be a lifesaver for those who want to save their hard-earned money!
3. Enjoy more negotiation power
Getting the best deal possible is a must if you want to save! Thus, you can negotiate better terms and rates with this credit score!
In addition, your credit can impact other areas of your life! For example, landlords might want to check it before closing a deal with you!
So, yes! Your credit score is that important in your financial life!
4. Ensure financial stability
Your credit score is a three-digit number that can highly affect your finances! Ans a 750 score shows creditors you are responsible with credit!
This will give you some peace of mind and financial security! You’ll have plenty of options if you need extra cash or make a big financial move!
How to reach a 750 credit score?
There is no specific way to get a 750 credit score. Still, some key factors can help you build a healthier rating.
To help you with that, we’ve gathered some great tips to lead you to a healthier financial life and higher credit score! So keep reading and learning!
1. Stay on top of your payments
This might seem obvious, but paying your bills on time is one of the most important things you can do to raise your credit!
Companies always report your activity to credit bureaus. This means that one single late payment can hurt your report.
2. Keep your credit utilization rate low
Credit unions will calculate your credit utilization by dividing the amount of credit you use by the credit available to you!
And creditors like to see a lower credit utilization rate. This means that you should try to keep it under 30%.
3. Monitor your credit reports
If you want to reach a 750 credit score, you won’t want errors, misreports, or fraud! So keep track of your credit reports.
Several free credit monitoring services can help you with that! Check it regularly, and if you note any errors, dispute them!
4. Pay-off your credit cards
If you carry any balance on your credit card, you’ll pay high-interest rates, leading to more debt!
So always try to pay your balances in full each month! This way, you can avoid paying more than you could and should!
5. Don’t close your old accounts
As said, your credit history length is essential to your credit score! So avoid closing these accounts if you want to build credit!
This will show lenders that you have a long credit story and are a responsible customer!
Also, keep an eye on our website to learn more about finances! Next, understand how many mortgages you can have!
We’ll answer everything your need!
About the author / Luis Felipe Xavier
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