what can a 750 credit score get me?

Question

it was a pretty general question. i knew i had a 750 score for the past 2 months but i never fully understood what the big deal was. thank you all for your advice. i have more knowledge on what it means to have a 750 credit score. there are a few exceptional answers here that deserve best answer, i will sleep on it and pick one within the next few days. thanks again all!

Answer 1

Anything you want!

Answer 2

It depends on what you're trying to do. 750 can get you a pretty good rate on a mortgage, car loan, credit cards, but I would take a second and think: would I let a number dictate whether or not I'm going to let myself live beyond my means? I'd hope not. I'm not hating, but I'm "keeping it real". If you're gainfully employed, and you're able to afford whatever you're wanting to get with that score, than by all means, knock yourself out. But to be honest, credit should be used more as a tool to help you get the necessities for survival, i.e. shelter(house), transportation(car). Now when I say this, I'm not talking about getting a $1.5 million mansion and a Maybach Mercedes on a $30,000/ year salary, but something that is well within the means. That's the problem with a lot of people that go into debt. They feel that a number can get them whatever they want and they fail to fulfil needs FIRST. It's easy to confuse the 2. Really, would you rather pay 8.9% interest on a HD TV you got on credit instead of taking the extra time to save the money and buy it outright? Chances are, you're going spend hundreds (even thousands depending how long you pay) just becuase you wanted to watch it NOW. Patience is a virtue, that could save that amount of money and use it for something else. So use your credit wisely

Answer 3

I assume you mean in terms of low interest rates. 750 FICO is clearly above average (673 - 720), and only 13% of the population has a score in the 800s. From everything I've read, you're about 10 FICO points short of getting the very best rates.

I suggest going to myFICO.com and reading the articles, expecially "What's In Your Score." Click the Get a Loan tab, and you'll also be able to plug in your credit score, and see sample rates you can get.

Looking to increase your score? My gut says you have excellent payment history, which is 35% of your FICO score. Make sure no revolving credit balance is more than 30% of your credit limit (30% of your high balance on a Capital One card). Look at improving your credit mix with a necessary purchase: the good types of credit are mortgage, secured (auto) loan, major credit card and department store card. Bad types are payday loans, overdraft loans and unsecured personal finance lines that are used for cash advances. Ideally you should have one open account of each of the good types. Of couse, applying for a new account will temporarily hurt your score for a few points because of the hard inquiry, but you'll get them back within a year.15% of your score is length of credit history, so keep those old cards open by making a small, necessary purchase every few months and paying it off in full.

Answer 4

Your Credit Score is only part of the equation. Though it is a good start, you will have to meet other criteria that the lender has in place.

Your income to debt ratio will be a factor. The question here is 'can you handle more debt?'

Your income will be a factor and the time you have been at your current job. If it has been less than 2 years of employment, the lender will request up to 5 years employment history.

The time at your current residence and whether you are buying or renting will be factored in as well.

Many people have excellent Credit Scores. It is not rare. It is however important to manage the credit you currently have and monitor your spending habits to maintain the excellent Credit Score that has been achieved.

Answer 5

or a credit score in the range of 585-599, you may have to make a down payment of nearly 5% to be approved for a home mortgage loan. Even in this case, your approval will come from a subprime mortgage lender. You have to approach a lender who deals exclusively in loans for people with not so perfect credit or in situations that cause difficulties in getting a mortgage.

If your credit score lies between 600 – 620, you might be easily approved for 100% financing. Even in this case, you have to approach a subprime lender.

For a credit score of at least 620, you can easily avail of 100% financing, along with a reduced rate of only 1 - 2 percentage points more than the prime rate.

If you have undergone bankruptcy or foreclosure recently, these estimates will still hold true within 2 years after bankruptcy, repossession or foreclosure. After that, getting approval for a mortgage loan becomes simpler as many lenders will consider financing you after 2 years, while before 2 years from the bankruptcy discharge or a foreclosure hardly any lender will give you a second glance. After a 3 year time frame of bankruptcy or foreclosure, it becomes simpler to get an approval. The number of lenders willing to look at your application will increase after 3 years.

Answer 6

Pretty much anything you want. However, going out and applying for a bunch of credit cards is going to lower your score so be careful.

You should be able to get good interest rates on any mortgage loan or auto loan though.

Answer 7

With a 750 credit rating and a couple bucks it will buy you a cup of coffee in most diners....other than that, it depends on what you want to buy, or should I say, let the bank buy and you make the payments. The rating on its own doesn't guarantee you anything without the ability to pay for something new.....your current debts and residual income has a lot to do with what you can "do" with it.

Answer 8

Actually you could finance 100% on a home loan without even verifying income or employment. Having a high income will get you a lower rate, but even with the changing real estate market that kind of credit is more than sufficient.

Answer 9

That is a pretty exceptional credit score. What can it get you, usually a loan and or credit card at a lower interest rate. Congrats and Good Luck!

Answer 10

Credit

Answer 11

A lot of trouble if you aren't smart.

It all depends on your debt to income ratio. If you have no proof of income but have a 750 credit rating you wont get a loan on a $300,000 house I can assure you of that.