What is an Excellent Credit Score?

For those obsessed with their credit score, I’ll attempt to answer the age old question, “what is an excellent credit score?”

Before I begin, let’s remember that the word excellent is subjective, and not any specific measure of credit worthiness.

In fact, all of credit scoring is subjective; they don’t just look at the three-digit number and say okay, you’re good.

However, there are certain thresholds that are objective, meaning lenders will reward/partially approve you for being at or over a certain number, and vice versa.

All that said, an excellent credit score is generally one that will allow you to qualify for most any loan or credit card with the lowest interest rate.

If I’m forced to throw out a number, which I believe I am, I would say 760 is an “excellent credit score.”

Why 760?  Well, from my experience in the credit industry, I’ve seen pricing adjustments and credit score requirements across the board.

But I’ve never seen any lender ask for more than a 760 credit score, and I’ve never seen anything extra offered to those with credit scores beyond 760.

In fact, most consumers who have 720 credit scores are usually golden, meaning credit score alone won’t hold them back from credit approval, and it usually won’t lead to a higher rate.

But it’s hard to call a 720 credit score excellent, especially since the average credit score hovers around that number.

So there you have it, are you excellent?

Remember, even if you are excellent, you may not get approved for a loan, while your average friend just might, because credit scoring is just one piece of the pie.

Related Topics:

1. Credit Score Needed for a Mortgage
2. What Is a Bad Credit Score?
3. What is a Credit Score?
4. What is the Average Credit Score?
5. What is a Good Credit Score?