People with credit scores between 300 and 850 have good credit. Scores between 670 and 739 are bad. Credit scores of 740 and above are very good while 800 and higher are excellent.
Credit scores between 300 and 850 are good, with a score in the mid to high 600s or higher being the best. A score in the high 700s or 800s is considered excellent. About a third of consumers have FICO® ScoresÎ that fall between 600 and 750âand an additional 48% have a higher score. In 2023, the average FICO® Score in the U. S. was 715.
Lenders use their own criteria for deciding whom to lend to and at what rates. But a higher credit score can generally help you qualify for a credit card or loan with a lower interest rate and better terms. The most common credit scores are the FICO® Score and the VantageScore® Credit Score. Their ranges are a little different, but their scoring factors are the same.
In terms of money, your credit score is one of the most important numbers. Getting credit cards, loans, mortgages, rental apartments, and other things can depend on it. What does a 761 credit score mean? Is it good or bad? Read on to find out.
What is a Good Credit Score?
Experts consider credit scores of 670 and above to be good to excellent. Specifically:
- 800-850 is exceptional
- 740-799 is very good
- 670-739 is good
So with a score of 761 you’re in the very good range. Congratulations! You’ve worked hard to achieve strong credit health.
Just because your score is good doesn’t mean you’ll get approved for everything though. Lenders look at additional factors like your debt-to-income ratio. But a higher score gives you better odds of getting favorable rates.
How a 761 Credit Score Compares
To better understand the value of a 761 credit score, let’s see how it stacks up against the general population:
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It’s higher than 65% of people. Only about 35% of Americans have credit scores of 761 or above.
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It’s 41 points higher than the average score of 720.
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It’s a good enough credit score to get great rates on most loans. A lot of lenders say that their best rates are for people whose credit scores are in the mid-700s.
So while there’s still room for improvement, a credit score of 761 means your credit is well above average and you have access to prime lending opportunities.
Benefits of a 761 Credit Score
A 761 credit score qualifies you for the best deals from lenders, including:
- Low interest rates on credit cards, saving you money
- High credit limits to keep utilization low
- 0% intro APR offers lasting up to 21 months
- Low auto loan rates, such as 3% APR or less
- Low mortgage rates, potentially saving tens of thousands in interest
- Lower insurance premiums
- Better terms on apartment leases with no security deposit
Lenders think that people with credit scores of 761 are very low risk. You’ll have more freedom and pay less interest over the life of the loan.
How to Raise Your 761 Credit Score
Here are tips to improve your credit score even more:
- Lower credit utilization below 10%
- Pay bills early to avoid high statement balances
- Become an authorized user on a spouse or partner’s old account
- Limit new credit applications to 6 or fewer hard inquiries per year
- Maintain a long credit history by keeping old accounts open
These small changes could help you get into the 800 club. When you get to that top level, you’ll be able to get the best loan deals.
Is 761 a Good Credit Score for a Mortgage?
Most lenders advertise their lowest mortgage rates for borrowers with a 760+ credit score. So at 761, you could be eligible for prime mortgage rates such as:
- Conventional 30-year fixed rates at 5% APR
- 15-year mortgage rates at 4.5% APR
- Jumbo loan rates at 4.75% APR
Exact rates will vary based on economic conditions. But with a very good 761 score, you should qualify for the best mortgage rates available.
Be sure to also have a low debt-to-income ratio, steady income history, and substantial down payment funds saved. Lenders look at these additional factors when approving a mortgage. But your high credit score gives you a competitive edge.
Is 761 a Good Credit Score for an Auto Loan?
A 761 FICO score also puts you in a great position for low auto loan rates. Here are example rates you may qualify for:
- 36-month new auto loans under 4% APR
- 60-month used car loans under 5% APR
- 72-month loans under 6% APR
As always, shop around among lenders for your best offer. But with very good credit, you should see interest rates advertised at 4-6% APR at most lenders.
This saves you thousands of dollars in auto loan interest compared to borrowers with fair credit scores in the 600s. Your excellent score gives you exceptional auto financing terms.
How to Monitor Your Credit Score
Checking your credit scores from all three bureaus at least once per year is recommended. Many credit cards and personal finance sites like Credit Karma offer free credit scores and reports. Monitoring your credit helps you catch any suspicious activity and errors early.
With a very good 761 score, keep up the great work managing your credit! Your high score saves you money through better loan rates and financial flexibility. Continue building positive credit habits to maintain your score and unlock your full lending potential.
What Is a Good Credit Score to Buy a Car?
While there isnt a set minimum credit score to buy a car, a VantageScore credit score of 661 or higher could be a good score. Youll generally qualify for better auto loan terms as your score increases.
Auto lenders view low credit scores as a sign of risk, so an applicant with poor or fair credit will pay more in interest and might receive a lower loan limit. If you dont have a good score, try to improve your credit before you buy a car.
Learn more: Average Car Loan Interest Rates by Credit Score
What Is a Good VantageScore Credit Score?
The latest VantageScore 3.0 and 4.0 credit scores use a range of 300 to 850âthe same as the base FICO® Scoresâand a good score is 661 to 780.
VantageScore doesnt have industry-specific credit scores, but it has released updated models over the years. The first two VantageScore credit scores had a 501 to 990 range, but lenders dont commonly use those scores.
Is 761 A Good Credit Score? – CreditGuide360.com
FAQ
How rare is a 761 credit score?
Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 761 FICO® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. 25% of all consumers have FICO® Scores in the Very Good range.
Is 761 a good credit score to buy a car?
Experian says that if your credit score is at least 661, you should be able to get a loan for a new car with an APR of about 6. 70% or better, or a used-car loan around 9. 06% or lower. Superprime: 781-850.
Can I get a loan with a 761 credit score?
A credit score of 761 is considered excellent and is indicative of a responsible borrower who manages credit and debt well. If you have a credit score of 761 or higher, you are likely to have access to a wide range of financial products and services, including personal loans with favorable terms and conditions.
How hard is it to get a 900 credit score?
It is not possible to get a 900 credit score with the most common credit scoring models used in the United States, like FICO and VantageScore, as they have a maximum score of 850. A score of 900 is possible with some FICO models, like the FICO Auto Score or the FICO Bankcard Score, but it’s not common and not what most people get.