What does it mean if you have a credit score of 740?

Is a 740 credit score good to buy a house?

For most loan types, the credit score needed to buy a house is at least 620. But higher is better, and borrowers with scores of 740 or more will get the lowest interest rates. … Borrowers who qualify with lower scores may be quoted higher rates and required to make a larger down payment.

What percent of people have a credit score above 740?

Here’s the distribution of FICO credit scores

Credit score Percentage of American’s
800-850 20%
740-799 25%
670-739 21%
580-669 18%

Is 740 a good credit score to buy a car?

But, when you’re getting a loan for a car, the types of offers you get from lenders will depend on your credit score. … Credit scores range from 300 to 850, and, while you may see different scales used to describe credit scores, generally the scores are ranked as follows: 800 to 850 = exceptional. 740 to 799 = very good.

What percentage of the population has a credit score over 750?

Here’s the distribution of FICO credit scores

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FICO score range % of U.S. consumers % with lower scores
800-850 20.7% 79.3%
750-799 19% 60.3%
700-749 17.1% 43.2%
650-699 13.2% 30%

Is 740 Equifax credit score good?

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Is a 740 credit score good for a 21 year old?

In fact, according to Credit Karma, the average credit score for 18-24 year-olds is 630 and the average credit score for 25-30 year-olds is 628. … A “good” credit score based on FICO’s criteria is 670-739, a “very good” score is 740-799 and an “exceptional” score is 800-850.

What can a credit score of 800 get me?

An 800-plus credit score shows lenders you are an exceptional borrower. You may qualify for better mortgage and auto loan terms with a high credit score. You may also qualify for credit cards with better rewards and perks, such as access to airport lounges and free hotel breakfasts.

Is 735 a Good credit score?

A FICO® Score of 735 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO® Score, XXX, falls within the Good range. … 21% of U.S. consumers’ FICO® Scores are in the Good range.

Is 720 a Good FICO score?

A 720 FICO®Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.

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How long does it take to get a 740 credit score?

It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. 1 FICO credit scores range from 300 to 850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent.

Is 740 a good credit score Canada?

A credit score is a number, generally between 300 and 900, that helps determine your creditworthiness. … Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.

What APR will I get with a 720 credit score?

How your credit score affects the cost of a car loan

FICO® Score Range 60-Month New Auto Loan APR 48-Month Used Auto Loan APR
720-850 4.52% 5.34%
690-719 5.86% 7.02%
660-689 8.13% 8.78%
620-659 11.22% 10.93%