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Magik Number - 720

Regular Contributor

Magik Number - 720

Back when I was young I remember always hearing that a 720 score was that magik number where you could almost guarantee any loan or CC or the best rate.


I know that there are way more factors that go into a banks decision, but is 720 still concidered that magik number. Or has it changed?
Fico Scores: TU 700 (10/12/2016) EQ 729 (10/01/2016) EX 713 (10/01/16)

AMEX BCP $25,000 (opened 09/2012) - Citi TYP $12,000 (opened 12/2012) Chase Sapphire Preffered $6000 (opened 09/2012)
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9 REPLIES
Frequent Contributor

Re: Magik Number - 720

Many lenders consider 720 to be in the "good" category but that doesn't necessarily mean that someone with that score will qualify for the best rates. The best rates are reserved for people with excellent credit, scores of 760+.

Meg.

FICO: 4/2016 - TU 841 | EQ 840 | EX 837

FNBO 23,600 | Amex SPG 13,900 | Amex BCP 13,400 | Barclays/Sallie Mae13,000 | Discover IT 12,500 | Lowes 10,000 | PLOC 9,300 | NASA FCU 8,700 | Citi Simplicity 6,200 | BOA Platinum+ 6,000 | Achieva CU 5,500 | Chase CSP 5,000 | Sam's Club 3,000 | Sears 900
Message 2 of 10
Regular Contributor

Re: Magik Number - 720

So 760 can be considered that "magik number" target/goal score..... I was asking cause that's the score that I'm going to set as my personal target.

Fico Scores: TU 700 (10/12/2016) EQ 729 (10/01/2016) EX 713 (10/01/16)

AMEX BCP $25,000 (opened 09/2012) - Citi TYP $12,000 (opened 12/2012) Chase Sapphire Preffered $6000 (opened 09/2012)
Message 3 of 10
Super Contributor

Re: Magik Number - 720

 

Yep, I believe that a FICO score of 760 is considered to be a "FICO high achiever" score and you should qualify for the best rates from any lender....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 10
Moderator Emeritus

Re: Magik Number - 720


pizzadude wrote:

 

Yep, I believe that a FICO score of 760 is considered to be a "FICO high achiever" score and you should qualify for the best rates from any lender....


 

Now that I've achieved my FICO fitness goal for this year, I know where to set my sights for next year! Smiley Happy

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
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Message 5 of 10
Established Contributor

Re: Magik Number - 720

760 is now the new 720! 

Message 6 of 10
Frequent Contributor

Re: Magik Number - 720

720 is all you need but if any better thats good as well


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Message 7 of 10
Valued Contributor

Re: Magik Number - 720

"magik"...I see what you did there..

ccpics2.jpg
Message 8 of 10
New Member

Re: Magik Number - 720

The new standard is a FICO score of 780 for the best loan rates

 

http://www.cbsnews.com/8301-505145_162-37143851/want-a-mortgage-is-your-fico-credit-score-780/

Message 9 of 10
Highlighted
Established Contributor

Re: Magik Number - 720


Dingler wrote:

The new standard is a FICO score of 780 for the best loan rates

 

http://www.cbsnews.com/8301-505145_162-37143851/want-a-mortgage-is-your-fico-credit-score-780/


That article is from 2011 which is light years in the credit world.  I've seen anywhere from 720-740 as the sweet spot for mortgages. I had a 660 when I was pre-approved for my FHA and a 721 when approved using a lender with their own overlays. 

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

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