General Credit Topics

[irving_magik]

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?

[SpiceIslander]

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+.

[irving_magik]

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.

[pizzadude]

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....

[tinuviel]

---

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!

[namvet]

760 is now the new 720! 

[astritaho1979]

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

[beb86]

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

[Dingler]

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/

[thankfulheart]

---

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.