The best credit score possible may be a perfect 850, but experts suggest that a 760 score will get you all the same benefits.
Generally, having a good credit score pays off because it shows to lenders and credit card issuers that you are more likely to pay your loan back, and thus less risky to lend money to. At 760, consumers will likely qualify for the same top credit cards, loans and interest rates than they would with any score higher.
@gdale6 750 is from what I read and spoke with a lot of people/company XD
Given how finicky the score calculations and lenders are its always better to be well above 760, the primary benefit of maintaining a healthy score is most likely experienced when getting a mortgage or auto loan. Its easy to get lured by rewards / sign up bonus and open a revolving credit to take a hit and lose out on the high ticket items such as mortgage refinance
I've heard 780.
It may depend on the lender.
As a former mortgage broker, I can attest that the highest score needed to get the best rate can be as low as 740. It differs depending on the bank, the type of mortgage, down payment, etc. Attached is part of an older rate sheet from Bank of America.
@Gonzozap. Thank you for that I love seeing proof for current issues this helped me a lot actually ^^
I believe the score to begin getting the best rates is 740. Thats atleast what I've been told.
I just got an auto loan from PenFed and I needed 800 to get the best rate of 2.59%
They pulled Equifax and I have an 807 which the rep confirmed.
She said under 800 and I would have went up to 3.19%
They can and will still hold excessive inquiries against you along with those high scores!