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Why 760 is the only credit score that matters—and how to work your way toward it

gdale6
Moderator Emeritus

Why 760 is the only credit score that matters—and how to work your way toward it

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.

 

https://www.cnbc.com/select/how-to-get-a-760-credit-score/

Message 1 of 10
9 REPLIES 9
Girlzilla88
Valued Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

@gdale6      750 is from what I read and spoke with a lot of people/company XD







Message 2 of 10
FICOlearner123
Regular Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

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


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Message 3 of 10
4sallypat
Valued Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

Oh - I am so close!

 

749:

Screenshot 2021-02-23 at 6.38.20 AM.png

Message 4 of 10
mgood
Valued Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

I've heard 780.

 

It may depend on the lender.



Starting Score: EQ8 680, TU8 713, EX8 701
Current Score: EQ8 769, TU8 760, EX8 772 as of Feb 1
Goal Score: EQ8 780, TU8 780, EX8 780

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AZE4 - 7% Utl - New Accts: 1/6, 2/12, 5/24
Message 5 of 10
Gonzozap
Frequent Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

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.

BofA.png

Message 6 of 10
Girlzilla88
Valued Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

@Gonzozap.   Thank you for that I love seeing proof for current issues this helped me a lot actually ^^







Message 7 of 10
NaimeseOGK
Regular Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

I believe the score to begin getting the best rates is 740. Thats atleast what I've been told.






Message 8 of 10
raisemysc0re
Established Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

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% 

| | | | | | | | | | | | | | | | |
Starting Scores (06/2016):

Current Fico8 Scores (Updated 10/24/22):

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Message 9 of 10
babbles
Established Contributor

Re: Why 760 is the only credit score that matters—and how to work your way toward it

They can and will still hold excessive inquiries against you along with those high scores!

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