subject: What can a 750 credit score get me? [print this page] With a 750 credit rating and a couple bucks it will buy you a cup of coffee in most diners....other than that, it depends on what you want to buy, or should I say, let the bank buy and you make the payments. The rating on its own doesn't guarantee you anything without the ability to pay for something new.....your current debts and residual income has a lot to do with what you can "do" with it.
assume you mean in terms of low interest rates. 750 FICO is clearly above average (673 - 720), and only 13% of the population has a score in the 800s. From everything I've read, you're about 10 FICO points short of getting the very best rates.
I suggest going to myFICO.com and reading the articles, expecially "What's In Your Score." Click the Get a Loan tab, and you'll also be able to plug in your credit score, and see sample rates you can get.
Looking to increase your score? My gut says you have excellent payment history, which is 35% of your FICO score. Make sure no revolving credit balance is more than 30% of your credit limit (30% of your high balance on a Capital One card). Look at improving your credit mix with a necessary purchase: the good types of credit are mortgage, secured (auto) loan, major credit card and department store card. Bad types are payday loans, overdraft loans and unsecured personal finance lines that are used for cash advances. Ideally you should have one open account of each of the good types. Of couse, applying for a new account will temporarily hurt your score for a few points because of the hard inquiry, but you'll get them back within a year.15% of your score is length of credit history, so keep those old cards open by making a small, necessary purchase every few months and paying it off in full.
Your Credit Score is only part of the equation. Though it is a good start, you will have to meet other criteria that the lender has in place.
Your income will be a factor and the time you have been at your current job. If it has been less than 2 years of employment, the lender will request up to 5 years employment history.
The time at your current residence and whether you are buying or renting will be factored in as well.
Many people have excellent Credit Scores. It is not rare. It is however important to manage the credit you currently have and monitor your spending habits to maintain the excellent Credit Score that has been achieved.
