Can a 20 year old have a 750 credit score?
Originally Answered: Is a 700 credit score good for a 20-year-old? A credit score of 700 or more is considered good and acceptable by most banks/lenders. Score is not a factor of the age of individual. Irrespective of one's age, 700 or more score is good.
So, given the fact that the average credit score for people in their 20s is 630 and a “good” credit score is typically around 700, it's safe to say a good credit score in your 20s is in the high 600s or low 700s.
For those in their 20s, the average credit score is 662. When you're first starting out and trying to build credit, it may take some time to gain traction.
A 720 credit score on the common credit scoring range of 300-850 is right at the border of “good” and “excellent.” In fact, when your score hits 720, you've just crossed over into the excellent score band. That's great news, unless your score was higher and you're worried about what a loss of points might mean.
If your credit score is 724, you are right in the middle. According to Experian, the average American consumer has a FICO Score of 714 as of 2021, and anything in the range of 670 to 739 is generally considered to be a good credit score.
The Average Credit Score of 20-Year-Olds in the U.S.
Credit scores vary across age groups and locations, but the average credit score for 18-24-year-olds was 679 in 2021. A 679 credit score will help you qualify for most loans, but raising that score can also provide lower interest rates and other advantages.
Your score falls within the range of scores, from 740 to 799, that is considered Very Good.
How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
Consumers in the 18-25 bracket have an average FICO® credit score of 679. Though considered, it is comparatively lower as they are still building up their credit history. Consumers in the 26–41 bracket have an average FICO® credit score of 687.
A breakdown of younger generation credit scores
Millennials average a credit score of 690, and Gen Zers come in at 680. For reference, the qualifying credit score for most conventional home loans is 620, according to Rocket Mortgage.
How rare is a 720 credit score?
Plus, you're likely to get approved for lower interest rates, which can save you money in the long run. According to the latest credit score statistics, the average FICO score is 716, so a 720 is slightly above average. 67% of Americans have a score in this range or higher based on data from Experian®.
A 750 credit score is often considered very good — or even excellent. A very good or excellent credit score can mean you're more likely to be approved for good offers and rates when it comes to mortgages, auto loans and credit cards with rewards and other perks.
Your FICO® Score falls within a range, from 740 to 799, that may be considered Very Good. A 780 FICO® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers.
A 750 credit score is considered excellent and above the average score in America. Your credit score helps lenders decide if you qualify for products like credit cards and loans, and your interest rate.
Your score falls within the range of scores, from 670 to 739, which are considered Good.
| Average FICO 8 Score by Generation | ||
|---|---|---|
| Generation | 2022 | 2023 |
| Generation Z (ages 18-26) | 679 - Good | 680 - Good |
| Millennials (27-42) | 687 - Good | 690 - Good |
| Generation X (43-58) | 707 - Good | 709 - Good |
Your score falls within the range of scores, from 740 to 799, that is considered Very Good.
Your score falls within the range of scores, from 670 to 739, which are considered Good.
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
A 720 credit score is a good credit score. The good-credit range includes scores of 700 to 749, while an excellent credit score is 750 to 850, and people with scores this high are in a good position to qualify for the best possible mortgages, auto loans and credit cards, among other things.
Can I buy a house with a 760 credit score?
You will likely be offered the lowest rate available. Very good (700-760) – Your credit score may have a minimal impact on your interest rate. You could be offered interest rates 0.25% higher than the lowest available. Good (660-699) – Your credit score may have a small impact on your interest rate.
If you're more interested in a personal loan, you could borrow up to $100,000. The best personal loans for a 760 credit score are from LightStream because they offer $5,000 - $100,000 in funding with APRs of 7.49% - 25.99% and repayment periods of 24 - 144 months.
It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
Poor: 300-579. Fair: 580-669. Good: 670-739. Very Good: 740-799. Exceptional: 800-850.
