How Rare Is a 700 Credit Score? (2024)

FAQs

How Rare Is a 700 Credit Score? ›

What Percentage of the Population Has a Credit Score Over 700? The same data referenced above also reveals the percentage of the population with a score of over 700. According to FICO.com, approximately 59.2 percent of the U.S. population has a credit score range between 700 to 850.

What Percentage of the Population Has a Credit Score Over 700? The same data referenced above also reveals the percentage of the population with a score of over 700. According to FICO.com, approximately 59.2 percent of the U.S. population has a credit score range between 700 to 850.

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

A 700 credit score is also good enough to buy a house. You can even find lenders that will consider you for higher-value homes requiring “jumbo” mortgages. Your credit score is one of many factors that determine mortgage interest rates.

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.

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.

To increase your credit score to 800, you'll need a nearly flawless payment history, a credit utilization rate well below 30%, a healthy mix of credit types, and an extensive credit history. The average American has a credit score of 716, well within the range of what is considered a good credit score.

Consider yourself in “good” shape if your credit score is above the average for people in your age group. Given that the average credit score for people aged 18 to 26 is 680, a score between 680 and 690 (the average for people aged 27 to 42) could be considered “good.”

FICO says scores of 580 to 669 are considered "fair" and 740 to 799 are considered "very good." Anything at 800 or above is considered "exceptional." NerdWallet's credit score bands, used for general guidance, are pictured above.

But according to Experian data captured as 2023 came to a close, nearly 22% of consumers have a FICO^® Score in the highest credit score range—800 to 850. Consumers with scores in this range are considered to have exceptional credit.

How long does it take to go from 700 to 750 credit score? ›

If you are already at 700, then it will take you a few months to get to 750 with consistent good credit behavior – like paying your bills on time, maintaining a low credit utilization rate, not applying for multiple new credit accounts at once, and keeping old credit cards open even if you don't use them much.

Some types of mortgages have specific minimum credit score requirements. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.

Yes. Assuming the rest of your finances are solid, a credit score of 700 should qualify you for all major loan programs: conventional, FHA, VA and USDA loans all have lower minimum requirements, and even jumbo loans require a 700 score at minimum.

Generally speaking, the highest credit score possible is 850, according to the most common FICO and VantageScore credit models. There are several factors that go into determining a credit score, such as payment history, amounts owed, length of credit history, credit inquiries and credit mix.

As of 2024, no traditional credit scoring models offer a 900 credit score. The commonly used models like FICO and VantageScore have a maximum of 850.

A credit score of 999 from Experian is the highest you can get. It usually means you don't have many marks on your credit file and are very likely to be accepted for a loan or credit card. However, a high credit score doesn't guarantee your loan will be accepted.

Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO.

As of the third quarter of 2023, 1.54% of U.S. consumers had a FICO Score of 850, according to Experian data. Some notable traits of consumers with a perfect credit score include an above average number of credit cards, lower credit utilization rate and lower than average total debt.

According to a report from Experian®, the average FICO credit score in America was 714 in 2022. So 600 falls below that national average. On the VantageScore range, the company says 600 scores are considered poor. But the company says fair credit scores start at 601.