Interest rate 700 credit score?
With a score in the 690-719 range, it's 6.83%. And for a borrower with a score in the 660-689 tier, the average APR is 9.19%.
FICO Score | National average mortgage APR |
---|---|
640 to 659 | 7.282% |
660 to 679 | 6.852% |
680 to 699 | 6.638% |
700 to 759 | 6.461% |
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
According to MyFICO, as of November 2022, the average APR on a 60-month new auto loan for someone with a FICO Score of 720 or higher is 5.64%. With a score in the 690-719 range, it's 6.83%.
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICOยฎ Scoreโ in the U.S. reached 714.
0% APR cards require good to excellent credit
This means you'll need a FICO credit score of at least 670 or a VantageScore credit score of at least 661. If you have very good or excellent credit, which means a FICO score of at least 740 or a VantageScore of at least 781, your chances of approval are even higher.
Check Your Credit Score
To qualify for a $100,000 personal loan, you should have a score of at least 720, though a score of 750 or above is ideal. Before you apply for a large personal loan, check your credit score so you know what kind of loan terms you're likely to qualify for.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent 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 โ 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.
With a credit score of 700, you'll likely qualify for a mortgage and get a good interest rate โ potentially saving thousands of dollars over someone with a lower score.
How rare is a 720 credit score?
Credit Score | Tier | Percentage of Americans |
---|---|---|
720 โ 850 | Excellent | 38.12% |
660 โ 719 | Good | 17.33% |
620 โ 659 | Fair/Limited | 13.47% |
300 โ 619 | Bad | 31.08% |
Absolutely. Your 700 credit score will qualify you for an auto loan, assuming your income justifies it. However, it's important to realize that your credit score can make a big difference in the interest rate you get.
The exact credit score you might need to qualify for a 0% APR loan varies depending on your situation. Many lenders require a minimum score of at least 700. Others require excellent credit scores, such as 720, 750, or even 800.
You are one of the 48% of Americans who had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog. Average U.S. FICO Score at 718.
If you're wondering whether you can buy a house with your โgoodโ credit score of 700, you likely can. But your total loan costs with a 700 score as opposed to, say, 760 are significantly different. Let's use a 30-year fixed-rate mortgage loan for $300,000 as an example.
Average Credit Scores FAQs
Consider yourself in โgoodโ 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 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered โgoodโ.
Less than 21% of people have a credit score over 800. A credit score of 800+ is considered perfect credit, indicates that a borrower uses credit very responsibly, and qualifies the person for the best loan and credit card terms.
Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
Buying a car with an 750 credit score
2022, the average APR on a 60-month new auto loan in the United States was 5.59% for borrowers with FICO Scores of 720 or higher. In contrast, the average borrower in the 660-689 credit score range (which is generally considered to be โgoodโ credit) received an APR of 9.16%.
Conventional loans ($9,000 down)
In case of a $300,000 home, that translates to a down payment of $9,000, which is the lowest possible unless you qualify for a zero-down-payment VA or USDA loan. A 620 credit score is typically required, but lenders might have different rules.
How big of a loan can I get with a 720 credit score?
You can borrow $50,000 - $100,000+ with a 720 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Credit Score | Interest Rate | Monthly Payment |
---|---|---|
690-719 | 8.67 | $124 |
660-689 | 10.36 | $128 |
620-659 | 12.55 | $133 |
590-619 | 16.65 | $143 |
A perfect credit score of 850 is hard to get, but an excellent credit score is more achievable. If you want to get the best credit cards, mortgages and competitive loan rates โ which can save you money over time โ excellent credit can help you qualify.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.
Generally speaking, the highest credit score possible is 850, according to the most common FICO and VantageScore credit models.
References
- https://www.forbes.com/advisor/personal-loans/100000-personal-loan/
- https://www.capitalone.com/learn-grow/money-management/highest-credit-score/
- https://www.caranddriver.com/auto-loans/a41855998/0-apr-car-loan/
- https://www.upstart.com/credit-score/720-credit-score
- https://www.investopedia.com/what-credit-score-do-you-need-to-buy-a-car-5181034
- https://themortgagereports.com/75530/down-payment-300000-house
- https://www.cnbc.com/select/what-is-considered-an-excellent-credit-score/
- https://www.bankrate.com/finance/credit-cards/credit-score-needed-0-apr-card/
- https://wallethub.com/credit-score-range/720-credit-score
- https://www.rocketmoney.com/learn/debt-and-credit/what-is-the-average-credit-score-by-age
- https://www.nerdwallet.com/article/finance/750-credit-score
- https://www.chase.com/personal/credit-cards/education/credit-score/900-credit-score
- https://wallethub.com/answers/cs/what-percentage-of-population-has-over-800-credit-score-2140839387/
- https://stellarfi.com/answer/how-long-does-it-take-to-get-a-750-credit-score
- https://www.rocketmortgage.com/learn/what-credit-score-is-needed-to-buy-a-house
- https://www.credible.com/blog/mortgages/700-credit-score-mortgage/
- https://www.bankrate.com/real-estate/buying-a-house-700-credit-score/
- https://www.upstart.com/credit-score/700-credit-score
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-720-credit-score-1000508-2140806892/
- https://www.businessinsider.com/personal-finance/average-mortgage-interest-rate
- https://www.fool.com/the-ascent/personal-loans/articles/what-are-the-monthly-payments-on-a-5000-personal-loan/
- https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-is-a-good-credit-score/
- https://www.upstart.com/credit-score/750-credit-score
- https://wallethub.com/answers/pl/how-much-can-i-borrow-with-a-700-credit-score-1000508-2140806873/