Your Credit Score Doesn't Need To Be That High To Get The Best Deal

November 19, 2018

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When it comes to your credit score, 850 is the best you can get. Around 21% of Americans have a FICO score of 800 or greater, which can secure you lower interest rates and better credit terms.  But, finance experts explain that you don't actually need to have a score in the 800 range to qualify for the best mortgage rates. In fact, the score you should really aspire for is just 760! Even better is some banks offer their best mortgage rates with a credit score of 740!  That's because the FICO number, the widely-used credit score rating system, that is considered very good is 740 to 799. While having a score in the 800 means you are exceptional in handling credit card balances, payments and have done it for a long time, it mostly is just for bragging rights. FICO recently announced that 704 is the average credit score in the United States, meaning that aiming for the best lending rates is that much closer at 740. So see what your credit score is as you are entitled to a free credit report annually from the reporting agencies.

SOURCE: Apartment Therapy

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