Note that even if your credit score falls within the excellent range, this is no guarantee that you’ll be approved for a credit card that requires an excellent credit score. Note that even if your credit score falls within the excellent range, this is no guarantee that you’ll be approved for a credit card that requires an excellent credit score. This could be because it was the only open installment account you had on your credit report, or the only loan with a low account balance. If you want to benefit from competitive bonuses, annual billing credits, luxury travel perks, 0% APR periods, and more, you’ll need at least a good credit score.
What is a good credit score by age?
Maine, Mississippi and Nevada saw the biggest gains, with the average credit rating in each state rising by six points. Vermont has the second-highest average at 736 and Wisconsin is in third place with an average credit rating of 735. A score of 760 or “very good” is enough to get access to better interest rates or credit card reward options. In your 30s, your credit score may increase because you’ve had a decade or more to build a good payment history and extend your credit history.
What should a normal credit score look like?
Card issuers consider more factors than just your credit score, including income and monthly housing payments. Let’s take an example where two people, one with average credit and the other with excellent credit, apply for the same card with an annual variable interest rate of 15.74% to 23.74%. If your score has suddenly dropped after you’ve missed a few payments, you can assume that could have been the cause. Below, CNBC Select explains what a fair and average credit score is for FICO and VantageScore, how to improve a fair and average credit score, and how to get a free credit report.
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Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.