what can i do with a 750 credit score

Last Updated on August 28, 2023

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what can i do with a 750 credit score

With a 750 credit score, you might qualify for the lowest mortgage rates — which can help you save thousands of dollars over the life of your loan.

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

When you’re looking for a mortgage, the lender will usually pull your credit score as part of the approval process.

Most consumer credit scores range from 300 to 850 — with 850 being the highest score — but you don’t need the best score possible to qualify for the lowest mortgage rates. A 750 credit score is generally considered “excellent” and can help you secure good loan terms.

How good is a 750 credit score?

A 750 credit score is better than the U.S. average, which was 711 in 2020, according to credit bureau Experian. Lenders tend to evaluate credit scores in ranges and offer the same rates to people within the same range.

A 750 credit score generally falls into the “excellent” range, which shows lenders that you’re a very dependable borrower. People with credit scores within this range tend to qualify for loans and secure the best mortgage rates.

A 750 credit score could help you:

  • Qualify for a mortgage
  • Negotiate the loan terms, since the lender might be willing to compete for your business
  • Get low mortgage rates, which makes borrowing cheaper

Some lenders might consider a 750 credit score on the cusp between “good” and “excellent,” which could influence the rate you receive. Be sure to monitor your credit score in the months leading up to your mortgage application.Tip: To maintain healthy credit or even improve your credit score, try to pay all your bills on time, keep your credit card balances low, and refrain from opening new credit accounts.

There’s no official “cutoff” that all lenders use, but a higher credit score can generally help when you apply for a mortgage.

Average mortgage rates for an 750 credit score

Your credit score measures how well you’ve managed money in the past, and it helps the lender predict how you’ll pay back a loan in the future.

A higher credit score generally shows that you’ve paid back money as agreed, which decreases the lender’s risk — and can help you score a lower mortgage rate.

The table below shows a sampling of interest rates from our partner lenders. You can fill in your financial information and select a credit score range of Excellent (740+) to see what kind of mortgage rates are available in your area.

The quotes here are for an annual percentage rate (APR), which is the interest rate plus any fees the lender charges.

It’s a more precise measurement of the costs involved, so always compare loan APRs when shopping for mortgages. Typically, a lower APR means you have less to pay on top of the amount you borrowed.For example: Say you take out a 30-year fixed mortgage for $200,000 with a 3% APR and 20% down payment, and your credit score is at least 750. Your hypothetical monthly payment would be $612.

Compare that monthly payment to someone with a poor credit score, who might pay $653 a month for the same loan. The borrower with poor credit would pay $16,134 more in interest over the life of the mortgage.

Enter your loan informationLoan amount?Enter the total amount borrowed$Interest rate?Enter your annual interest rate%orFixed loan term?Enter the amount of time you have to repay your loanyearsTotal Payment$379,443Total Interest$129,444Monthly Payment$1,054

With a $250,000 home loan, you will pay $1,054 monthly and a total of $129,444 in interest over the life of your loan. You will pay a total of $379,443 over the life of the mortgage.

Need a home loan?
Credible makes getting a mortgage easy. It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter.

Other factors behind your mortgage rate

Mortgage rates are based on many factors, including your overall financial health and broader economic trends.

Every lender has a different way of determining its loan terms. So while having a 750 credit score can help you get a favorable rate, you should understand what else goes into the decision:

Larger Economic FactorsPersonal Economic Factors
Strength of the economyInflation ratesEmploymentConsumer spendingHousing construction and other market conditionsStock and bond markets10-year Treasury yieldsFederal Reserve policiesCredit scoreCredit historyDown payment sizeLoan-to-value ratioLoan size, type, and termDebt-to-income ratioLocation of the property

You have control over some of these factors:

  • Down payment: A sizable down payment could help you secure good loan terms because it reduces some of the lender’s risk. And if you can comfortably put down 20% on a conventional loan, there’s another benefit: You avoid paying for private mortgage insurance.
  • Loan size: You might receive a higher interest rate on a loan that’s particularly large or even one that’s very small. Talk with your lender about ways to adjust your loan size.
  • Loan term: Generally, mortgage rates are lower on shorter-term loans because the lender is extending risk for a shorter period of time. Compare interest rates and monthly payment amounts on different loan terms — such as 15, 20, and 30 years — to see what you can afford.
  • Debt-to-income ratio: Your DTI ratio compares how much of your monthly income goes toward paying debt. A lower DTI ratio — around 43% or less — could help you qualify for a low mortgage rate because you have room to spare in your budget.

Comparing mortgage rates from different lenders is one way to make sure you get the best mortgage rate possible. Credible can help you compare prequalified rates from our partner lenders without hurting your credit score, and it takes just minutes.Credible makes getting a mortgage easy

  • Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.
  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

What Can You Do With a 750 Credit Score?

A good credit score can get you lower interest rates, reduced insurance premiums and much more.

You can do nothing, of course, if your credit life is all puppies and rainbows. But if there are financial areas of your life that could use a little upgrade, then right now is a good time to make it happen.

Here are five money-saving opportunities you can explore when you have a 750 credit score:

  • Negotiate for better terms on your credit cards.
  • Apply for a better credit card.
  • Refinance your mortgage to reduce your monthly payment.
  • Pay off credit card debt without paying interest.
  • Revisit your car insurance premiums.

Negotiate for Better Terms on Your Credit Cards

If you applied for credit cards when your score was 670, or maybe even 700, then you probably have an annual percentage rate that’s too high.

Call your issuer and explain that you’ve worked super hard on your credit and your score is now near the exceptional range. Have you received offers for other credit cards recently? Often, when your score goes up, you enter a new credit category, and that gets the attention of financial institutions.

When you call to ask for a lower APR (and maybe a credit limit increase, too), if the issuer resists, let it know that you’re getting offers for comparable cards with lower APRs.

This is a little like dating. When you’re in demand, everyone wants you. So don’t be afraid to use a little leverage to get top rates.

Apply for a Better Credit Card

Does your new credit status make a current credit card obsolete? This can happen if you still have a secured card or a card targeting those with fair credit. In some cases, you can ask to be upgraded within the same brand.

For example, maybe you love to travel and you’ve had your eye on the Chase Sapphire Preferred Card for a long time. When you go for elite rewards cards, just make sure you factor in annual fees. If the card is a good fit for you, your rewards will most likely exceed the annual fee.

Refinance Your Mortgage to Reduce Your Monthly Payment

According to FICO, with a score of 639, you’d get a 4.29% interest rate. On a $216,000 mortgage with a 30-year fixed-rate loan, you’d pay $1,068 per month in principal and interest.

Now look at how much you save with a 760 credit score: Your rate is now 2.70%, and your monthly payment is $876. That’s a monthly savings of $192. Your annual savings? A whopping $2,304. It would be nice to tuck those savings away in an emergency fund, wouldn’t it?

Your savings, of course, depend on what your score was when you applied for your current mortgage. But run the numbers and see how much you can reduce your monthly payment. When you do your analysis, don’t forget to add the costs of refinancing, which can include application fees, origination fees and other closing costs.[ 

Pay Off Credit Card Debt Without Paying Interest

That $5,000 balance you have on a credit card with a 19% APR? No problem.

Now that you and your credit score are almost considered exceptional, you can qualify for the top balance transfer credit cards. Right now, the best cards are offering 0% introductory APRs that last between 12 and 18 months.

Let’s say you get approved for a credit card that has a 0% introductory APR for 18 months. Let’s also say that the issuer charges a 3% balance transfer fee, which will cost $150 ($5,000 x .03).

To pay this off during the intro period, you need to calculate your monthly payment. Don’t freak out about the math. It’s really simple:

Total amount you owe: $5,000 + $150 (transfer fee) = $5,150.

Your monthly payment: $5,150 / 18 = $286.11. So, you pay $286.11 per month, and by the end of 18months, your debt is paid off. And guess what? As your balance is going down, your credit score is going up even more.

Revisit Your Car Insurance Premiums

It isn’t common knowledge that there’s a connection between your credit score and your insurance rates. If you’ve had your current car insurance since your low-credit-score days, now’s the time to place a call to your agent and ask to be reconsidered for lower premiums. Note that there are a few states that prohibit or limit auto insurers from considering credit status, so this saving option isn’t available to everyone in the U.S.[ 

How to Get a 750 Credit Score

If you’re experiencing score envy, cheer up. You, too, can have a high credit score.

Here are the basics:

  • Pay all your bills on time. Payment history is 35% of your FICO score. One late payment that’s reported to the credit bureaus can cause a huge drop in your credit score. Set up automatic payments or reminders so you never miss a payment.
  • Keep low utilization ratios on your credit cards. Your credit utilization is 30% of your score. A ratio higher than 30% will lower your score. My insider tip: If you want a score in the stratosphere, keep your ratio under 10%.
  • Maintain a mix of credit. This is 10% of your FICO score. Credit cards are an example of revolving credit. A car loan is an example of an installment loan. This doesn’t mean you should go buy a new car, but keep this factor in mind when the need for credit does arise.
  • Limit credit applications. New credit inquiries make up 10% of your credit score. Each credit card application results in a hard inquiry, which can lop two to five points off your credit score. That’s for each application, not overall. Mortgage rate and car loan rate shopping are more forgiving. If you complete your comparison rate shopping within 30 days, it counts as only one inquiry.
  • Keep credit card accounts open. Your credit history is 15% of your score. A closed account will stay on your credit report for up to 10 years. But it’s still not a good idea to close a credit card account unless there’s an excellent reason to do so. The problem is that you’ll lose the available credit associated with that card. This makes your credit utilization ratio go up, which can make your FICO score go down.
  • Have a budget and track your spending. If you don’t track your spending, you’ll probably spend more than your budget allows. You need a budget to tell you how much you can afford to spend in a particular category. And tracking your spending makes sure you don’t exceed that amount. Ignoring either of these steps can result in credit card debt.

Practice the basics, and then don’t obsess about your score. You don’t need to check it every day. Monitor it monthly on your credit card statement, if your issuer supplies a score. Or use one of the free credit score websites or credit score apps to track your monthly progress. Before you know it, your score will jump into the vaunted 750 credit score range.

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