FICO is thescoring model most lenders use to check an applicant's creditworthiness. A perfect FICO credit score is 850, but experts tell CNBC Select you don't need to hit that target to qualify for the best credit cards, loans or interest rates.
"If you're at 760, or 780, you're already getting the best you can get," Jim Droske, president of the credit counseling company Illinois Credit Services, said. "You're already hitting that pinnacle of what lenders care about. Anything above that is just pride."
In fact, according to the most recent survey from FICO, taken in April 2023, only about 1.7% of the scoreable U.S. population had a perfect 850.
Here's why a 760 credit score is the one to aim for, what it can get you and how to find out what your FICO score is.
What we'll cover
- How to check your credit score for free
- What's the best credit score to have?
- What FICO says about having a perfect credit score
- What a good credit score can get you
- Bottom line
What's the best credit score to have?
It might be exciting to aim for 850, the highest possible FICO score, but it really comes with no additional benefits. According to credit expert John Ulzheimer, a 760 will get you the best mortgage rate and a 720 score is all you need for the best interest rate for an auto loan.
"I always tell people, shoot for 760 or better," Ulzheimer told CNBC Select. "That way, they're safe for all loan types and cards."
Even FICO says not to stress about perfection
"From the standpoint of qualifying for credit, it doesn't matter whether you have a perfect 850 or a score just below that," said Ethan Dornhelm, VP of FICO Scores and predictive analytics. "To lenders, a consumer with a score in the 800s is a sparkling applicant."
What a good credit score can get you
FICO scores are grouped into broad categories.
- 580-669:Fair
- 670-739:Good
- 740-799:Very good
- 800-850:Excellent
The average FICO Score has steadily risen over the years and hit an all-time high of 718 in October 2023. A 760 is considered "very good" credit, along with anything above 739.
Anything upwards of 670 is considered a good credit score and will enable you to get a conventional mortgage and qualify for top-notch credit cards. Here are some of the best credit cards that have "good" credit score requirements:
Best for cash back and 0% APR
Wells Fargo Active Cash® Card
On Wells Fargo's secure site
Rewards
Unlimited 2% cash rewards on purchases
Welcome bonus
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual fee
$0
Intro APR
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers; balance transfers made within 120 days qualify for the intro rate
Regular APR
20.24%, 25.24%, or 29.99% Variable APR on purchases and balance transfers
Balance transfer fee
3% intro for 120 days from account opening then BT fee of up to 5%, min: $5
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees, terms apply.
Best for travel rewards
Capital One Venture Rewards Credit Card
Rewards
5 Miles per dollar on hotel and rental cars booked through Capital One Travel, 2X miles per dollar on every other purchase
Welcome bonus
Earn 75,000 bonus miles once you spend $4,000 on purchases within 3 months from account opening
Annual fee
$95
Intro APR
N/A for purchases and balance transfers
Regular APR
19.99% - 29.99% variable
Balance transfer fee
$0at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
None
Credit needed
Excellent/Good
Terms apply.
Best for long 0% APR intro period
Citi Simplicity® Card
On Citi's Secure Site
Rewards
None
Welcome bonus
None
Annual fee
$0
Intro APR
0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening.
Regular APR
19.24% - 29.99% variable
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
3%
Credit needed
Excellent/Good
See rates and fees. Terms apply. Read our Citi Simplicity® Card review.
If you have fair or average credit, consider a card that has lower credit score requirements, like the Capital One QuicksilverOne Cash Rewards Credit Card.
Capital One QuicksilverOne Cash Rewards Credit Card
Learn More
Rewards
Unlimited 1.5% cash back on every purchase, up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
See AlsoHow to Build Credit at Every AgeWelcome bonus
None
Annual fee
$39
Intro APR
None
Regular APR
29.99% variable
Balance transfer fee
$0at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fee
None
Credit needed
Average, Fair, or Limited
Terms apply.
Compare offers to find the best loan
How to check your credit score for free
Despite the common misconception, checking your credit report won't hurt your credit score. Many banks and credit card issuers will provide customers with their current FICO score for free.
Experian CreditWorks is a paid credit-monitoring service that includes your FICO score, as well as identity protection and credit reports from Experian, Equifax and TransUnion.
If you're looking to raise your score, an easy way to do it quickly is with *Experian Boost™. This free service links monthly bills for things like cell phone, gas and streaming services to your Experian credit report and gives you credit for on-time payments.
According to Experian, members whose scores improved saw an average increase of 13 points.
Experian Boost™
On Experian's secure site
Cost
Free
Average credit score increase
13 points, though results vary
Credit report affected
Experian®
Credit scoring model used
FICO® Score
Results will vary. See website for details.
How to sign up for Experian Boost:
- Connect the bank account(s) you use to pay your bills
- Choose and verify the positive payment data you want added to your Experian credit file
- Receive an updatedFICO® Score
Learn more about eligible payments and how Experian Boost works.
FAQs
Is it possible to have an 850 credit score?
It is possible to have a perfect 850 credit score, but it's not necessary to get the best loan terms and rates. In most cases, a 760 will get you the same benefits.
What's considered a good FICO Score?
A good FICO Score falls within the range of 670 to 739.
Is a 600 a good credit score?
600 is considered a "fair" credit score on the FICO Score model. You can qualify for a variety of financial products, but you likely won't get the best interest rates, rewards or terms.
Bottom line
You don't need a perfect 850 credit score to qualify for the best mortgages, loans or credit cards. A 760 will typically get you the same rate, terms and rewards.
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Meet our experts
At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed financial expert John Ulzheimer, formerly of FICO and Equifax, Jim Droske, president of the credit counseling company Illinois Credit Services, and Ethan Dornhelm, VP of FICO Scores and predictive analytics.
Why trust CNBC Select?
AtCNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit monitoring and credit card products.While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Read more
What's considered a "fair" credit score
How your rent payments can help raise your credit score
The best credit repair companies to get back on track
What credit score do I need to get a mortgage?
*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
