How many people have a 720 credit score?
What Percentage of the Population Has a Credit Score Over 700? The same data referenced above also reveals the percentage of the population with a score of over 700. According to FICO.com, approximately 59.2 percent of the U.S. population has a credit score range between 700 to 850.
Plus, you're likely to get approved for lower interest rates, which can save you money in the long run. According to the latest credit score statistics, the average FICO score is 716, so a 720 is slightly above average. 67% of Americans have a score in this range or higher based on data from Experian®.
FICO® Score range | Percent within range |
---|---|
650-699 | 12% |
700-749 | 17% |
750-799 | 24% |
800-850 | 23% |
If you're working toward a 720 credit score, you may wonder how long it will take to reach your goal. Unfortunately, there's no easy answer to that question. Everyone's credit improvement timeline is different. Reaching 720 could take weeks, months, or even years, depending on your credit score starting point.
Credit Score | Tier | Percentage of Americans |
---|---|---|
720 – 850 | Excellent | 38.12% |
660 – 719 | Good | 17.33% |
620 – 659 | Fair/Limited | 13.47% |
300 – 619 | Bad | 31.08% |
Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
How rare is an 800 credit score? An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
The average FICO credit score in the US is 718, according to the latest FICO data from April 2023. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850. The higher your score, the better.
Average FICO 8 Score by Generation | ||
---|---|---|
Generation | 2022 | 2023 |
Generation Z (ages 18-26) | 679 - Good | 680 - Good |
Millennials (27-42) | 687 - Good | 690 - Good |
Generation X (43-58) | 707 - Good | 709 - Good |
- Review Your Credit Report. ...
- Pay Your Bills on Time. ...
- Ask for Late Payment Forgiveness. ...
- Keep Credit Card Balances Low. ...
- Keep Old Credit Cards Active. ...
- Become an Authorized User. ...
- Consider a Credit Builder Loan. ...
- Take Out a Secured Credit Card.
Can you buy a house with a 720 credit score?
Home loans
Assuming you have enough income, a 720 credit score is likely high enough to help you get a government-backed mortgage such as an FHA for VA loan. However, it's probably not high enough to get the lowest interest rates available.
The credit score needed for the best car loan depends on the lender, but in general, a credit score of 720 or higher will allow you to qualify for a lender's best rates.
Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714. Achieving a good credit score can help you qualify for a credit card or loan with a lower interest rate and better terms.
A FICO® Score of 720 provides access to a broad array of loans and credit card products, but increasing your score can increase your odds of approval for an even greater number, at more affordable lending terms.
Average FICO® Score By Age Group In 2022 | |
---|---|
Generation Z (18 – 25) | 679 |
Millennials (26 – 41) | 687 |
Generation X (42 – 57) | 706 |
Baby Boomers (58 – 76) | 742 |
Yes. Assuming the rest of your finances are solid, a credit score of 700 should qualify you for all major loan programs: conventional, FHA, VA and USDA loans all have lower minimum requirements, and even jumbo loans require a 700 score at minimum.
Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders. With a Federal Housing Administration (FHA) loan, though, you might be able to get approved with a score as low as 500.
FICO Credit Score Ranges | |
---|---|
Excellent/Exceptional | 800-850 |
Very good | 740-799 |
Good | 670-739 |
Fair | 580-669 |
Age Bracket | 2022 |
---|---|
18–25 | 679 (Good) |
26–41 | 687 (Good) |
42–57 | 706 (Good) |
58–76 | 742 (Very Good) |
You can borrow over $100,000 with an 800 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
Is there a difference between a 750 and 800 credit score?
A 750 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
A breakdown of younger generation credit scores
Millennials average a credit score of 690, and Gen Zers come in at 680. For reference, the qualifying credit score for most conventional home loans is 620, according to Rocket Mortgage.
- Poor: 300-579.
- Fair: 580-669.
- Good: 670-739.
- Very Good: 740-799.
- Exceptional: 800-850.
A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 7.01% or better, or a used-car loan around 9.73% or lower. Superprime: 781-850. 5.64%.
So, given the fact that the average credit score for people in their 20s is 630 and a “good” credit score is typically around 700, it's safe to say a good credit score in your 20s is in the high 600s or low 700s.
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