[New post] Is 779 a good credit score? Credit score chart

Is 779 a good credit score, what does a credit score of 779 mean? When it comes to credit scores, a 779 FICO Score falls within the range of 740 to 799, which is considered a "very good" credit score according to the Fair Isaac Company, the creators of the FICO Score.

What does an 779 credit score mean?

This credit score surpasses the average for U.S. consumers and sends a positive signal to lenders that you are highly likely to repay borrowed money. Wonder reveals that individuals with scores between 780 and 799 have an estimated probability of defaulting on a loan of only 0.8%, while those within the 700-719 credit score range exhibit a still-low 2.5% probability of loan default.

While your 779 credit score falls slightly below the "excellent" range of 800 or higher, it still positions you favorably to obtain loans and credit cards with relatively low interest rates. Let's explore the implications of a 779 credit score in various financial scenarios:

779 credit score mortgage rate

Acquiring a mortgage involves multiple factors that influence the interest rate you can secure, including your employment situation, assets, debt-to-income ratio, and the type of home you intend to purchase. However, your credit score remains a vital puzzle piece, and a credit score of 779 should qualify you for an excellent mortgage rate.

As of November 1, 2022, the average mortgage APR in the United States stood at approximately 7.1%. Borrowers with a FICO Score of 760 or higher obtained an average APR of 6.61%, while those in the 700-759 range secured an average APR of 6.83%. Remember that mortgage lenders consider multiple factors alongside your credit score. Nonetheless, if you face a mortgage denial or receive an interest rate higher than the average, it is unlikely to be solely due to your credit score.

779 credit score car loan

A 779 credit score holds significant weight when it comes to securing an auto loan and can lead to a substantial impact on your interest rate.

As of November 2022, borrowers with FICO Scores of 720 or higher enjoyed an average APR of 5.59% on 60-month new auto loans in the United States. In contrast, borrowers within the 660-689 credit score range, typically considered "good" credit, faced an APR of 9.16%. This translates to over $4,000 in additional interest on a $40,000 new car loan. Furthermore, many auto manufacturers offer promotional finance deals, such as 0% APR for 60 months on new vehicles, and your 779 credit score places you in an excellent position to qualify for such offers.

It is important to note that interest rates can vary significantly among lenders, even for borrowers with the same credit score. Therefore, if you are planning to purchase a home or a car, it is advisable to shop around for the best loan terms. The FICO credit scoring model encourages rate shopping, as any credit inquiries made for the same type of loan within a short period, typically two weeks, will count as a single inquiry for scoring purposes. Thus, applying to multiple lenders within a brief timeframe does not negatively impact your credit score.

Obtaining a Credit Card with a 779 Credit Score

In general, a credit score like yours is sufficient to qualify for almost any credit card offer in the market. The best rewards credit cards and balance transfer offers are well within your reach. However, it is crucial to remember that while your credit score carries significant weight, companies consider multiple factors in their evaluation.

For instance, some credit card companies automatically reject applicants who have opened numerous new credit accounts within the past year, regardless of their credit score. Income and employment also play a role, and excessive debt on other credit lines can result in rejection, even with a high credit score.

Securing a Personal Loan with a 779 Credit Score

It is worth noting that no personal lender in the market requires a credit score higher than your impressive 779. Consequently, it is highly unlikely that you would be rejected for a personal loan due to your credit score. On the contrary, you are in an excellent position to qualify for the most favorable rates offered by personal lenders.

However, keep in mind that while your credit score is a vital component of the application process, it is not the sole determinant. Other factors, such as existing debts, can influence the outcome. Even with an excellent credit score, excessive outstanding debts can lead to rejection.

How to Elevate Your Credit Score

Further With your current credit score of 779, you are far from having bad credit. You can generally qualify for various types of loans and secure favorable interest rates and terms. However, you have not yet entered the elite realm of "exceptional" credit, typically represented by FICO Scores of 800 or higher.

If you aspire to improve your credit score and join the prestigious 800+ club, here are some suggestions to help you achieve your goal:

Maintain a low credit utilization rate. FICO High Achievers, with scores above 795, utilize only 7% of their available credit on average.
Apply for new credit only when necessary. Hard credit inquiries made within the past 12 months can adversely affect your score, as can recently opened accounts. It is often possible to check loan rates without triggering a hard credit inquiry (known as a soft inquiry), and many lenders offer this option.
Allow your credit history to age. The average consumer with a credit score of 800 or higher possesses an average age of nearly 12 years for their revolving credit accounts. The length of your credit history constitutes 15% of your FICO score, so one of the most effective strategies for enhancing your credit report is to exercise patience.
Make timely bill payments. While it may seem obvious, maintaining a consistent payment history is paramount. While individuals within the 740-799 credit score range may have a late payment or two on their credit history, consumers with scores of 800 or higher typically have virtually no late payments.

By following these guidelines, you can continue to strengthen your creditworthiness and achieve your financial goals with confidence.

Remember, a solid credit score opens doors to favorable loan terms and opportunities, allowing you to make significant strides toward financial well-being.