747 credit score: A guide to credit scores
Quick insights
- A 747 credit score is considered very good or prime by FICO® and VantageScore® scoring models, respectively.
- With a 747 score, you may qualify for rewards credit cards and loans with favorable interest rates.
- Maintaining or even improving a 747 credit score may be possible by following a few credit habits, like paying bills on time and lowering credit utilization.
A 747 credit score can signal strong credit habits, but what does a 747 score actually mean, and how can you make the most of this score?
In this article, we’ll cover what a 747 credit score means, some credit products it may help you qualify for, a few factors lenders consider and potential ways you can maintain or boost your score.
Is a 747 credit score good?
Yes, a 747 credit score is considered prime or very good by VantageScore and FICO scoring models, respectively. The score falls into the higher tiers of both scoring models, but it’s not in the highest tier, so there may be opportunity to improve it.
For context, VantageScore's scoring ranges for VantageScore 3.0 are:
- Superprime: 781 to 850
- Prime: 661 to 780
- Near prime: 601 to 660
- Subprime: 300 to 600
And FICO's credit score ranges for FICO Score 8 are:
- Exceptional: 800 to 850
- Very good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 300 to 579
What does a 747 credit score mean?
Credit scores are a significant factor lenders consider when evaluating applications. A higher score may improve your chances of qualifying for credit products—including auto loans, mortgages and credit cards—and may result in more favorable terms.
Here are some situations in which a 747 score or better could help you qualify for:
- Access to credit cards: You may qualify for more cards offering cash back, points or travel rewards.
- Lower interest rates: Lenders may offer you more competitive rates on loans and credit lines.
- Higher credit limits: You’re more likely to be approved for larger lines of credit, giving you more flexibility and the potential to improve your credit utilization (the percentage of total available credit that you’re currently using).
What are my approval odds with a 747 credit score?
A 747 credit score is a higher tier score, which may help when applying for credit cards and loans. You may receive favorable interest rates and other terms when you apply for credit products. However, your credit score isn’t the only factor lenders review. They also typically consider:
- Income and employment: Your current income and job stability.
- Debt-to-income ratio: How much you owe compared to how much you earn.
- Recent credit activity: Any new credit inquiries or recently opened accounts.
- Payment history: Any late payments or negative items on your credit report.
How can I improve my 747 credit score?
Although a 747 score is already very good or prime, boosting it even higher may help you qualify for more competitive rates and terms. Here are some steps to consider that could help you build on your strong foundation:
- Paying on time: Your payment history is the biggest factor in your score, including your history of paying bills on time and in full.
- Keeping balances low: Keeping your credit card balances below 30% or 10% of your total credit limit can help to lower your credit utilization ratio, which is a factor that makes up your credit score.
- Limiting new credit applications: Each hard credit check may temporarily lower your score.
- Diversifying your credit mix: Diversification as it relates to credit score includes responsibly managing a mix of different credit types, such as credit cards and installment loans.
- Keeping old accounts open: Maintaining older accounts helps lengthen your credit history, which is one factor in credit scoring.
Even small improvements in your score may help you qualify for better rates and rewards.
How do I protect my 747 credit score?
Maintaining your score may be just as important as building it in the first place. Here are some strategies tied to credit management:
- Monitoring your accounts: Account monitoring tools are designed to help you track your score and receive personalized insights. Chase Credit Journey® is a free online tool for anyone 18 or older with a valid U.S. address and Social Security number (SSN), offering access to your credit score and personalized score improvement plans provided by Experian™—no Chase account required.
- Setting up alerts: Enabling account alerts may help you to catch unusual activity or potential fraud quickly.
- Reviewing credit reports: Checking your credit reports from each major credit bureau may give you a chance to spot any errors or suspicious accounts. You can request your free credit reports at AnnualCreditReport.comOpens overlay.
In summary
A 747 credit score is considered very good or prime, depending on the credit scoring model. While this score can indicate a strong credit profile, there may still be opportunity to improve this score. While a 747 score may increase your eligibility for credit cards and loans with competitive rates, lenders also look at factors like income, debt and recent credit activity. Maintaining—or even improving—a 747 credit score depends on strategies like making on-time payments, keeping balances low and actively monitoring your credit.
