787 credit score: A guide to credit scores
Quick insights
- A 787 credit score is considered superprime or very good, according to VantageScore® and FICO® scoring models, respectively.
- A score in this range may open up access to a broad range of credit products.
- Application eligibility for new credit can depend on factors beyond your score, such as income and credit history.
A credit score is a three-digit number that gives lenders an idea of how likely you are to repay borrowed money on time. In other words, it may be considered a representation of your creditworthiness.
With a credit score of 787, you may be wondering what impacts your score, how lenders may view it and how it could impact your options for credit products. Read on to find out.
What does a 787 credit score mean?
Most credit scores in the U.S. are calculated using models like FICO and VantageScore, which analyze your credit history and assign a score between 300 and 850.
Credit scores are usually grouped into score ranges that help lenders assess creditworthiness. For example, 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
A 787 credit score falls in the superprime and very good ranges in the above models. This could be a sign of positive financial habits and may indicate to lenders that you use credit responsibly.
Since this score might signal to lenders that you’ve managed your credit well so far, it might mean more opportunities in the future. But it may be helpful to keep practicing the habits that helped you attain this score.
What's my application eligibility with a 787 credit score?
One of the biggest advantages of a 787 credit score is that you may meet the eligibility criteria for more credit products than someone with a lower score. While credit scores aren’t the only factor lenders consider, you could be considered a lower-risk applicant, which may make you eligible to apply for a range of products such as:
- Travel or rewards cards
- Auto loans with favorable terms
- Traditional mortgages with competitive rates
However, lenders consider other factors, such as income, employment status, payment history, debt-to-income ratio (DTI) and even recent hard credit checks. For example, someone with a 787 credit score but a short credit history or limited income may not qualify for every card available.
Approval is not guaranteed. Lenders use their own criteria and may weigh certain factors more heavily than others.
If you’re interested in exploring credit card options, many banks offer pre-qualification tools that allow you to check your potential eligibility without impacting your score.
How do I increase my 787 credit score?
While a 787 credit score is already considered superprime or very good, some people may be interested in reaching the excellent range or simply maintaining their strong score over time. Credit scores can change month to month based on your credit activity, so understanding the factors that influence your credit score may be helpful.
Here are some strategies that may help you manage your credit effectively:
- Prioritizing consistent payments: Since payment history is usually a significant factor in your score, it may be helpful to ensure every payment is made on time, every month.
- Keeping your credit utilization low: Credit utilization ratio is the amount of credit you use against your total available credit, which may be lowered by paying down existing debts and balances. A credit utilization ratio of 30% or below is generally considered favorable.
- Maintaining your oldest accounts: Keeping old credit accounts open may help lengthen your average account age, which is another factor tied to credit score.
- Being selective with new credit: Every time you apply for a new account, it’s possible the lender will conduct a hard credit check, which can cause your score to dip temporarily.
- Managing a credit mix: Having a combination of different credit types, such as credit cards and installment loans, might have a positive effect—as long as they’re all managed well. Note that this factor is relevant for the FICO score model.
Beyond these habits, it may be helpful to regularly check your credit report for errors that might be lowering your score. Many banks offer free credit score monitoring tools to enrolled cardmembers. For example, you can access your free credit score through Chase Credit Journey®. It’s 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 ExperianTM—no Chase account required.
In summary
A 787 credit score is considered superprime or very good, depending on the scoring model, and may open up a wide range of credit options. However, credit scores aren’t the only factor that lenders consider when looking at credit applications. Your income level, employment status and DTI may also play a role in lenders’ decisions.
A 787 score may reflect responsible credit habits, and to maintain your score, it can be useful to continue positive behaviors like making payments on time or keeping balances low. By building on your healthy habits and using credit monitoring tools, you may be able to maintain or even improve your score over time.
Ready to take the next step? You can check your credit score or learn more about building credit with resources like Credit Journey®.
