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Highest credit score9/22/2023 ![]() ![]() ![]() Landlords may review your credit when you apply to rent a home, and utility and telecom companies might require a security deposit if you have a low credit score. Your credit can also affect you even if you’re not borrowing money. For example, good credit scores can help you qualify for the best credit cards and loans, receive top offers and save money on interest and fees. ![]() Having good credit - both a good credit history and good credit score - can be important for many reasons. Or, you might get declined because of the creditor’s policies, such as Chase’s 5/24 rule, which is an unwritten policy that prevents you from being approved for a new Chase consumer credit card if you opened five or more credit cards (from any issuers) in the past 24 months. Increasing your credit score from 790 to 850 might earn you some bragging rights, but it won’t necessarily make a huge difference when you apply for credit.Įven if you have a perfect 850 credit score, creditors also consider other factors when reviewing applications, such as your outstanding debt, income and history with the creditor.įor example, you might have trouble qualifying for a loan if you don’t have any income. Once you have a credit score in the high 700s, your score might qualify you for the best possible offers - the lowest interest rates, low or no fees and potentially high credit limits or loan amounts. Being in these general good ranges means you can generally qualify for many loans and credit cards, although creditors might have more specific score requirements for particular products. For VantageScore 4.0, the 661 to 780 range is considered good credit - or 670 to 739 for FICO credit scores. Keep in mind, you don’t need the highest possible score to have “good” credit. ![]() But FICO also creates industry-specific credit scores for auto lenders and credit card issuers that range from 250 to 900. The 300 to 850 range is true for most FICO Scores and the two most recent VantageScore credit scores. The highest credit score you can get with most credit scoring models is 850, and the lowest score is 300. What are the lowest and highest credit scores? The credit bureaus can use this information to help connect new credit accounts to your credit report, and they might give it to other organizations that are trying to confirm your identity.īut none of your personal information, including where you live, factors into your credit scores.Īdditionally, information that isn’t included in your credit report, such as your nationality, gender, sexual orientation, political and religious affiliations, employment status, income and net worth, aren’t included in your credit reports or scores. Your personal information is at the top of your report and can include your name, date of birth, current and previous addresses and Social Security Number. However, credit scores don’t reflect all the information in your credit report. Does where you live affect your credit score?Ĭredit scoring models calculate your credit scores based on the information in one of your credit reports from Experian, Equifax or TransUnion. VantageScore CreditGauge updates the average credit scores by state every month and tracks other credit-related trends, such as average delinquency rates, new account openings and credit utilization rates. In 2022, Arkansas also almost tied Alabama for third-lowest average score. The scores increased from a year earlier, but the order was the same in May 2022 with average credit scores of 663, 670 and 673. Mississippi (669), Louisiana (675) and Alabama (679) had the lowest average credit scores in June 2023. The same states held the top three spots a year earlier as well, although with slightly different scores - 726, 722 and 722, respectively. The state with the highest average credit score was Minnesota (727), followed closely by New Hampshire (725) and Vermont (723). ![]()
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