Does it matter if my Credit Score is 720 or a 740?

Credit scores are the talk of town now. Obviously the higher your credit score the better. As rule of thumb a credit score around 720 or above is considered excellent credit. Some lenders have there own internal credit score requirements for certain loan types. Some lenders have a minimum credit score requirement to even get approved.

In most cases a 720 middle credit score will get you just about any type of loan. This score will also get you the best rates and terms normally. Some banks might give a little better rate if you credit score is 740 and above. But if your have a 720 fico score I would not sweat it. That type of score is considered low risk to most creditors.

I hear people all the time thinking that if there credit score is in the 800’s they will get a better deal. This is simply not true. Typically if your credit score 720 and above regardless of your score you will get the same rate and terms as someone with a 720 credit score.

I am not saying that having a credit score above a 720 is a bad thing, but just don’t sweat it if your credit score around a 720 or so.
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About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness