Length Of Credit History
This accounts for 15% of your credit score. The age of your account is critical to your credit score. An older account implies that you are more experienced with debt management. This results in a higher credit score. Conversely, a younger account will result in a lower credit score because there just isnt even data to assess how well you handle debt over time.
Why A Very Good Credit Score Is Pretty Great
A credit score in the Very Good range signifies a proven track record of timely bill payment and good credit management. Late payments and other negative entries on your credit file are rare or nonexistent, and if any appear, they are likely to be at least a few years in the past.
People with credit scores of 750 typically pay their bills on time in fact, late payments appear on just 23% of their credit reports.
People like you with Very Good credit scores are attractive customers to banks and credit card issuers, who typically offer borrowers like you better-than-average lending terms. These may include opportunities to refinance older loans at better rates than you were able to get in years past, and chances to sign up for credit cards with enticing rewards as well as relatively low interest rates.
What Does Guaranteed Credit Mean
A guaranteed credit card is NOT a prepaid instead, theyre an option that provides access to and is a great way to build or repair your score.
A secured credit card is typically backed by a cash deposit, ie., if you deposit $600 into the account, then your credit limit will be $600. Your deposit will normally equal your credit limit. There are several cards that will deduct your one-time fee from your limit. The deposit is a security guarantee and reduces the risk to the issuer: If you dont pay your bill, the issuer can withhold the money that you deposited.
These cards do have minimum requirements such as a required checking account and a few do have a minimum credit score. Guaranteed can have its exceptions when you dont have the minimum requirements.
Here is our list of favorite cards to apply for. The approval process is much easier to qualify for vs. others.
Its important to know that most of these cards do have minimal requirements. For example, some require that you have a checking account. And some require a minimum credit score.
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Whats A Good Credit Score
So, what is a good credit score, anyway? Lets start at the beginning.
According to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time.1 It can be an important part of building your financial confidence and security.1 For example, building a good credit score could help you get approved for loans and larger purchases, like a home.1 You may also be able to access more competitive interest rates.1
There are two main credit bureaus in Canada: Equifax and TransUnion.1 These are private companies that keep track of how you use your credit.1 They assess public records and information from lenders like banks, collection agencies and credit card issuers to determine your credit score.1
Maintain Different Types Of Credit
It’s important to have a good mix of different types of credit accounts open and active on your credit report in order to maintain a high credit score. This mix should include both revolving accounts, like credit cards and store credit, as well as instalment accounts, such as mortgages, car loans, and student loans. You should avoid closing old accounts, even if you don’t use them anymore, as this can actually lower your credit score.
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Can I Get A Credit Card With A 750 Credit Score
Yes, you can. In Canada, most providers require a minimum credit score of around 650 to qualify for a standard . If your score is less than that, you will have a hard time getting a credit card in general, especially a rewards card. If that is the case, you may need to use a or a secured credit card.
So, if you have a 750 credit score, you already qualify for most credit cards, including premium cards, rewards cards and cash back cards. There are also bonuses, rewards, and promotional rates that you can qualify for when you apply for a credit card with a very good credit score. This, however, depends on the lender you choose.
Dont Get Caught In The Balance Transfer Trap
Many cards in this credit score range come with a 0% introductory APR. Those offers are designed to get you to transfer balances from other credit cards. But tread lightly.
There are high fees
Balance transfer offers come with balance transfer fees. They range between 3% to 5% of the amount transferred. A $20,000 balance transferred at 5% will see you paying a $1,000 balance transfer fee. That will at least partially offset the 0% APR offer.
Read more: 5 Important Reasons Why A Balance Transfer Fee Matters
You could put more than you can pay off on the card
Such offers also encourage you to carry large balances. After all, since youre not paying any interest on the balance, you may decide to keep it outstanding for the full introductory term.
If something happens that keeps you from paying off the balance at the end of the term, it will be subject to interest charges. Be sure to pay off any balance transfers within the term of the 0% APR.
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How To Prevent Your Credit From Becoming Stagnant
If you are trying to improve your credit but are noticing it is remaining stagnant, or even if you’re not sure where to start and feel that you need guidance, it might be time to hire the help of one of the three best credit repair services.
Some credit repair service companies include Novae Money, Lexington Law, and Ovation by LendingTree. Even if you have a credit score stuck at 750, it is possible to bring that score up in a short period.
The company not only provide a personal finance manager and access to credit & debt collection attorneys when buying their premium package but also provide an affiliate program where you can earn a $100 commission every time you refer them someone that is in the market for credit repair services Namely, you’d be earning some money while repairing your credit, as well as providing others the opportunity to start improving or repairing their scores too.
The first time you register, you’ll be charged a $150 one-time fee + your package monthly cost. That is to say, you’ll be paying $150 + $89 = $239 the first time you register, then $89/month. However, you can save some money by having a free month when you refer a friend*
- No guarantee it will be effective
- No credit counseling
Use Secured Cards If Applicable
With a 750 credit score, its not likely you need to use a secured card. But if you are having trouble getting a regular card, it could be a useful option. Secured credit cards are a great way to create a good payment history. You can use a secured card to improve your credit score by making small purchases and paying the balance in full every month.
- Annual fee : 0$
- Interest Rate : Up to 24.99%
5% Average cashback – Earn an average of 5% unlimited cashback at thousands of Neo partners.
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Auto Loans For Very Good Credit Score
Typically, the best rates for auto loans are available to people with good-to-excellent credit. However, it is important to note that what is considered “good” credit can vary among lenders. In addition to base credit-scoring models, such as FICO and VantageScore, there are also industry-specific scores that some lenders may check. For example, FICO® Auto Scores. If your credit score is 750, you will likely have an easy time getting an auto loan. You will generally qualify for the lowest interest rates on the market. Additionally, you may even be eligible for 0% APR car loans that some new car dealers offer.Depending on the loan term and how much youre borrowing, the difference in the interest rates could amount to hundreds of dollars in savings. However, you could save even more by waiting until your score reaches 781–850, at which point youll be considered a super-prime borrower.”
What Can You Qualify For With A 750 Credit Score
With a 750 credit score, youâll have high chances to qualify for most financial products from Canadaâs biggest lenders. Well-known providers will be open to working with you based on your credit score and credit history. You may even qualify for bonus perks and premiums with your excellent credit score.
The best way to find out what specific products you qualify for is by using Borrowell. You can sign up for free to check your credit score, compare products, and instantly see your approval chances for loans, credit cards, mortgages, and more. Checking your credit score with Borrowell is a soft credit inquiry, so it wonât hurt your score! Youâll have peace of mind knowing that you can compare products and see your qualification chances without hurting your near-perfect credit score.
See exactly what products you qualify for
Sign up for Borrowell to get your free credit score and instantly see what loans and credit cards you qualify for. See your approval chances, avoid rejection, and apply with confidence.
Here are some questions you might have about what general products you qualify for with a 750 credit score.
Can You Qualify for a Personal Loan?
Most lenders require that you have at least a credit score above 650 to qualify for a personal loan. If your credit score is lower, you can still qualify for some bad credit loans, but these loans typically have much higher interest rates
Can You Qualify for a Credit Card?
Can You Qualify for a Car Loan?
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Discover It Cash Back
In many ways, the Discover it® Cash Back is one of the top cash back cards on the market, and not just thanks to its high-rate rewards which are pretty awesome. No, its the combination of great features that makes this card stand out.
Not only do cardholders earn cash back rewards on every purchase, but theyll do so without paying fees for the privilege.
Of course, even if it just came down to purchase rewards, this card would earn a place near the top of the list thanks to its cash back bonus categories. Bonus categories change every quarter, and they include a range of popular and useful merchants like gas stations, grocery stores, and Amazon.com. Rewards can be redeemed at any time, with no minimums, and your cash back never expires as long as your account remains open and in good standing.
Although a credit score between 750 and 800 should be well within Discovers approval requirements, the bank will look at more than your credit score for approval. Your income and your history with Discover can also factor.
Additionally, Discover limits the number of simultaneous Discover credit cards you can hold to two, so if you already have two Discover cards, you wont qualify for a third. And, you must wait at least one year after opening the first card to open a second card.
Where To Go From Here
Its important to pay down your balances and keep your credit utilization under 30%. Its also wise to have different types of credit accounts to establish a solid credit mix because it accounts for up to 10% of your FICO score. So, youll want to have both installment and revolving credit showing up on your credit report.
Of course, you also want to focus on making timely payments from here on out. Even one late payment can be very damaging to your credit.
Length of credit history also plays an essential role in your credit scores. You want to show potential creditors that you have a long, positive payment history.
Give Lexington Law a call for a free credit consultation at and get started repairing your credit today! The sooner you start, the sooner youll be on your way to having excellent credit.
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Whats A Utilization Ratio Or Debt
According to Equifax, your debt-to-credit ratio, also known as your utilization ratio, is the amount of your debt compared to your credit limit.5 Your debt-to-credit ratio is important because if your ratio is high, it can indicate that youre a higher-risk borrower.5 Thats because lenders see borrowers who use a lot of their available credit as a greater risk.5
For example, imagine you have a couple of credit cards and a line of credit with a total debt of $14,000 and a combined limit of $20,000. Your debt-to-credit ratio would be 70%.
According to the Government of Canada, a ratio of 35% or below on credit cards, loans and lines of credit is recommended.3
Get A Secured Credit Card
If your credit score is very low or nonexistent, and you dont have any credit cards, then consider getting a secured credit card.
A secured credit card is a low-limit card that a bank can issue to you, that requires you to pay them a security deposit up front. That way, their risk is low and they can afford to give a small credit line to people with low or no credit. Many of the major issuers, like Discover and Capital one, have good offers on secured cards.
Typically, the credit limits are tiny, like $200 or less. Pretty much the only reason secured credit cards exist is to help people build credit. Start making some purchases with the card, and pay it back in full every month. Over time, youll start building a positive credit history. Make sure your other payment types are paid on time as well.
Eventually, when your credit score is higher , ask your issuing bank to convert your account to a normal, unsecured card. This way, you can get a higher limit, get better rewards, and get your security deposit back.
Whatever you do, dont close your secured card, unless for some reason you absolutely cant handle having credit. You want to start building a long-lasting credit account, because average credit age is a big factor for your credit score. So, once your score is up, convert it to a better card.
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Open A Secured Credit Card
If you dont qualify for unsecured credit cards, then a secured card could be the way to go. Secured credit cards are backed by a cash deposit, so even borrowers with poor credit scores can get one. Through this card, youll be able to improve your credit score by proving your creditworthiness with on-time payments.
Higher Credit Scores Get Lower Interest Rates
According to data from the CFPB’s Consumer Credit Card Market Report, the average total interest paid by consumers increases with lower credit scores.
The CFPB measures this with an effective interest rate calculated as the total amount of interest charged per year divided by the total balance at the end of the cycle to create a metric of how much interest was actually paid by consumers at each credit level. Data from 2020 showed that consumers with the best credit paid the lowest effective interest rates, and vice versa.
Rewards credit card
Some of the name-brand rewards cards you may be familiar with may also have higher interest rates. Here are a few favorites, and the interest rates they carry. Remember that credit card companies can change interest rates, and that only people with the best credit scores will qualify for the lowest interest rates.
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Choosing The Right Credit Card For Excellent Credit
With excellent credit, youll have no shortage of choices. When applicants with those credit scores come around, issuers roll out the red carpet and offer their most persuasive perks and bonuses.
Many of these cards have a lot to offer, but none is best for everyone. Youll have to choose the card that best fits your needs and your spending patterns.
Almost all of these cards offer customized alerts, apps to monitor your account, fraud protection, and other features.
All of these cards have variable APRs: your interest may change with the overall interest rate environment.
Most of the best credit cards for excellent credit come with rewards. Rewards can be attractive and many people use them to their advantage. That doesnt mean you should automatically leap on the card with the highest rewards. Knowing how to choose a rewards credit card can help you ensure that the rewards you earn are actually useful and help you earn at a higher rate.
What Are The Advantages Of A 750 Credit Score
The top-of-the-list advantage of a 750 credit score is cheaper loans with longer credit terms.
An excellent credit score like 750 comes with these advantages:
- Cheaper credit cards and loans
- Easy approval for higher credit limits
- Easy renting of houses and apartments
- Better insurance rates
- No-Security deposit cell phone deals
Generally, you will be received as a valued customer at most places as an excellent credit score shows you are responsible with money and you have good purchasing power.
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