What is a good Experian credit score?
What Is a Good FICO® Score? The base FICO® Scores range from 300 to 850, and a good credit score is between 670 and 739 within that range.
Different companies will be looking for different things in potential customers, so while you may be one lender's cup of tea, you may not tick all the boxes for another. We provide a score from between 0-999 and consider a 'good' score to be anywhere between 881 and 960, with 'fair' or average between 721 and 880.
While Experian is the largest bureau in the U.S., it's not necessarily more accurate than the other credit bureaus.
Your Experian score may be higher than what another credit bureau shows because Experian calculates credit scores using its own unique scoring model.
There isn't one “more accurate” report. The most accurate report in any individual case is the one that has the most complete information. Creditors don't have to report to any of the credit bureaus, and they certainly aren't required to report to all of them. Some lenders only report to one or two of the bureaus.
Lenders use such a wide variety of credit scores (and versions of scores) that no single score is definitively the most important. The FICO® Score is used by 90% of top lenders, but there are at least 16 versions of that model in use.
Twenty-four percent have a FICO® Score between 750 and 799, making the "very good" bracket. Data source: FICO (2022). Nearly half of Americans score between 750 and 850, in the very good to exceptional range, while less than 25% of Americans have a score between 300 and 649, the poor to fair credit score range.
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.
The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.
Why is my Experian score so much higher than FICO?
When the scores are significantly different across bureaus, it is likely the underlying data in the credit bureaus is different and thus driving that observed score difference.
Banks in India use the TransUnion CIBIL, Experian, Equifax, or the CRIF High Mark score. Out of these, the TransUnion CIBIL score is the one that is used most commonly. All credit rating bureaus generate credit scores and reports which help lenders assess the creditworthiness of borrowers.
Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders. With a Federal Housing Administration (FHA) loan, though, you might be able to get approved with a score as low as 500.
The credit score used in mortgage applications
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.
FICO is an acronym that stands for: Fair Isaac Corporation, the company that developed the FICO® credit scoring. FICO® credit scores are the auto industry standard for determining a potential buyer's creditworthiness.
Yes. Along with TransUnion and Equifax, Experian is recognized by financial institutions around the world as a safe, authoritative and trustworthy credit reporting agency.
While most lenders use the FICO Score 8, mortgage lenders use the following scores: Experian: FICO Score 2, or Fair Isaac Risk Model v2. Equifax: FICO Score 5, or Equifax Beacon 5. TransUnion: FICO Score 4, or TransUnion FICO Risk Score 04.
Age Bracket | 2022 |
---|---|
18–25 | 679 (Good) |
26–41 | 687 (Good) |
42–57 | 706 (Good) |
58–76 | 742 (Very Good) |
Lender | Scholaroo rating |
---|---|
Bank of America® Travel Rewards Credit Card for Students Best for travel rewards Visit website | 4.6/5 |
Chase Freedom Flex℠ Best for low interest rates Visit website | 4.6/5 |
Chase Sapphire Preferred® Card Best for entertainment benefits Visit website | 4.5/5 |
Can I buy a house with a 723 credit score?
However, with a 723 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.
Mortgages with a 704 Credit Score
More than 40% of first mortgages go to borrowers with credit scores below 740, so you should be able to finance your home purchase without much issue.
If your score is between 650 and 700, you have a consistent payment history and low credit utilisation, it may take only a few months to reach a score of 750.
What is a bad FICO credit score? A bad FICO credit score may fall in the fair or poor FICO range. FICO considers a credit score to be fair if it's between 580 and 669, and poor if it's below 580. According to FICO, borrowers with a FICO score in a lower range tend to be viewed as a credit risk.
References
- https://wallethub.com/credit-score-range/704-credit-score
- https://help.rocketmoney.com/en/articles/6372348-disconnecting-a-bank-account-or-credit-card
- https://moneyview.in/cibil-score/which-credit-score-do-banks-use-in-india
- https://www.experian.com/blogs/ask-experian/does-experian-boost-work/
- https://www.cnbc.com/select/how-to-boost-your-credit-score-fast/
- https://www.quora.com/Is-it-possible-to-raise-your-credit-score-overnight
- https://www.creditkarma.com/credit/i/why-credit-scores-differ-between-credit-reporting-agencies
- https://www.cnbc.com/select/which-credit-score-used-when-applying-for-mortgage/
- https://www.bankrate.com/real-estate/buying-a-house-750-credit-score/
- https://www.nerdwallet.com/article/finance/experian-boost
- https://www.creditkarma.com/advice/i/vantagescore-vs-fico
- https://www.forbes.com/advisor/banking/is-it-safe-to-link-bank-accounts/
- https://www.myfico.com/Credit-Education/Questions/why-are-my-credit-scores-different-for-3-credit-bureaus
- https://www.transunion.com/blog/credit-advice/why-do-i-have-different-credit-scores
- https://www.capitalone.com/learn-grow/money-management/does-paying-bills-build-credit/
- https://www.credit.com/blog/experian-credit-score-vs-fico/
- https://www.credit.com/blog/which-credit-score-is-most-accurate/
- https://www.chase.com/personal/credit-cards/education/build-credit/does-paying-car-insurance-build-credit-history
- https://www.bankrate.com/banking/is-it-safe-to-link-bank-accounts/
- https://www.forbes.com/advisor/credit-score/experian-boost-review/
- https://www.equifax.com/personal/education/credit-cards/articles/-/learn/should-i-pay-off-my-credit-card-in-full-each-month/
- https://www.experian.com/consumer-products/score-boost.html
- https://www.bankrate.com/mortgages/get-a-mortgage-with-bad-credit/
- https://www.self.inc/blog/what-bills-help-build-credit
- https://blog.teslarsoftware.com/blog/tv-streaming-services-can-now-boost-your-credit-score
- https://smartasset.com/mortgage/what-credit-score-is-needed-to-buy-a-house
- https://www.upstart.com/credit-score/718-credit-score
- https://www.usa.gov/credit-reports
- https://www.moneylion.com/learn/why-is-my-experian-score-lower/
- https://www.moneygeek.com/credit-cards/analysis/average-credit-score-by-age/
- https://time.com/personal-finance/article/which-credit-score-do-mortgage-lenders-use/
- https://money.com/how-late-payment-affects-credit-score/
- https://www.nerdwallet.com/article/finance/650-credit-score-good-or-bad
- https://www.communityfocusfcu.org/learn/financial-education/cffcu-blog/bills-that-dont-affect-your-credit-score
- https://www.capitalone.com/learn-grow/money-management/how-to-build-credit-from-scratch/
- https://www.nerdwallet.com/article/finance/what-is-the-average-credit-score-by-age-and-what-is-a-good-score-for-my-age
- https://www.edvisors.com/money-management/credit/best-credit-building-apps/
- https://www.experian.co.uk/consumer/data-access/index.html
- https://www.experian.com/blogs/ask-experian/can-unpaid-utility-bills-appear-on-your-credit-report/
- https://www.lendingtree.com/credit-cards/articles/experian-boost/
- https://www.cnbc.com/select/easy-tips-to-help-raise-your-credit-score/
- https://www.fool.com/the-ascent/research/average-credit-score/
- https://www.investopedia.com/ask/answers/12/paying-utility-bills-improve-credit.asp
- https://www.upstart.com/credit-score/716-credit-score
- https://www.dailyrecord.co.uk/lifestyle/money/experian-boost-can-improve-score-24843630
- https://www.experian.co.uk/consumer/experian-boost-open-banking.html
- https://www.creditkarma.com/advice/i/how-to-remove-late-payments
- https://www.nerdwallet.com/article/finance/how-to-build-credit
- https://www.moneysavingexpert.com/news/2020/11/experian-will-report-council-tax-and-subscription-payments-to-bo/
- https://www.investopedia.com/articles/personal-finance/040315/how-not-paying-cable-bills-could-hurt-credit-score.asp
- https://www.americanexpress.com/en-us/credit-cards/credit-intel/fico-score-8/
- https://www.experian.com/blogs/ask-experian/what-is-a-fair-credit-score/
- https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-is-a-good-credit-score/
- https://www.experian.com/blogs/ask-experian/which-credit-score-is-most-important/
- https://money.usnews.com/credit-cards/articles/how-long-does-it-take-to-build-credit
- https://www.creditkarma.com/credit-cards/i/fico-score-vs-credit-score
- https://www.lendingtree.com/auto/what-credit-score-is-needed-to-buy-a-car/
- https://www.financialexpress.com/money/borrowings-ways-to-improve-your-credit-score-3027684/
- https://www.experian.co.uk/consumer/guides/good-credit-score.html
- https://www.credible.com/mortgage/credit-score-for-home-loan
- https://www.experian.co.uk/consumer/experian-boost-faqs.html
- https://www.law.cornell.edu/wex/fico
- https://www.experian.com/blogs/ask-experian/credit-education/score-basics/750-credit-score/
- https://www.annualcreditreport.com/aboutThisSite.action
- https://www.investopedia.com/articles/personal-finance/103015/are-credit-karma-scores-real-and-accurate.asp
- https://www.solosuit.com/posts/raise-credit-score-40-points
- https://lbcmortgage.com/why-your-credit-karma-score-may-not-match-your-actual-credit-score/
- https://www.bankrate.com/personal-finance/credit/how-to-build-credit-fast/
- https://www.experian.com/help/connect-bank-account-experian-boost.html
- https://www.sofi.com/learn/content/does-cable-bill-affect-credit-score/
- https://www.businessinsider.com/personal-finance/average-credit-score
- https://www.creditkarma.co.uk/insights/i/experian-vs-credit-karma-whats-the-difference
- https://www.experian.com/blogs/ask-experian/what-is-experian-boost/
- https://www.bankrate.com/personal-finance/credit/is-experian-boost-worth-it/
- https://www.investopedia.com/articles/personal-finance/091714/top-websites-checking-your-credit-scores.asp
- https://www.chase.com/personal/credit-cards/education/build-credit/cell-phone-financing
- https://www.chase.com/personal/credit-cards/education/credit-score/most-accurate-score
- https://www.nerdwallet.com/article/finance/credit-score-ranges-and-how-to-improve
- https://www.experian.com/money/experian-smart-money/
- https://www.helpwithmybank.gov/help-topics/debt-credit-scores/credit-scores-reports/credit-reports/credit-report-when.html
- https://www.proctorhonda.com/auto-loan-qualification-credit-score-vehicle-interest-rate/
- https://www.experian.com/blogs/ask-experian/is-it-safe-to-link-bank-accounts-to-experian/
- https://www.bankrate.com/insurance/car/car-insurance-for-bad-credit/
- https://www.banksathi.com/blog/things-to-do-to-raise-your-cedit-score-by-200-points-in-30-days
- https://www.experian.com/blogs/ask-experian/add-insurance-to-experian-boost/
- https://www.sofi.com/learn/content/what-can-someone-do-with-your-bank-account-and-routing-number/
- https://www.investopedia.com/best-credit-repair-companies-4843898
- https://www.aura.com/learn/credit-karma-alternative
- https://www.americanexpress.com/en-us/credit-cards/credit-intel/paying-bills-can-affect-credit-score/
- https://www.upstart.com/credit-score/723-credit-score
- https://www.lendingtree.com/credit-cards/articles/raise-credit-score-30-days/
- https://www.emeraldgcu.com/docs/default-source/blog-entries/01-2022-credit-karma.pdf?sfvrsn=82e64233_3
- https://www.experian.com/blogs/ask-experian/what-is-experian-boost-and-how-does-it-work/
- https://www.experian.com/money/manage-bills-subscriptions/
- http://www.nfitfiji.com/personal-finances/the-three-cs-of-credit/
- https://www.experian.com/blogs/ask-experian/does-car-insurance-affect-my-credit-score/
- https://www.equifax.com/personal/education/credit-cards/articles/-/learn/establishing-credit-when-you-don-t-have-credit/
- https://www.equifax.com/personal/education/credit/score/articles/-/learn/why-credit-scores-may-drop-after-paying-off-debt/
- https://www.lendingtree.com/credit-repair/which-monthly-bills-affect-your-credit-score/
- https://time.com/personal-finance/article/how-to-improve-your-credit-score-fast/
- https://www.urban.org/urban-wire/medical-debt-was-erased-credit-records-most-consumers-potentially-improving-many
- https://www.capitalone.com/learn-grow/money-management/what-is-a-bad-credit-score/
- https://www.cnbc.com/select/how-experian-boost-works/
- https://www.capitalone.com/learn-grow/money-management/experian-credit-report/
- https://www.experian.com/blogs/ask-experian/does-paying-utility-bills-help-your-credit-score/
- https://www.aura.com/learn/credit-monitoring-app
- https://www.experian.com/blogs/ask-experian/does-experian-boost-include-auto-insurance/
- https://www.myknowledgebroker.com/blog/personal-insurance/how-to-raise-your-credit-score-by-100-points-in-45-days/
- https://www.chase.com/personal/credit-cards/education/build-credit/does-paying-rent-build-credit-history
- https://www.experian.com/blogs/ask-experian/can-you-pick-which-payments-to-include-with-experian-boost/
- https://www.experian.com/blogs/ask-experian/credit-education/score-basics/820-credit-score/
- https://www.investopedia.com/articles/credit-loans-mortgages/082816/fico-vs-experian-vs-equifax-their-pros-and-cons-fico-efx.asp
- https://www.bankrate.com/real-estate/what-credit-score-do-you-need-to-buy-a-house/
- https://scholaroo.com/student-credit-cards/credit-cards-that-use-experian/
- https://www.marketwatch.com/guides/insurance-services/car-insurance-for-bad-credit/
- https://www.capitalone.com/learn-grow/money-management/does-paying-off-collections-improve-credit-score/
- https://themortgagereports.com/23319/7-mortgage-programs-low-minimum-credit-score