A 782 credit score is considered a very good credit score. With this credit score, you won’t look like a credit risk for lenders, which can be a huge benefit when you need to borrow funds.
However, borrowing options aren’t the only place that you’ll see benefits with really good credit scores! Continue reading to learn more about these benefits, along with ways to maintain your average credit score of 782.
Key Takeaways for a 782 Credit Score
Overview of Your
Credit Rating
A 782 credit score is a really good credit score. Getting here takes consistent good financial habits.
Borrowing Options With a
782 Credit Score
With a 782 credit score, you’ll have several borrowing options to choose from, both long-term and short-term loans
Maintaining a 782
Credit/FICO Score
Actions like being mindful of what’s on your credit history, what your credit utilization looks like, and paying bills on time will be very helpful!
Is a 782 Credit Score Good?
A 782 credit score is better than a good score; it’s considered a very good credit score. Having this credit score usually means that you likely have very few delinquent payments (if any), have a diverse credit mix, and have a credit utilization ratio that is lower than 30%. For consumers who have FICO® credit scores of 782, the average rate of credit utilization is 17.0%.
What Can You Get Approved for With a 782 Credit Score?
You’ll have plenty of loan options to choose from when you have really good credit scores:
Personal Loans
People use personal loan options for all kinds of expenses, including medical bills, car repair, home repair, and to pay for essential expenses. You can find these loans with banks, credit unions, and online lenders. With a really good score, you should be able to get through the credit score qualification part without any issues.
Bank Loans
Bank loans are any loans that banks offer. Depending on the loan type, spending may be restricted. However, for many options, you should be able to use the funding you need. If you’ve ever borrowed from a bank before, you probably know that they can be pretty strict with their credit score requirements, even for their smaller loans. Having a very good credit score will put you in good shape for a variety of bank loans.
Credit Cards
Credit cards are a form of revolving credit, and they can be used for all kinds of expenses. There are all kinds of credit card options out there, and with an excellent credit score, you should have many credit card options to choose from and lots of reward options. Additionally, the credit limit with each credit card may be on the higher end (depending on your income).
Auto Loans
Auto loans are secured loans that are used to purchase a new or used vehicle. With car loans, there are all kinds of lenders and financing options available. With a great credit score, you’ll have a large variety of lenders and loan options to choose from, which is important as these loans can be pretty long—around five to six years. Here are some popular choices of auto loan lenders and marketplaces for excellent credit scores:
- AutoPay
- PenFed Credit Union
- myAutoloan
- Consumers Credit Union
- iLending
Products To Help Maintain a 782 Credit Score
Here are some products that can help you maintain your 782 credit score:
Tools to Track Your Credit Reports
There are several apps and services available that can track your credit reports for you and alert you of any changes that may happen to your existing credit history. This can be extremely helpful as you can fix any errors as soon as they happen, and you can also be aware of unauthorized activity if it happens. Here are some companies that offer credit monitoring:
App/Company Name | Free Credit Scores | Credit Monitoring | Additional Features |
Credit Karma | TransUnion and Equifax scores | Yes | Personalized recommendations for credit cards and loans |
Credit Sesame | Monthly TransUnion score | Yes | Identity theft protection (premium) |
Experian | Experian credit report and FICO score | Yes, with alerts for new inquiries | Score simulator |
MyFICO | Various FICO scores used by lenders | Three-bureau monitoring | Identity theft protection |
WalletHub | Daily TransUnion credit score update | 24/7 monitoring | Personalized financial advice |
NerdWallet | TransUnion credit score | Insights into credit report | Budgeting, financial planning, and credit score improvement tools |
CreditWise from Capital One | VantageScore 3.0 from TransUnion | Yes, with alerts for significant changes | Available to everyone, not just Capital One customers |
Financial Planning Services
Financial advisors are experts who can help you come up with a plan for your finances, including your credit. They can be helpful to consult before you decide to make a financial decision because they may have insight into how that action may impact your credit history and credit scores.
A Savings Account or Emergency Fund
Savings can prevent having to take on additional debt—specifically “bad debt” if you face a financial emergency. And not taking on unnecessary debt can protect your credit scores.
Benefits of a 782 Credit Score
Here are some benefits that can come with a 782 credit score:
Lower Costs of Borrowing
When your average credit score falls in the really good range, you’ll save a lot of money when borrowing from a loan or credit card. This is because lenders can trust your responsible credit behavior.
The Ability to Purchase or Rent Your Dream Home
A higher credit score will make it easier for you to rent—credit scores are an essential part of most rental applications. And even if you are looking to buy a home your high credit scores will make that possible!
How To Maintain Your 782 Credit Score
Here are some tips to help you maintain your 782 credit score:
Avoid Cosigning or Authorized Use
When you have great credit scores, you may get friends or family members with poor scores asking for you to be a cosigner or even become an authorized user on one of your accounts. While this may help them, it does put your great credit score at risk.
Pay Your Credit Accounts on Time
No matter what platform you are getting advice from, when it comes to maintaining your credit scores, you’ll hear over and over again about your payment history. This is because payment history is the most impactful factor for your credit. And so, it is essential to pay your loan lenders and credit card issuers on time every month.
Stay Away From Bad Debt
Bad debt can be considered any debt that doesn’t help you in the long run. Credit cards and payday loans are often referred to as bad debt. While options like a mortgage, auto loan, or federal student loans often fall under good debt. Any debt will increase your debt-to-income ratio and sometimes cause a ripple effect in your finances. However, with bad debt, you won’t get much from it other than funds upfront. So, to maintain a positive credit history and, therefore, good FICO Scores, it’s best to avoid bad debt.
FAQs About 782 Credit Scores
How does credit usage impact my average credit score, and where can I monitor this aspect of my credit file?
Your credit usage, also known as your credit utilization ratio, plays a significant role in determining your average credit score. It reflects the amount of credit you’re using compared to your total available credit. Keeping your credit usage under 30% is generally advised to maintain or achieve a higher credit score. You can monitor your credit usage and its impact on your average credit score through platforms like Credit Karma, which provides insights into various factors affecting your credit score based on information from your credit reports.
What FICO score range is considered to be a higher credit score, and how can achieving this range improve my credit approval chances?
A FICO score within the range of 740 to 799 is typically considered a very good credit score, while scores from 800 and above fall into the exceptional category, representing a higher credit score. Achieving a score in this higher credit range significantly improves your chances of credit approval for loans and credit cards. Lenders view applicants with a higher credit score as lower-risk, often resulting in more favorable borrowing terms, including lower interest rates and better loan conditions.
Can regularly checking my credit report affect my FICO score or average credit score?
Checking your own credit report is considered a soft inquiry and does not affect your FICO score or average credit score. Regularly reviewing your credit report is a good practice to ensure accuracy in your credit file and to identify any potential fraudulent activity early. It can also help you understand the factors contributing to your average credit score, allowing you to take steps toward achieving a higher credit score.
What Interest Rate Can I Get With a 782 Credit Score?
Interest for a loan will be determined by the loan type, the lender that you choose to work with, and the average credit score of the borrower. The higher the credit score a borrower has, the lower the interest rate. You’ll be happy to hear that you’ll likely get really good interest rates
Can I Buy a House With a 782 Credit Score?
Your average credit score is just one piece of the home-buying process. For more context, here are some of the other things that mortgage lenders will pay attention to for approval:
- Your income
- Employment history
- Your debt-to-income ratio
- The down payment amount
- Savings and assets
- Property value and type
- Loan type and the terms
With that being said, your 782 credit score should not be an issue to get through the credit eligibility processes with most mortgages.
Top 5 Resources for a 782 Credit Score
References:
- 782 Credit Score | Experian
- Good Credit Auto Loans: Lowest Rates and Top Lenders (2024) | Market Watch