Most major consumer credit bureaus will label a 783 credit score as “very good” credit.
According to Experian, 25% of consumers have a higher credit score in the “very good” credit range.1
Consumers with FICO scores in this range most likely have a proven track record of healthy financial habits, including timely payments, low credit utilization, and a decent debt-to-income ratio.
Key Takeaways for a 783 Credit Score
Overview of Your
Credit Rating
783 sits towards the top of the “very good” credit score range. With just 16 points of improvement, consumers can progress to the “excellent” credit range!
Borrowing Options With a
783 Credit Score
Most loan types with very competitive interest rates and terms should be available. But try to avoid unnecessary loans to maintain this awesome score.
Improving a 783
Credit/FICO Score
Consumers with “very good” credit should maintain a positive payment history, keep their credit utilization rate low, and avoid “bad debts” to maintain their great credit score.
Is 783 a Good Credit Score?
Yes! According to most credit scoring models, 783 is a fantastic credit score! Also, it’s less than 20 points away from progressing into the topmost credit score range, which includes all scores between 800 and 850. Credit bureaus use information from financial categories such as payment history, credit mix, length of credit history, personal debt, and new credit inquiries when calculating credit scores. To get to a great credit score like 783, you most likely have great financial habits in all these categories.
What Can You Get Approved for With a 783 Credit Score?
With a fantastic credit score like 783, you should get approval for most loan or credit card products. Just make sure to do your research first! A few options you could consider are:
Personal Loans
Personal loans are a type of installment loan consumers can use for just about any purpose. With a higher credit score of 783, you should be able to receive approval for most personal loan products with desirable interest rates and terms! But before you apply, make sure to research your options and compare your offers. You can even use your excellent credit score to leverage a better deal from one lender by using an offer from another!
Bank Loans
Consumers can also get personal loans and other financial products from most local and chain banks. While banks are known for having strict approval requirements, you shouldn’t have to worry about that too much with an average credit score in the “very good” range.
Credit Cards
When used responsibly, revolving credit products like credit cards can help consumers access extra cash as well as help them earn fun benefits like travel points or cash back. A few popular types of rewards credit cards include:
- Discover it Cash Back
- Chase Freedom Unlimited
- Capital One Venture Rewards Credit Card
- Chase Sapphire Preferred®
- Citi Diamond Preferred Card
Car Loans
Auto loans are a type of secured loan that consumers can use to purchase a vehicle. Your 783 credit score should help you land a decent deal on most auto loans, but remember that approval also depends on other factors like income, available assets, current debts, etc.
Products to Help Maintain a 783 Credit Score
Here are some products and tools to help you maintain a healthy credit history and great credit scores.
Credit Report Monitoring
Professional credit monitoring can help keep an eye on your credit reports. Some services you may consider are:
Service | Pricing | Credit Bureaus Monitored | Identity Theft Protection? | User Ratings (Approx.) |
Credit Karma | Free | TransUnion & Equifax | NO | 4.5/5 |
Experian | Free version available; $19.99/month for Premium | Experian (Free); All 3 for Premium | YES | 4.6/5 |
TransUnion | $24.95/month | All 3 | YES | 4.3/5 |
Equifax | $19.95/month | All 3 | YES | 4/5 |
IdentityForce | $17.99/month for UltraSecure | All 3 | YES | 4.8/5 |
Disclaimer: This comparison gives you a broad overview of what each service offers. It’s important to consider what aspects are most crucial for your needs. Always check the provider’s website for the most current information regarding monitoring of credit reports, as services and pricing can change.
Budgeting Apps
A budgeting app can help borrowers keep track of their monthly expenses. Once you see where your money goes each month, it’s easier to know what expenses to cut and how to save money. There are plenty of free apps available, such as YNAB, Goodbudget, and PocketGuard.
Savings Account
Having a savings account can also help you keep your finances, and by extension, your credit score, in order. CNBC reports that, according to a survey, 29% of people have approximately $501-$5,000 in a savings account.2 Having some money stored away in a savings account gives you a resource you can draw on should you ever run into a financial emergency. That way, you don’t have to turn to potentially predatory loans like payday loans or other cash advance loans!
Benefits of a 783 Credit Score
You can enjoy some of the best financial benefits with a great credit score like 783. Some of those benefits may include:
- High credit limit on credit cards
- Low interest rates on personal installment loans and other financial products
- Better rates and premiums on insurance
- Easy approval for tons of loans, credit cards, and other financial products
How to Maintain Your 783 Score
Maintain your awesome credit scores with the following tips:
- Check your own credit report often, maybe about once every other month or so
- Maintain a consistent payment history and contribute at least the minimum payment due
- Watch your credit mix to make sure you are avoiding “bad debts” like quick cash loans
- Try not to apply for new credit accounts unless absolutely necessary
FAQs About 783 Credit Scores
How do multiple credit scores affect someone with a 783 score?
Having multiple credit scores is common, as scores vary between agencies. A 783 score indicates strong creditworthiness across models, but monitoring all scores to ensure consistency and promptly address discrepancies is beneficial.
Can a 783 credit score impact my employment opportunities?
Some employers check credit scores as part of the hiring process. A 783 score is likely to reflect positively, indicating financial responsibility and stability to potential employers, especially in finance-related fields.
Is it beneficial to close unused credit accounts with a 783 credit score?
Closing unused credit accounts can lower your score by affecting your credit utilization ratio and history length on your credit reports. Keep accounts open unless they carry high fees or you have other strategic reasons for closing them.
What Interest Rate Can I Get With a 783 Credit Score?
Consumers with higher credit scores are able to access some of the best interest rates available. Just remember that specifics depend on state laws, loan type, and your financial history.
Can I Buy a House With a 783 Credit Score?
Buying a house is a challenging feat. Thankfully, with an excellent credit score of 783, you may have an easier time getting approved for a good loan. The important thing to remember is to research multiple lenders and thoroughly compare your options. Consider factors like loan amounts, interest rates, repayment terms, down payments, and other fees/expenses.
Top 5 Resources for a 783 Credit Score
References:
- 783 Credit Score: Is it Good or Bad? | Experian
- How much money Americans have in their savings accounts—nearly half have less than $500 | CNBC