A 795 credit score is a “very good” score. Many lenders view this type of credit score favorably.
Borrowers with a very good score can typically qualify for the best rates and products a lender offers.
But while you can look forward to better-than-average lending terms, remember that too many new credit inquiries and too much outstanding debt can decrease your credit.
Key Takeaways for a 795 Credit Score
Overview of Your
Credit Rating
A 795 credit score is very good and higher than the average credit score of American consumers. You are highly likely to repay debts on time.
Borrowing Options With a
795 Credit Score
Borrowers with very good credit scores can get approved for most borrowing options and secure attractive rates.
Maintaining a 795
Credit/FICO Score
You can maintain your high credit score by continuously making timely payments and keeping your credit usage low.
Is a 795 Credit Score Good?
A 795 credit score is a very good score, but it’s possible to get an even higher credit score. Excellent credit scores range from 800 to 850. According to CNBC, less than 2% of Americans have a perfect credit score. An increase of only 5 points can help you move up to the highest credit rating category and qualify for the absolute best interest rates available.
What Can You Get Approved for With a 795 Credit Score?
If you have a very good score, you may qualify for these popular loan options:
Personal Loans
If you have a very good credit history, you can easily qualify for an online personal loan. Personal loans may provide thousands of dollars for all types of financial emergencies. If you have a proven track record of excellent financial management, you may be able to get the best unsecured loans available.
Bank Loans
Banks generally have strict credit score requirements for installment loans. But if you have a very good credit history and a reliable source of income, you could get approved for bank loans. The only downside is that traditional bank loans can have longer approval processes than online loans.
Credit Cards
A higher credit score can help you qualify for the best rewards cards on the market. A rewards credit card can help cardholders earn all types of rewards that help them save money. Consider if you would prefer to earn points, travel miles, or cash back when looking for a new revolving credit card.
These are some of the best rewards credit cards:
- Best no-annual-fee credit card: Chase Freedom Unlimited®
- Best cash back credit card: Wells Fargo Active Cash® Card
- Best student credit card: Capital One SavorOne Student Cash Rewards Credit Card
- Best travel credit card: Chase Sapphire Reserve®
- Best for Earning Membership Rewards Points: American Express® Green Card
Auto Loans
You can get some of the lowest rates on auto loans with very good credit scores. However, you may still pay a lot of interest on an auto loan if you opt for a 72- or 84-month repayment plan. According to Edmunds, the average monthly payment for financing a new car hit $730 in March 2023.² Consider how much you want to spend when applying for an auto loan and choosing a repayment length.
Products To Help Maintain a 795 Credit Score
These are some financial products that can help you maintain your current score:
Credit Monitoring
Monitoring your credit at least once a month can help you maintain a higher credit score. Credit scores are typically available on your credit card or loan statements.
Budgeting Apps
Downloading a budgeting app on your phone can help you maintain good credit. Budgeting apps have different types of useful features, such as expense tracking, bill payment, and goal setting.
Automatic Payments
Signing up for automatic payments can help you build a better payment history on your credit report. An extended history of reliable payments can help you maintain and improve a very good credit score.
Benefits of a 795 Credit Score
Read about some advantageous benefits you could get with a very good credit score:
Low Interest Rates
A high credit score can help you get a very low rate on a loan or credit card. Low rates can greatly reduce the amount you pay to borrow funding.
High Credit Limits
Borrowers with very good credit are low risk, which may prompt lenders to offer them very high credit limits. A high credit limit means you can spend more while still maintaining a low credit utilization ratio, which directly affects your FICO Score.
More Lending Options
A very good or excellent credit score can significantly increase your lending options. Most lenders prioritize borrowers with good credit scores and may quickly grant approval.
How To Maintain Your 795 Credit Score
Continue to maintain your high FICO Score by following these useful financial tips:
Monitor Your Credit Reports
The three major credit bureaus provide free credit reports every 12 months. Monitoring your credit reports from TransUnion, Equifax, and Experian can help you identify errors and fraudulent activity that can decrease your credit.
Avoid Late Payments
Late payments can potentially appear on your credit report and decrease your credit. But you can avoid going back down to an average credit score by ensuring you always pay on time.
Maintain Low Credit Usage
While it may be tempting to take advantage of low rates and higher credit limits, remember that using too much credit can decrease your 795 score. Ensure you keep your credit utilization rate below 30% of your total credit limit to avoid financial issues and maintain your current credit score.
FAQs About 795 Credit Scores
How often do lenders report to credit bureaus, and how does this affect my 795 credit score?
Lenders typically report to credit bureaus every 30 to 45 days, but this can vary. Since your 795 credit score reflects the information in your credit reports, regular updates from lenders ensure your score is current. Timely payments and responsible credit use will positively influence your score following each report.
If my average credit score is around 795, how does this compare to an excellent credit score, and what can I do to reach that level?
An average credit score of 795 is actually on the higher end of the “very good” credit range, which is just a stone’s throw away from the “excellent” credit category (800-850). To elevate your score into the excellent range, focus on fine-tuning your credit habits.
Will having a 795 credit score guarantee that all lenders will approve my credit applications?
While a 795 credit score is very attractive to lenders and significantly increases your chances of approval for credit products, it doesn’t guarantee approval. Lenders also consider other factors such as your income, employment history, and debt-to-income ratio. Each lender has its own criteria for approval, but your high score demonstrates financial reliability, making you a low-risk borrower.
What Interest Rate Can I Get With a 795 Credit Score?
You can get the lowest interest rates with a 795 score because you demonstrate that you are a low-risk borrower. Low rates can help you save a ton of money when borrowing funds, which allows you to keep more money in your bank account.
Can I Buy a House With a 795 Credit Score?
Borrowers with very good credit can qualify for conventional loans, which are mortgage loans that are not part of any specific government program. Conventional loans offer more benefits and lower fees but are more difficult to get than non-conventional loans. Most mortgage lenders offer conventional loans, which means you have more financing options.
Take a look at how conventional loans compare to FHA loans below.
Feature | Conventional Loans | FHA Loans |
Minimum Down Payment | Typically 3% for qualified buyers | As low as 3.5% |
Mortgage Insurance | Required if down payment is less than 20% | Required regardless of down payment amount |
Credit Score Requirements | Higher credit score required, usually 620+ | Lower credit score accepted, typically 580+ |
Loan Limits | Higher loan limits compared to FHA | Set by the Federal Housing Administration, generally lower than conventional |
Property Standards | Less stringent inspection and property standards | Must meet specific health and safety standards |
Interest Rates | Based on credit score, can be higher or lower | Typically lower for borrowers with lower credit scores |
Loan Types Available | Fixed-rate, adjustable-rate, jumbo, and others | Mostly fixed-rate, with some exceptions |
Use of Loan | Primary residence, second homes, investment properties | Primarily for primary residences |
Borrower Eligibility | Generally more stringent, based on credit and income | More flexible, aimed at helping low-to-moderate income borrowers |
Refinancing Options | Cash-out refinancing available | Streamline refinancing without appraisal in some cases |
Disclaimer: This table provides a general overview. Specific terms can vary by lender and individual borrower circumstances. It’s always a good idea to consult with a mortgage advisor or lender to get the most accurate and up-to-date information tailored to your situation.
