How Good is a 787 Credit Score?

A credit score of 787 is considered very good or even excellent by most standards. But what exactly does this score mean, and how can you work to improve an already high score? Let’s take a closer look.

What is a Good Credit Score?

Credit scores generally range from 300 to 850. The higher the score, the better it is considered by lenders. Here is a breakdown of the credit score ranges

• 300-579: Poor
• 580-669: Fair
• 670-739: Good
• 740-799: Very Good
• 800-850: Exceptional

As you can see, a score of 787 falls into the “very good” range. It is well above the average credit score of around 690. Only about 25% of consumers have credit scores in this range.

The Benefits of a 787 Credit Score

A 787 credit score comes with many advantages when it comes to borrowing money and getting approved for new credit. Here are some of the key benefits:

• Lower Interest Rates Lenders will often offer their very best rates to borrowers with scores in the very good/excellent range This means lower interest rates on mortgages, auto loans, credit cards and personal loans

• Increased Approval Odds: With a 787 score, your odds of getting approved for just about any loan or credit card are very high. Lenders view borrowers with scores in this range as lower risk.

• Better Credit Card Rewards: Credit card companies offer their top rewards credit cards and most lucrative signup bonuses to borrowers with excellent credit. Perks may include airline miles, cash back, hotel stays and more.

• Higher Credit Limits: Creditors will often approve higher credit limits for borrowers with very good scores. This helps keep utilization low and further builds your credit.

How to Improve an Already High 787 Score

While a 787 credit score is excellent, there are still a few steps you can take to push it even higher into the 800+ range:

• Lower Credit Utilization: Keep balances low on credit cards and other revolving credit. Experts recommend keeping utilization below 30%.

• Mix up Credit Types: Have a blend of installment loans (mortgages, auto, student loans) and revolving credit (credit cards). This shows you can manage different types of credit.

• Limit Hard Inquiries: Too many credit applications in a short period can ding your score. Only apply for credit when needed.

• Monitor Your Credit: Keep an eye out for any inaccuracies, fraud or identity theft by checking your credit reports regularly.

• Increase Credit History: Keep old accounts open as having a longer credit history helps your score. The average age of credit for someone with a 787 score is about 7.5 years.

• Ask for Credit Line Increases: This will lower your overall utilization and increase total available credit. Both help boost scores.

• Sign Up for Credit Monitoring: This alerts you any time your score changes so you can address issues before they worsen.

Maintaining a Very Good 787 Credit Score

Once you’ve achieved a very good credit score, you’ll want to be sure to keep it there by continuing to practice good credit habits such as:

• Pay all bills on time each month
• Keep credit card balances low
• Limit new credit applications
• Check credit reports frequently
• Don’t close old credit accounts unnecessarily
• Ask for higher credit limits when possible

Who Has a 787 Credit Score?

Higher credit scores tend to correlate with age, as older consumers have had more time to establish credit history. Here is the percentage of people in different age groups that have credit scores in the 750-850 “exceptional” range:

• Gen Z (18-25): 15.4%
• Millennials (26-41): 24.4%
• Gen X (42-57): 26.1%
• Baby Boomers (58-76): 44.1%
• Silent Generation (77+): 58.7%

As you can see, less than 1 in 4 consumers under age 40 have credit scores over 750. So if you are on the younger side and have a score approaching 800, you are well ahead of most people your age.

Is a 787 Credit Score Good or Bad?

Given where it falls on the credit score range, a 787 credit score is undoubtedly very good. It signifies responsible credit usage and excellent payment history. Fewer than 1% of consumers with a score in this range are likely to default or become delinquent on credit obligations.

That said, there is always room for improvement. While a 787 credit score already qualifies you for great rates and loan terms, pushing your score over 800 could open up even more opportunities and savings.

Through diligent credit monitoring, keeping utilization low and having a mix of credit types, you may be able to nudge your 787 score into the exceptional zone. But even if your score stays put, you can be satisfied knowing that a 787 credit score ranks you ahead of most other consumers when it comes to borrowing power and creditworthiness.