A credit score of 720 is right on the border between a “prime” and “super prime” credit score. Whether 720 is considered prime or super prime depends on the credit scoring model used. Let’s take a deeper look at what makes a credit score prime or super prime, and whether 720 meets the criteria.
What is a Prime Credit Score?
A “prime” credit score generally falls in the range of 660-719 on the commonly used 300-850 credit score scale. The Consumer Financial Protection Bureau specifically defines credit scores from 660-719 as prime
Prime credit is above subprime (580-619) and near prime (620-659) but below super prime, which starts at 720. Consumers with prime credit scores are considered to have good credit, though not excellent.
Lenders view borrowers with prime credit as relatively low risk. Prime borrowers have a good chance of approval for credit and tend to qualify for better terms like lower interest rates compared to those with subprime scores.
What is a Super Prime Credit Score?
Super prime credit scores start at 720 and range up to a perfect 850 score Some lenders consider scores of 760 or 780 super prime while others set the bar at 720 Super prime borrowers are seen as very low credit risk and qualify for the best rates and terms.
Having super prime credit unlocks top-tier credit card and loan offers. You’ll have your pick of rewards credit cards and can qualify for special financing offers like 0% interest. Lenders compete aggressively for super prime borrowers.
Is 720 a Prime or Super Prime Credit Score?
A 720 credit score sits right on the fence between prime and super prime ranges. Whether it’s considered one or the other depends on the scoring model.
On the FICO Score 8 model, 720 is a super prime score. FICO scores above 720 are in the “very good” credit tier.
But on VantageScore 3.0, 720 is the starting score for prime credit. It’s the ceiling for “good credit” and floor for “excellent credit” tiers.
So a 720 FICO is super prime but a 720 VantageScore is simply prime. That small difference can impact eligibility for top financing offers that require super prime scores.
How Lenders View a 720 Credit Score
While 720 isn’t high enough for every lender’s super prime offers, it’s still an excellent score. Here’s how a 720 credit score stacks up for lending:
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Mortgages – Easily qualifies for conventional loans and government programs like FHA and VA loans. But interest rates may be slightly higher than 740+ scores.
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Auto Loans – Qualifies for best auto loan rates from most lenders, though not always the rock-bottom advertised rates.
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Credit Cards – High approval odds for nearly all non-premium rewards cards. May need 760+ score for ultra premium cards.
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Personal Loans – Strong approval chances and low rates from online lenders and credit unions. Banks may require 740+ score.
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Apartment Rental – Very likely to be approved by most landlords without an increased deposit.
So while a 720 credit score doesn’t unlock every door, it provides great credit access in most cases. It’s a score to be proud of.
How to Go from 720 to a Super Prime Score
If your goal is to level up your credit score from the 720 “prime/super prime” bubble to solidly super prime, here are some tips:
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Lower credit utilization – Get balances below 10% of limits on all cards. This has an outsized impact on scores.
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Build aging – Let your longest credit accounts grow older. FICO and VantageScore favor longevity.
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Mix it up – Add an installment loan like an auto loan if you only have credit cards now. Mix of credit is good.
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Avoid applications – Limit new credit applications to minimize hard inquiries. Too many can ding scores temporarily.
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Check reports – Review credit reports to ensure no errors or signs of identity theft are present. Fix any issues.
With diligent credit management, you can take a borderline prime/super prime 720 score and turn it into a 750+ super prime score consistently.
The Takeaway
While sources differ on whether 720 is officially a prime or super prime credit score, it is an objectively excellent number. A 720 FICO or VantageScore demonstrates responsible credit management and provides access to top-tier lending options. Excellent credit is well within reach with a 720 score.
Want to check or improve your credit? Sign up for Credit Sesame which provides free credit scores and credit monitoring. They’ll give you personalized tips to build your score. Having great credit pays dividends when it’s time for a mortgage, car loan, or new credit card.
Pay down your bills
Payment history is the biggest slice of your credit score, so chipping away at credit card bills and other revolving debt can raise your score dramatically. Paying off the entire balance each month will have the biggest and fastest impact.
Cards for super-prime borrowers
You dont need excellent credit to qualify for the best cards, but it can get you the lowest interest rate. The Citi Double Cash® Card is a great cash-back card: Cardholders earn 2% on every purchase — an unlimited 1% cash back when you buy something, plus another 1% when you pay for it.
Receive a 0% intro APR for 18 months on balance transfers.Credit score
Fair to Excellent580–850Regular APR
18.24% – 28.24% variableAnnual fee
Earn $200 cash back
See rates and fees, terms apply.
The Citi Double Cash® Card is one of the best no-annual-fee cash-back cards thanks to its straightforward rewards structure.
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Selects editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.24% – 28.24%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Plus, theres no annual fee and a welcome bonus of 20,000 ThankYou® Points after you spend $1,500 on purchases in the first six months of account opening that can be redeemed for $200 cash back.
Is 720 a GOOD Credit Score
FAQ
How rare is a 720 credit score?
Additionally, because a 720 FICO® Score is on the lower end of the Good range, you’ll probably want to manage your score carefully to prevent dropping into the more restrictive Fair credit score range (580 to 669). 39% of consumers have FICO® Scores lower than 720.
What is considered a prime credit score?
What can a 720 credit score get you?
Can you buy a house with a 720 credit score?