For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent.
For credit scores that range from 300 to 850, a credit score in the mid to high 600s or above is generally considered good. A score in the high 700s or 800s is considered excellent. About a third of consumers have FICO® ScoresÎ that fall between 600 and 750âand an additional 48% have a higher score. In 2023, the average FICO® Score in the U.S. was 715.
Lenders use their own criteria for deciding whom to lend to and at what rates. But a higher credit score can generally help you qualify for a credit card or loan with a lower interest rate and better terms. The two main types of credit scores, the FICO® Score and VantageScore® credit scores, vary slightly in their ranges but have similar scoring factors.
A 792 credit score is considered very good and even excellent by most lenders. This high score means you have demonstrated responsible credit usage and payment history. As a result, a score of 792 will qualify you for the best interest rates and loan terms from most lenders.
What is a Good Credit Score?
In general, credit scores above 700 are considered good, and anything above 750 is considered excellent. The FICO and VantageScore credit scoring models range from 300 to 850. Here is a breakdown of the credit tier system
- 300 to 579 – Poor
- 580 to 669 – Fair
- 670 to 739 – Good
- 740 to 799 – Very Good
- 800 to 850 – Exceptional
So with a score of 792, you are securely in the “very good” credit tier. This means you have an established credit history, make payments on time, keep credit card balances low, and have limited new credit inquiries
Credit Score Factors
The five main factors that make up your credit score are:
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Payment history – 35% of your score. Making payments on time builds your score, while missed payments lower it.
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Credit utilization – 30% of your score. Using less than 30% of your total available credit limits helps your score. Maxing out cards hurts it.
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Credit age – 15% of your score. Having long, established accounts boosts your score. Too many new accounts lowers it.
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Credit mix – 10% of your score. Having different types of credit – installment loans and revolving credit cards – improves your score.
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New credit – 10% of your score. Opening many new credit accounts in a short time hurts your score.
With a 792 score, you are demonstrating positive behavior in each of these categories that lenders want to see. Let’s look at some specifics.
What a 792 Score Means
According to credit bureau Experian, someone with a 792 credit score:
- Has a credit utilization rate around 10%
- Has few or no late payments, with less than 9% delinquency rate
- Has credit history length over 7 years
- Has at least one auto loan and mortgage
- Has around 3 recent credit inquiries
In addition, FICO data shows that only 1% of people with scores in the 792 range go on to experience serious delinquency issues. So statistically, a 792 is a very low-risk score for lenders.
Benefits of a 792 Credit Score
With this high credit score, you can qualify for the best loan terms from lenders, including:
- Low auto loan rates, usually under 4% for new cars
- Excellent mortgage rates, averaging 3-4% on 30-year fixed loans
- High credit card limits and rewards offers
- Low interest rates on personal loans and lines of credit
- No need for security deposits on utilities and cell phones
In addition, a 792 FICO Score means you will pay the lowest insurance premiums available from most insurers. So you save money every month on loans, credit cards, and insurance.
Landlords may also offer security deposit waivers and other perks if you have excellent credit. Overall, a 792 score unlocks big savings that can really add up.
How to Reach a 792 Credit Score
If your score is not quite at 792 yet, here are some tips to improve it:
- Always pay all bills on time – set up autopay if needed
- Keep credit card balances low, under 30% of the limit
- Limit new credit card applications to less than 2 per year
- Have credit cards open for years – don’t close old accounts
- Apply for an installment loan like an auto loan if you don’t have any
- Check for and dispute any errors on your credit reports
With diligent credit management, you can reach that 792 mark within 6-12 months in most cases. Once there, keeping the same habits will ensure your score stays high.
Maintaining a 792 Credit Score
The work doesn’t stop once you hit a 792 credit score. In fact, maintaining this high mark requires continued effort and discipline. Here are some tips:
- Review credit reports from all three bureaus annually
- Set up credit monitoring to catch any suspicious activity
- Keep total credit card utilization below 10%
- Don’t apply for too many new accounts at once
- Ask for credit line increases instead of opening new cards
Also avoid major credit mistakes like:
- Missing payments
- Defaulting on loans
- Co-signing loans for others
- Opening store cards you don’t need
Stick to your proven credit habits and your 792 score should hold steady for the long-term.
Is a 792 Credit Score Perfect?
While a 792 credit score is excellent, it’s not technically perfect. Credit scores range up to 850, so there is still room for improvement. However, when your score is this high, even small point increases are difficult to achieve.
To reach a perfect 850 FICO Score, you would need:
- No missed payments ever
- Total credit utilization under 5%
- 15+ years of credit history with oldest accounts open
- Mix of installment, mortgage, and revolving accounts
- Just 1-2 new credit inquiries in past 2 years
Very few people can realistically reach 850, but it demonstrates how minor missteps like a single 30-day late payment years ago can prevent you from maxing out your score.
For most lending purposes, small score differences in the 780+ range won’t matter. But perfectionists may still find the 850 target motivational.
Is 792 a Good Credit Score? The Verdict
While an 850 is theoretically the “perfect” score, a 792 FICO or VantageScore is realistically as good as it gets for the vast majority of people. So if you are in the Very Good tier, pat yourself on the back for your credit success. With ongoing diligence, you can expect your 792 score to serve you well as you apply for future loans and credit cards.
Why There Are Different Credit Scores
There are many different credit scores because credit scoring companies continually update and sell their scores to lenders.
Lenders use credit scores to make lending and account management decisions, such as who to approve and whether to change your credit limit. For the most part, lenders can choose which model they want to use.
FICO and VantageScore create and sell different credit scoring models, and both companies periodically release new versions of their credit scoresâsimilar to how a software company might offer a new operating system.
The latest scoring models might incorporate technological advances or changes in consumer behavior. Lenders can then decide to upgrade to a newer model, or to stick with the older version thats already integrated into their systems and processes.
Creditors Can Choose Which Credit Scores to Use
Lenders can choose which of your credit reports to request and which score, or scores, to receive. You often wont know which report or score the lender will use, and lenders might change their preferences or test different approaches.
The good news is most FICO and VantageScore credit scores rely on the same underlying information from one of your credit reports to determine your credit scores. They also all aim to make the same predictionâthe likelihood that a person will become 90 days past due on a bill (either in general or a specific type) within the next 24 months.
As a result, the same factors can impact all your credit scores. If you monitor multiple credit scores, you could find that your scores vary depending on the scoring model and which one of your credit reports it analyzes. But, over time, you may see they all tend to rise and fall together.
Is 792 Experian A Good Credit Score? – CreditGuide360.com
FAQ
What can I do with a 792 credit score?
How many people have a 792 credit score?
Twenty-four percent have a FICO® Score between 750 and 799, making the “very good” bracket. Data source: FICO (2024). Nearly half of Americans score between 750 and 850, in the very good to exceptional range, while 25% of Americans have a score between 300 and 649, the poor to fair credit score range.
What does a credit score of 792 mean?
A 792 CIBIL score is considered excellent in India, representing strong financial responsibility and a reliable credit history. This score positions you as an ideal candidate for credit products, making it easy to qualify for loans and credit cards on the best possible terms.
How common is a credit score over 800?
A credit score of 800 or higher is considered “exceptional” or “excellent,” and it’s not as common as scores in the “good” or “very good” ranges. About 22% of the U.S. population has a FICO score between 800 and 850, according to Experian.