750 Credit Score: A Fantastic Score That Opens up Fantastic Opportunities—but How Attainable Is It?
“I don’t like being called frugal. I like to spend money, I just do it wisely.”
These are the words of Tom Pavelka, a Cleveland-based government worker who, in 2012, was named as the person with the highest credit score in America. Pavelka was profiled by numerous publications like The Plain Dealer, the Daily Mail, CNBC, and many more; with a credit score of 848, he was only two points shy of reaching the maximum score a person could have: 850.
If you’re thinking “an 848 credit score must come with some pretty nifty benefits,” you’d be absolutely right. Between him and his wife, Helga, the pair had eight credit cards, over $120,000 in available credit, numerous classic cars, booked holidays, dinner reservations, and only four years left on their home mortgage. All in all, the Pavelkas had things good. Whenever journalists asked how exactly the Pavelkas, and particularly Tom, managed to pull off having such a high score, he made the same point: He was just responsible with money and credit.
The moral of Tom’s story is that financial- and credit-related responsibility not only paid off, but it also opened many, many doors to them that would’ve otherwise remained shut. And while achieving a score as high as Tom may be a stretch goal, reaching a score of 750—which allows score holders to take advantage of some fantastic opportunities—is certainly possible.
How?
Well, by reading through this Grow Credit post, you’ll learn how to attain and retain the high credit score of 750 that’ll serve you well throughout life. Just read through these sections to get in the know:
What does a 750 credit score mean?
How to get a 750 credit score in the first place
Why you should protect a credit score of 750—and how to do so
Go from a poor to a fantastic credit score with Grow Credit!
Let’s jump in.
What does a 750 credit score mean?
Simply put, a credit score of 750 is classed as “very good” when judged against the FICO credit scoring model, and “good” when judged against VantageScore’s. FICO and VantageScore are two separate credit scoring models that define “very poor,” “poor,” “fair,” “good,” “very good,” and “excellent” credit scores. The models differ ever so slightly when it comes to their numbers and definitions.
For instance, here’s the current FICO system, as mentioned here:
300-579 = “poor”
580-669 = “fair”
670-739 = “good”
740-799 = “very good”
800-850 = “excellent”
Meanwhile, here’s the current VantageScore system, also mentioned in the above Experian post:
300-499 = “very poor”
500-600 = “poor”
601-660 = “fair”
661-780 = “good”
781-850 = “excellent”
As you can see, both systems start at a score of 300 and end at 850. However, the FICO system has the category of “very good,” while VantageScore has “very poor” instead. Despite VantageScore not having a dedicated definition of what a “very good” credit score is, a 750 credit score is certainly a very good one, and one to be proud of. A 750 credit score can instantly tell lenders that you’re very responsible with credit, that you’re not utilizing too much, that you keep on top of payments and repayments, and that you’re not spreading your lines of credit too thin, either.
Does a 750 credit score make life easier?
According to VantageScore’s recent data from February 2021, the average credit score in the United States is now 698. At 52 points higher, a credit score of 750 is above-average, resulting in above-average opportunities and offers.
For example, when it comes to auto loans, a 750 score is certainly beneficial: The risk for auto loan lenders is so small, that you could be offered the best rates (i.e. the cheapest for you) possible. Similarly, where home mortgages are concerned, it should be a walk in the park with such a credit score (as long as you meet other requirements for the home loan, such as the ability to meet any monthly payments, of course). Personal loans, too, should be easier to qualify for; to boot, you should also gain access to the best APRs on offer.
In a nutshell, a high score like 750 allows you more freedom when it comes to your choices—which could make life much easier.
How to get a 750 credit score in the first place
To illustrate how reaching a higher credit score works, I’m going to use the analogy of video games.
The better you do on a level or in a round of a video game, the higher your score will be at the end of that level or round. And the higher your score is, the more you’re rewarded, whether that takes the form of being awarded extra loot boxes or gaining the privilege to write your name on a leaderboard.
However, you don’t get a good score by doing nothing or by not playing the level or round properly. If your character idles and doesn’t do anything, you’ll, naturally, get a score of 0. And if you don’t try to properly complete the objectives at hand, your score will be low in comparison to the players who are doing their damndest.
In many ways, the world of credit scoring works similarly. If you don’t engage with it (i.e. if you don’t have credit accounts and you have no experience with credit), you may not have any credit score at all. And if you don’t try to do well when it comes to credit scores, yours simply won’t be as good as those who are actively trying their hardest to increase their scores.
What I’m saying here, then, is this: To get a high credit score, like 750 (or even higher, like an 800 credit score!), there are certain things you need to do to improve your score over time.
These include:
Never missing a payment or repayment
No matter whether you’re paying your cell bill or repaying credit on a credit card, missed and late payments have a detrimental effect on your overall credit score. In fact, this is arguably the most important takeaway in this whole section: 35% of your credit score is influenced by missed and late payments, so ensure that you’re meeting payments fully and on time. Automating payments if you’re prone to forgetfulness definitely helps (we’ll talk more about this later).
Utilizing a strong credit mix
Having a mixture of different types of credit—like revolving credit and an installment loan, for instance—is advantageous. The reason for this is simple: It basically shows that you’re able to effectively juggle different types of credit accounts, and this will do your credit score good. Somebody who’s paying back a home mortgage in addition to using three credit cards will usually have a stronger credit max than, say, somebody only using one credit card.
Minimizing revolving utilization
Revolving utilization, otherwise known as “credit utilization” or “debt-to-limit ratio,” concerns credit and how much you’re using. Keeping your revolving utilization low (around 30% or below) is key, as it proves that you’re not going above your means. This, too, helps to boost your credit score.
Managing new lines of credit properly
Opening a new credit account can have a short but negative impact on your credit score. This is because when a new account is opened, you’re flagged as being in potentially risky financial territory—even if you’re not. With this in mind, it’s important to acknowledge the small bump down that your credit score will take, and to let it rebuild naturally (as long as you’re paying payments fully and on time, like usual!) before you consider opening another line of credit.
Keeping at it—the longer your (good) credit history, the better!
The length of your credit history actually plays a part in your credit score: The longer you have a (good) credit history, the better. Patience is particularly important here—so keep at it, keep following the above suggestions and your future credit score will thank you for it!
With a firm grasp on how credit scoring works and what you need to do to score highly, let’s now take a look at what you should be doing when you reach a 750 credit score.
Why you should protect a credit score of 750—and how to do so
As mentioned earlier, the average credit score for the modern-day American is 698. To have a score higher than this is to, well, be above-average in the world of credit and gain access to above-average rewards! However, the doors to these rewards—such as much lower APR rates, larger available credit amounts, and far higher chances of being approved for different loans—will shut again if your credit score dips down. Credit scores are always in a state of flux, ever-changing, and dependent on your credit-related decisions and actions. So, protecting a credit score of 750 or any other high number is paramount.
Whether you’re building your credit score from scratch or you’re nearing the 750 mark, here are a few tips and tricks to ensure you keep hold of your 750 credit score when you do reach it:
Automate all possible payments
We’re all human, and as humans, we’re often forgetful. But forgetting to pay a bill on time, or even missing a payment entirely, is a surefire way for your credit score to drop. But thanks to the digitalization of finances and banking, it’s incredibly easy to set up automated payments, so your bills and the like will always be paid on time—or even ahead of time! In our modern, hectic world where forgetfulness is commonplace, having the hard work taken care of brings peace of mind—and certainly helps with the most important part of building and maintaining a superb credit score: Payments and repayments.
Protect yourself from identity fraud
Unfortunately, those with high credit scores can be seen as valuable targets by identity thieves. To use the door metaphor once again, seeing as you have many doors open at a 750 (or higher) credit score, there are those who want access to those open doors, even if it’s through illegal means. If identity thieves do manage to steal your identity and use your money and/or credit for their own purposes, it could have a disastrous impact on the credit score you’ve worked so hard for. Thankfully, there are many identity protection services out there—a simple Google search will pull up a ton of options appropriate for your country or state.
Keep reviewing your credit report
Your credit report—which is a historical record of your credit-related actions—is what your credit score is ultimately calculated from. With this in mind, it’s crucial to keep an eye on your credit report, ensuring that everything always looks correct. If there’s something that doesn’t look right, or there’s something you know for sure isn’t accurate—for instance, like a note of a hard inquiry when you know you didn’t do anything for a hard inquiry to happen—it’s possible to dispute it and get it removed from your credit report. By not regularly reviewing your credit report, mistakes could get through the cracks, impacting your credit score for the worse.
In addition to the three tips above, there’s something else you can do to ensure you not only build a fantastic credit score, but also keep it well-maintained: Use Grow Credit!
Go from a poor to a fantastic credit score with Grow Credit!
Grow Credit helps U.S. residents to easily build and maintain their credit scores over time. It works by applying for our free and virtual Grow Credit Mastercard, which you can then use to pay off small-scale subscription bills for Netflix, Spotify, Disney+, and many more. As long as you pay back the money that’s advanced from your Grow Credit Mastercard in good time, your credit score will rise!
Here’s a video explainer of how Grow Credit works.
Applying for a Grow Credit Mastercard is simple—and it only takes a few minutes via our iOS app, Android app, and website. All you need to get started is to have the following (and in your own name):
A bank account (that’s been open for at least 60 days)
A valid email address
A working phone number
A social security number
A physical U.S. address and resident status
A minimum income of $1,200 per month (for at least two months)
An account balance of at least $100
And to be age 18+
If you meet the requirements, what’s the hold-up?
It’s time to grow your credit score with Grow Credit.