Last year I bought a collector car, was hoping to sell my old one for $15,000, but couldn’t in time to close on the new one.
One of my dormant credit cards had a $15,000 limit and a blank check to access it. I wrote the check for the $15k, was able to buy the new one, and was able to sell the old one and repay the 15k in a couple of months.
My fico jumped from 720 to 744 and the credit card company sent me a nice letter upping my credit limit to 25k.
that’s a good score! like the others have mentioned, you should keep eye on your debt ratio as well.
my mtg broker has said that his lenders bend over backwards for people with scores like yours.
With a 780 FICO you would be in the top 3% of all scores.
You can learn more about the FICO scoring system at
What FICO says about a 780 score is:
As a group, the consumers in your score range, 780, have a delinquency rate of appx. 1 to 2%. This means that for every 100 borrowers in the 780 range, approximately 1 or 2 will default on a loan, file for bankruptcy, or fall 90 days past due on at least one credit account in the next two years.
This is compared to approximately 31 out of 100 falling into financial discord within the next two years, that possess a FICO score of 600. With these odds, which one would you rather lend to…? 780 or 600?
In other words, you would be a pretty good credit risk, as long as your debt to income ratio remains intact.
That is a very good score, lenders are going to look at your middle score, which is the middle score of the three bureaus (Experian, TransUnion & Equifax). If you only have one score your other two should not be far off, but as a former mortgage broker I have seen the bureaus pull some crazy stunts, over a 100 points in difference.
I do believe the mid 800’s is the highest. The highest I ever saw was 815.
Fannie Mae requires atleat a 620-640 score for a conventional loan.
It is an excellent score. I did some mortgage brokering a few years back. That score -with inline debt ratios -would qualify you for most loans at the most competitive rates. If my recollection is correct, the score (FICO Fair Isaac) can range up to the mid 800’s.