My credit score is 788. Is it okay?
Yes, a 788 credit score is excellent! When I first learned about credit scores, I had no idea how much of an impact they had on my financial life. But once I hit 788, things changed.
At this stage, the lenders will treat you as a VIP customer. That is because a credit score of 788 puts you well into the “excellent” range. Usually, any score above 750 is excellent by most bureaus.
These are some of the key benefits you can expect with a 788 score:
- Low-Interest Rates: You will enjoy a lower interest rate on loans and credit cards.
- Faster Approvals: Whether it was a mortgage, car loan, or even a premium card, approvals will be quick and easy.
- Higher Credit Limits: With a good credit score, you can expect higher credit limits on the new credit cards.
To maintain this score consistently, you should be careful about on-time payments, low credit utilisation (I try to stay under 10%), a long credit history, and a healthy mix of credit types.
However, even if your latest credit score is 788, you should not be too comfortable, as any mistake can bring it down easily.