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790 Credit Score Hidden Secrets to Great Mortgage Rates

 Achieving a 790 credit score could be your ticket to unlocking the best mortgage rates available. Not only can it lead to lower interest rates on loans, but a credit score of 790 can also put you in a position to enjoy many other financial benefits. In this comprehensive guide, we’ll explore everything you need to know about a 790 credit score and how you can use it to your advantage in the mortgage landscape.

1. Demystifying the 790 Credit Score

A credit score of 790 is undoubtedly good. In fact, it’s considered an excellent credit score, well above the average credit score in the United States and virtually on the cusp of being considered perfect. With a 790 credit score, you stand a great chance of securing the best mortgage rates available.

How Good Is a 790 Credit Score?
To give you some perspective, a perfect credit score is 850, while an average American credit score hovers around 710. A credit score of 790 could put you among the top tier of borrowers, making it more likely for you to get approved for loans with the most favorable terms.

Refer to the table below to see how a 790 credit score ranks:

Credit Score 790

2. Unlocking the Best Mortgage Rates with a 790 Credit Score

With a credit score of 790, you’re already in a fantastic position to secure the best mortgage rates. But what does that mean to you on a practical level? What kind of interest rate can you expect? Let’s find out.

790 Credit Score Mortgage Rate: What to Expect

With a credit score of 790, you are in prime lending territory. It’s common for borrowers with scores in this range to receive lower interest rates than those with lower scores. For example, you might see rates as low as 3% or below when you have excellent credit.

You can use your 790 credit score to negotiate the best mortgage rates with various lenders. Check out this list of best online mortgage companies to start your search.

Remember, your credit score is just one factor that lenders consider when offering you mortgage rates. Other factors, such as your income, job history, and the size of your down payment, will also impact the rates you receive.

3. From “Good” to “Excellent”: Raising Your Credit Score from 790

If you’re already at a 790 credit score, you may wonder what else can be done to improve your financial standing. While credit scores in the high 700s are already outstanding, you can still aim for that perfect 860 score.

Top 5 Strategies for Raising Your Credit Score from 790+

  1. Pay your bills on time — on-time payments account for 35% of your credit score. Ensure that all your accounts are paid on or before their due dates.
  2. Utilize credit responsibly — use your credit cards for routine expenses, but be mindful of your credit utilization rate (the percentage of available credit you’re using). Aim for a credit utilization rate below 30%.
  3. Limit hard inquiries — hard inquiries from loan applications can negatively impact your credit score. Limit your loan applications to periods when you genuinely need credit, and refrain from applying for multiple credit sources at the same time.
  4. Build a longer credit history — a more extended credit history can help improve your credit score over time. Keep your accounts open and in good standing to steadily increase your score.
  5. Diversify your credit mix — having a mix of different types of credit, such as a mortgage, auto loan, and credit cards, might improve your credit score.
Is 790 A Good Credit Score

4. Exploring Various Lending Options with a 790 Credit Score

With a 790 credit score, you can explore various lending options like virtual banks and mortgage brokers. If you’re on the hunt for a new home or hoping to refinance your current mortgage, be sure to shop around for the best interest rates. Compare what different lenders have to offer, from big-name banks to local credit unions.

A 790 credit score can also help you when it comes to getting approved for other credit products like personal loans and credit cards with high spending limits or rewards programs. So make sure to leverage your excellent credit score in your pursuit of the best lending terms available.

5. History and Significance of the 790 Credit Score

Credit scores were first introduced to the US financial landscape in the 1950s by the Fair Isaac Corporation (FICO). Originally, they were created to help lenders determine a borrower’s credit risk. Today, they continue to be a critical tool for lenders to assess the likelihood of borrowers repaying their loans.

Over time, credit scores have evolved and now play a vital role in determining the interest rates and credit terms extended to consumers across various financial products, including mortgage rates.

6. Statistics and Trivia of the 790 Credit Score

  • Only 20% of consumers have credit scores between 800 and 850, so a 790 credit score puts you in good company.
  • Consumers with a 790 score are 92% more likely to have their mortgage application approved than those with scores below 620.
  • On average, it takes about 7 years for a credit score to rise from 590 to 790, assuming all aspects of credit management are handled responsibly.
Is A 790 Credit Score Good

7. Frequently Asked Questions (FAQs)

Q: Is a 790 credit score good enough to get the best mortgage rates?
A: Yes, a 790 credit score can typically get you some of the best mortgage rates available, with interest rates around 3% or lower.

Q: How can I improve my 790 credit score to increase my chances of getting the best mortgage rates?
A: Ensure on-time bill payments, maintain low credit utilization rates, limit hard inquiries, increase your credit history length, and diversify your credit mix.

Q: Can a 790 credit score help me with other types of loans?
A: Yes, a 790 credit score can benefit you when applying for personal loans, auto loans, or even credit cards with rewards programs.

In summary, a 790 credit score places you in an excellent position to land the best possible mortgage rates and terms. With this strong financial foundation, you can forge ahead and find the home of your dreams, all while enjoying the benefits that come with a solid credit score. So the next time someone asks, “Is a 790 credit score good?”, you can answer with confidence, “Absolutely!”

Mortgage Rater Editorial, led by seasoned professionals with over 20 years of experience in the finance industry, offers comprehensive information on various financial topics. With the best Mortgage Rates, home finance, investments, home loans, FHA loans, VA loans, 30 Year Fixed rates, no-interest loans, and more. Dedicated to educating and empowering clients across the United States, the editorial team leverages their expertise to guide readers towards informed financial and mortgage decisions.
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