What can I do with a credit score of 777?
A credit score of 777 reflects a commendable financial discipline, demonstrating to lenders that you are a low-risk borrower. This opens the door to favourable interest rates and better loan terms when you apply for credit cards, mortgages, or personal loans.
A 777 credit score is often considered very good — or even excellent. With excellent credit, your credit scores become more of a bridge and less of a roadblock — a high score can help you qualify for premium rewards credit cards, auto loans and mortgages with the best terms.
Buying a home with an 777 credit score
To illustrate this, as of Nov. 1, 2022, the average mortgage APR in the U.S. was approximately 7.1%. Borrowers with a 760 FICO Score or higher received an average APR of 6.61%, while those in the 700-759 range had an average APR of 6.83%.
Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 777 FICO® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. 25% of all consumers have FICO® Scores in the Very Good range.
777 credit score mortgage loan options
As a result, a credit score of 777 should make a mortgage approval highly likely. Your 777 credit score will likely get you an average interest rate of 2.36 percent on a 30-year loan.
You are one of the 48% of Americans who had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog. Average U.S. FICO Score at 718.
An 800 credit score is not as rare as most people think, considering that roughly 23% of adults have a credit score in the 800-850 range, according to data from FICO. A score in this range allows consumers to access the best credit card offers and loans with the most favorable terms.
In case of a $300,000 home, that translates to a down payment of $9,000, which is the lowest possible unless you qualify for a zero-down-payment VA or USDA loan. A 620 credit score is typically required, but lenders might have different rules.
For most loan types, the credit score needed to buy a house is at least 620.
Generally speaking, you'll likely need a score of at least 620 — what's classified as a “fair” rating — to qualify with most lenders. With a Federal Housing Administration (FHA) loan, though, you might be able to get approved with a score as low as 500.
What is the average credit score in America?
The average FICO credit score in the US is 718, according to the latest FICO data from April 2023. The average VantageScore is 701 as of December 2023. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.
It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.
You should be able to get approved for a decent car loan with a 777 credit score, considering that roughly 80% of all auto loans go to people with credit scores below 780.
Mortgage lenders typically want to see a score of 620 or better before approving a conventional mortgage. There are government-insured mortgages if your score is lower, and if your score is 760 or higher you'll qualify for the best interest rates.
Some types of mortgages have specific minimum credit score requirements. A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly mortgage payments.
The average 25-year-old is the upper limit for Gen Z and the average FICO® credit score for Gen Z (between ages 18-25 years) is 679, according to 2022 Experian® data. This falls in the lower limit of the “good” credit score range (670-739). This score is just a reference number.
Average Credit Scores FAQs
Given that the average credit score for people aged 18 to 25 is 679, a score between 679 and 687 (the average for people aged 26 to 41) could be considered “good”.
Length of credit history makes up 10% of your FICO score so the older you get, the more your score is likely to rise. According to Experian® data, the average American credit score for the age group 18-24 was 679 as of September 2022. This falls in the good FICO® credit score range (670-739).
| Generation | Average Credit Card Limit | Average Credit Score |
|---|---|---|
| Generation Z (age 18-25) | $11,290 | 679 |
| Millennials (age 26-41) | $24,669 | 687 |
| Generation X (age 42-57) | $35,994 | 706 |
| Baby Boomers (ages 58-76) | $40,318 | 742 |
What is a good credit score for my age?
Average Credit Score by Age
Still, average credit scores tend to increase with age. In 2021, people aged 18 to 24 averaged 679, while those 76 and up had an average credit score of 760.
A poor credit score falls between 500 and 600, while a very poor score falls between 300 and 499. “In general, people with higher scores can get more credit at better rates,” VantageScore says. So you could have trouble getting approved for higher-limit, low-interest cards with a credit score of 600 or below.
So, to estimate the salary you'll need to comfortably afford a $300,000 home purchase, multiply the annual total of $24,000 by three. That leaves us with a recommended income of $72,000. (Keep in mind that this does not include a down payment or closing costs.)
A person who makes $50,000 a year might be able to afford a house worth anywhere from $180,000 to nearly $300,000. That's because your annual salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.
An individual earning $60,000 a year may buy a home worth ranging from $180,000 to over $300,000. That's because your wage isn't the only factor that affects your house purchase budget. Your credit score, existing debts, mortgage rates, and a variety of other considerations must all be taken into account.
References
- https://www.bankrate.com/real-estate/average-credit-score-to-buy-a-house/
- https://www.businessinsider.com/personal-finance/average-credit-score
- https://www.rocketmortgage.com/learn/what-credit-score-is-needed-to-buy-a-house
- https://www.cnbc.com/select/credit-score-needed-to-buy-house/
- https://www.americanexpress.com/en-us/credit-cards/credit-intel/credit-score-by-age-state/
- https://www.moneylion.com/learn/900-credit-score/
- https://stellarfi.com/answer/what-is-a-good-credit-score-for-a-20-year-old
- https://www.experian.com/blogs/ask-experian/credit-education/score-basics/777-credit-score/
- https://www.rocketmoney.com/learn/debt-and-credit/what-is-the-average-credit-score-by-age
- https://themortgagereports.com/22502/how-to-buy-a-home-50000-per-year-income
- https://www.lexingtonlaw.com/education/score/777
- https://wallethub.com/credit-score-range/777-credit-score
- https://www.upstart.com/credit-score/777-credit-score
- https://www.bankrate.com/real-estate/income-needed-for-300k-home/
- https://www.credit.com/blog/average-credit-limit/
- https://www.creditkarma.com/credit-scores/777
- https://www.capitalone.com/learn-grow/money-management/what-is-a-bad-credit-score/
- https://www.nerdwallet.com/article/finance/750-credit-score
- https://www.cainmortgageteam.com/how-much-house-can-i-afford-with-a-60k-salary/
- https://wallethub.com/answers/cs/what-percentage-of-population-has-over-800-credit-score-2140839387/
- https://www.bankrate.com/real-estate/what-credit-score-do-you-need-to-buy-a-house/
- https://stellarfi.com/answer/what-is-the-average-credit-score-for-a-25-year-old
- https://www.nerdwallet.com/article/mortgages/whats-exact-credit-score-need-buy-home
- https://themortgagereports.com/75530/down-payment-300000-house
