Credit Score Reality Check: Is 760 the New 680?

  • Posts: 1204

Replied by FrankN on topic Too soon

To some degree. A true capitalist economy will always work like a swinging pendulum so sometime it will be easier while other times it will be difficult. Right now it certainly is easier to get financing for almost anything.
3 years 4 months ago #1

Please Log in or Create an account to join the conversation.

  • Wanderer
  • Wanderer's Avatar Topic Author
  • Offline
  • Moderator
  • Moderator
  • Posts: 1265

Replied by Wanderer on topic Too soon

Credit is like gambling ... you never know how the roll of the dice will turn out. One year low scores are a winner then the lenders get nervous and it takes a higher score. About the time you think you figure a lender's policy out it all goes out the window.
3 years 4 months ago #2

Please Log in or Create an account to join the conversation.

  • Posts: 364

Replied by FrugalFran on topic Too soon

Breakinger wrote: This is a really interesting article. I don't think that 680 is necessarily the new 760, but I do think that with the direction that the economy has taken in the past and what it is now has made lenders more lenient on people because it seems that a lot of people's credit scores went down when the recession hit. I know that right now my husband and I are at 710 for our credit score and it was even higher before the economy took a big loss.


Well, it seems to be a vicious cycle, doesn't it? The whole thing with the market, economy, banks raising and lowering score requirements, consumer default rates, etc. looks to me like a big round-robin to me.
3 years 4 months ago #3

Please Log in or Create an account to join the conversation.

  • Posts: 261

Replied by Moneyes on topic Too soon

Wanderer wrote: Right now even Chase is letting out top tier credit cards down in the mid 600s+.


So in a way, even though the market dictates what the banks do in this regard, we the consumer have the final say here. That's good to know.
3 years 4 months ago #4

Please Log in or Create an account to join the conversation.

  • Posts: 217

Replied by Breakinger on topic Too soon

This is a really interesting article. I don't think that 680 is necessarily the new 760, but I do think that with the direction that the economy has taken in the past and what it is now has made lenders more lenient on people because it seems that a lot of people's credit scores went down when the recession hit. I know that right now my husband and I are at 710 for our credit score and it was even higher before the economy took a big loss.
3 years 9 months ago #5

Please Log in or Create an account to join the conversation.

  • Wanderer
  • Wanderer's Avatar Topic Author
  • Offline
  • Moderator
  • Moderator
  • Posts: 1265

Replied by Wanderer on topic Too soon

The market place creates changes in the required scores for different lending products. From around 2009 to early 2013 lenders were under the gun to improve the quality of their credit portfolios so they looked for higher scores ... since the economy has been running in the positive the scores required for many credit products has been reduced and lenders are more willing to accept lower scores today. It will fluctuate with the requirements of the economy and market place. Right now even Chase is letting out top tier credit cards down in the mid 600s+.
3 years 10 months ago #6

Please Log in or Create an account to join the conversation.

  • Posts: 364

Replied by FrugalFran on topic Too soon

FrankN wrote: I would also agree this should normalize. I do not believe 760 is the "new" 680. 680 is still a strong credit score. I believe banks will want to do business with people who have a score of 680. 760 is a very good credit score, but I would not necessarily say you are in trouble with a 680ish credit score.

That is an interesting article Wanderer, have you found any follow up information on that?


I'm happy to hear your positive thoughts on this, Frank. My husband and are both somewhere in the 690 zone and it's crazy to think we're in danger with that. We've never had any trouble with loans and credit cards, but we probably pay a higher interest rate than someone who is closer to 800.
3 years 10 months ago #7

Please Log in or Create an account to join the conversation.

  • Posts: 1204

Replied by FrankN on topic Too soon

I would also agree this should normalize. I do not believe 760 is the "new" 680. 680 is still a strong credit score. I believe banks will want to do business with people who have a score of 680. 760 is a very good credit score, but I would not necessarily say you are in trouble with a 680ish credit score.

That is an interesting article Wanderer, have you found any follow up information on that?
3 years 10 months ago #8

Please Log in or Create an account to join the conversation.

  • Posts: 28

Replied by djames on topic Too soon

I believe that this will normalize itself eventually. When the economy tanked a few years ago, I said that it would be at least a decade before we even approach the levels pre-credit crisis and it looks like I was right. It's been 7 years so far and the economy, while improving, is no where near where it was a decade ago.
3 years 10 months ago #9

Please Log in or Create an account to join the conversation.

  • Posts: 10

Replied by Janet19 on topic Credit score

I think my credit score is close to 700 but isn't there yet. It's disheartening, honestly, to hear that now even 700 might not be good enough for lenders anymore.
3 years 10 months ago #10

Please Log in or Create an account to join the conversation.

  • Posts: 1

Replied by doctorofcredit on topic Re: Credit Score Reality Check: Is 760 the New 680?

680 was never enough for the top tier cards. 760 is barely enough now though so I guess the comparison is valid.

I personally don't do any AORs unless my score is 780+ (like to have it over 800).
5 years 10 months ago #11

Please Log in or Create an account to join the conversation.

  • Posts: 4

Replied by DVD on topic Re: Credit Score Reality Check: Is 760 the New 680?

I think high scores were required when money was tight. As the economy is getting better the score can be lower. Also, banks are wising up and not just using your FICO score as the sole factor in credit worthiness. Alot of banks (Amex and Chase) have there own internal scoring system and many folk are approved for prime credit with scores in the upper 600's.
5 years 11 months ago #12

Please Log in or Create an account to join the conversation.

  • Posts: 58

Replied by smcc811 on topic Re: Credit Score Reality Check: Is 760 the New 680?

Great to hear Wanderer, question now is if the economy continues to stagnate, will the required score continue to rise to get the best rates ? When the score was between 680 and 700 what was the percentage of people at that time who qualified ? I guess if you weathered the storm and stayed on track your in a good place....
6 years 8 months ago #13

Please Log in or Create an account to join the conversation.

  • Wanderer
  • Wanderer's Avatar Topic Author
  • Offline
  • Moderator
  • Moderator
  • Posts: 1265

was created by Wanderer

Recently the question was asked on this site, what is the new score for today? According to Bankrate's Senior Financial Analyst Greg McBride, the following is his comment:

Credit Score Reality Check]


The bar has been raised for the three-digit number lenders use to determine your worthiness to borrow money. "Three years ago, a creditworthy borrower was someone with a 680 to 700 score. Now, to get the best rates, that score needs to be 760 and up," says Greg McBride, senior financial analyst at Bankrate.com. Your three-digit credit score generally ranges from 300 to 850, but can vary depending on the scoring model used by the lender.

The higher your score, the better credit risk lenders deduce you are. No matter what the number, be sure you understand what in your credit score is most impacting your risk to lenders . The sobering news is 60% of all Americans have a score below 750, according to data compiled by Minneapolis-based Fair Isaac Corp., which runs the FICO scoring system most lenders rely on.
6 years 8 months ago #14

Please Log in or Create an account to join the conversation.