I’m wondering what excellent credit is like what range number it is also I’m new at building credit so I got my first card a kohls charge card with a 300 dollar limit what is the best credit card to have? Also if I want to finance on buying a home and a car how good does my credit score hafto be range wise and does having good to excellent credit make it easier when buying a new or nice car and or home/condo or appartment. ?? What all can I do and or buy if I have a good credit card and credit score ?
For Experian credit score, they use FICO 8 and the excellent range is from 780 - 850, For Transunion and Equifax, they use both FICO and Vantage and it ranges from between 740 - 820
Anything above 720 you're doing well
Normally having good or excellent credit will allow you get a lower/better interest rate when you take out a loan for whatever it is you want to buy. An example would be a home, or car. Getting a lower interest rate allows you to pay less money in interest each month, which can add up to hundreds or thousands of dollars over the number of years it takes to pay off the loan. So basically having good credit saves you money.
