Three Key Advantages of a Strong Credit Score

A strong credit score — 760 and above — may give you important financial advantages, including access to more options, lower interest rates, and more lender choices.

1. Higher credit limits

Since you’ve already proven you’re financially secure and creditworthy, lenders may be willing to lend you more money if you have capacity in your budget — based on your debt-to-income ratio (DTI) — as well as a strong credit score. You can apply for a higher credit limit on a new account, or you can request an increase on your current credit card or line of credit.

2. Potentially lower interest rates

Lenders see that you pay your bills on time and are a responsible borrower. Lenders may want to recognize your responsibility with potentially lower interest rates. With a lower rate, the total amount of interest you pay over time may be less when compared to a similar loan for someone with an average or low credit score.

3. More purchasing and negotiating power

When you’re shopping for a car or a home, you can get prequalified or preapproved by lenders. Preapproval may give you more power to negotiate on price, and close a real estate or vehicle purchase deal faster than someone who isn’t prequalified or preapproved. Don't take your high credit score for granted ― it’s an advantage you can use when you’re negotiating the terms of a purchase.

Wells Fargo credit score standards

760+, Excellent
You generally qualify for the best rates, depending on debt-to-income (DTI) ratio and collateral value.

700-759, Good
You typically qualify for credit, depending on DTI and collateral value, but may not get the best rates.

621-699, Fair
You may have more difficulty obtaining credit, and will likely pay higher rates for it.

620 & below, Poor
You may have difficulty obtaining unsecured credit.

No credit score
You may not have built up enough credit to calculate a score, or your credit has been inactive for some time.

If you are thinking about borrowing, now’s a good time to assess your complete financial situation to see where you stand financially. Credit is just one of the factors lenders look for when they review credit applications. Learn the 5 Cs of Credit.