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A 740 credit score is right on the border between “good” and “excellent” credit. In fact, the traditional school of thought is that good credit goes from a score of 660 to 719, while excellent credit spans from 720 to 850. But it doesn’t quite work out that way in practice. For example, your odds of being approved for a credit card that requires excellent credit will be hit or miss with a 740 credit score. But if your score is 750 or above, your chances of success will be much higher. That, in a nutshell, is why we consider a score of 750+ to be excellent credit while a score of 740 is very good.

Fortunately, if you have a 740 credit score, something as simple as reducing your credit utilization could quickly put you over the top. And that would help you save hundreds, perhaps even thousands, of dollars more each year. If you don’t know your current score, you can check it for free on WalletHub, the only site offering free credit scores that are updated on a daily basis.See Your Latest Credit Score

Just remember that there’s a big difference between knowing what your credit score is and truly understanding it. So continue reading below to learn everything you need to know about your 740 credit score.

What Does a 740 Credit Score Get You?

Type of CreditDo You Qualify?
Any Credit CardNO
No-Annual-Fee Credit CardYES
Big Initial Credit Card BonusYES
Credit Card with 0% FinancingYES
No-Foreign-Fee Credit CardYES
Favorite Store’s Credit CardYES
Airline/Hotel Credit CardYES
Best Mortgage RateNO
Auto Loan with 0% Intro RateMAYBE
Lowest Auto Insurance PremiumNO
Best Personal Loan RateMAYBE
Apartment RentalYES

How to Get a 750+ Credit Score

If you want to know how to improve your credit score, look no further than the Credit Analysis section of your free WalletHub account. You’ll find grades for each component of your credit score, along with an explanation of where you stand and tips to improve. Getting your credit score to 700 is kind of like making the honor roll in school. You need mainly As and Bs to pull it off.

For example, here’s a common credit scorecard for someone with a 750 credit score:

  • Payment History: A = 100% on-time payments
  • Credit Utilization:A = 1% – 10%
  • Debt Load: A = <0.28 debt-to-income ratio
  • Account Age: B = Average account is less than 9 years old
  • Account Diversity: A = 4+ account types or 21+ total accounts
  • Hard Credit Inquiries: A = Fewer than 3 in past 24 months
  • Collections Accounts & Public Records: A = 0 collections accounts and public records

You don’t need to match this scorecard exactly to build a credit score of 700 or even higher. Different profiles can get the job done. For example, you might have an A in Credit Utilization but a B, or even a C, in Account Age. It’s the complete picture that matters.

Who Has a 740 Credit Score?

Credit ScoreTierPercentage of Americans
720 – 850Excellent38.12%
660 – 719Good17.33%
620 – 659Fair/Limited13.47%
300 – 619Bad31.08%

*Based on WalletHub data as of Oct. 7, 2016

As you can see, the majority of us are in the top two tiers of the credit-score range. A lot of people don’t know where they stand, though, considering that 44% of consumers haven’t checked their credit score in the past 12 months, according to the National Foundation for Credit Counseling. If you’re one of them, you can change that by checking your credit score on WalletHub.

700+ Credit Scores by Income

Less than $30K$30,000 – $49,999$50,000 – $74,999$75,000 – $99,999$100K+0.000.250.500.751.00

Income700+<700
Less than $30K0.130.87
$30,000 – $49,9990.310.69
$50,000 – $74,9990.70.3
$75,000 – $99,9990.740.26
$100K+0.730.27

People who make at least $50,000 per year are significantly more likely to have a credit score of at least 700. And people who pull in $75,000 to $99,999 per year are in the sweet spot for a score that begins with a 7 or an 8. But note that it is possible to get into the 700-plus club if you earn less or wind up with a way lower score even if you make a lot more. It’s all about spending within your means.

700+ Credit Scores by Age

18-2425-3435-4445-5455-6465+0.000.250.500.751.00

Income700+<700
18-240.240.76
25-340.330.67
35-440.360.64
45-540.430.57
55-640.560.44
65+0.670.33

Your credit score takes into account the average age of your credit cards and loans, so it makes sense that high credit scores skew older. But the fact that nearly one-quarter of people aged 18 to 24 have credit scores of 700-plus should give newcomers plenty of hope.