Great things come from great responsibility. Let your excellent credit work for you when you take out your next loan.
This guide will take you through the benefits of excellent credit, and how to keep that score up, or even improve it.
Laurel Road Personal Loans
Get a personalized rate offer through a quick online application. Recommended for people with annual income of $60K+ and debt of less than 40% of their income.
- Min. Credit Score Required: 680
- Min. Loan Amount: $1,000
- Max. Loan Amount: $45,000
- Starting APR: 5.5%
- Loan Term: 3, 4 or 5 years
- Rate discounts for autopay
- No prepayment fees
What exactly is an excellent credit score?
An excellent credit score generally sits between 720 and 850.
Credit scores aren’t as clear-cut as you might think. The three main credit bureaus — Equifax, Experian and TransUnion — each use their own scoring systems. There’s also FICO (Fair Isaac Corporation), which also uses a different system and is considered the industry standard by many lenders.
Even though these bureaus collect the same information to determine your credit score, there’s enough variance in their algorithms to result in different scores among them.
How does my credit score affect my application?
Interest rates, loan terms and your ability to be approved are all affected by your credit score. Your credit score is a reflection of your ability to meet financial obligations. By having a higher score, you’re showing a high level of fiscal responsibility.
When lenders are more confident about your ability to pay back the loan, they view lending to you as less of a risk. With an excellent credit score, you’re more likely to be approved for bigger loans. Smaller loans can end up costing you a lot less in interest because loan providers view you as reliable.
Compare excellent credit personal loans
Select your credit score range in the filter below to find the best loans for you credit score.
What personal loans are available to people with excellent credit?
Excellent credit opens the doors to just about every borrowing option out there.
- Unsecured personal loans. Unsecured personal loans can be used for just about any legitimate purpose, and don’t require collateral of any sort. Some can even have maximums that run upward of $100,000.
- Secured personal loans. A lender may be willing to lower the interest rate on a loan if you’re able to offer up collateral. This will give the lender “insurance” by having something of value that can be collected in case of a default.
- Auto loans. Buy a new or used car or refinance an auto loan you already have.
- Peer-to-peer loans. Lower rates, flexibility, quick turnaround and fewer fees are some of the benefits that come with borrowing from an investor through an online marketplace, rather than a traditional bank.
- Startup loans. Make it through the first five years by having a plan and the money to fund your new business venture.
- Business loans. Already have an established business? Take the opportunity to grow your business with a little extra capital. Buy equipment, renovate a storefront or expand your business using the funds from a business loan.
- Debt consolidation loans. If you have open balances in several different places, you may be able to get them all under one loan — possibly with a lower interest rate.
- Pet care loans. Keep the four-legged, feathered or scaled members of your family healthy with funds to pay vet bills or buy medical supplies.
How do I maintain my credit score?
There are several factors that affect your credit score. Here are some tips on how you can maintain it or bump it up a bit more.
- Pay off open balances. Keep down the ratio of how much you borrow compared to your overall credit by paying off as many open balances as you can.
- Keep open balances low. If you can’t pay them off completely, make sure those balances stay low. Most experts recommend that you don’t go above 30% in using your total available credit.
- Don’t close an unused account if you don’t have to. By leaving accounts open, even if there isn’t a balance and you aren’t using them often, you’re keeping your utilization ratio at a favorable level.
- Keep making regular payments. Maintain those your excellent credit rating by making your payments on time and in full.
Compare loan options for different credit score ranges
| Loans for fair credit (620+) | Loans for good credit (680+) |
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Bottom line
Many advantages come with having an excellent credit score. When you’re considering a personal loan, you’ll have many options to consider.
Make sure to do your research, compare all of your personal loan options, talk to friends and experts — and sleep on it before signing any contracts.
Frequently asked questions about excellent credit personal loans
Before you visit Laurel Road…
The most qualified applicants have a minimum credit score of 680. Laurel Road tends to be best for people with annual income above $60,000 and total debt of less than 40% their income. If you don’t think Laurel Road is best for you, explore other loan options.
Before you visit Laurel Road…
The most qualified applicants have a minimum credit score of 680. Laurel Road tends to be best for people with annual income above $60,000 and total debt of less than 40% their income. If you don’t think Laurel Road is best for you, explore other loan options.
