Here's What Actually Changes When Your Credit Score Hits 740
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Just reached a 740 credit score? Congratulations -- you're now in FICO's "very good" credit score range, which is actually a pretty big deal.
A 740 is one of the bigger checkpoints in the world of credit scores. It can help you get approved for better cards, get better loan terms, save on insurance, and more. Just keep in mind that it's not an end-all, be-all.
Here's what happens when you hit a 740 credit score -- and what to do next.
Is 740 a good credit score?
Yes -- a 740 sits in FICO's "very good" range (740-799), which is the second-highest tier below "exceptional" (800+).
At this level, you're generally seen as a low-risk borrower, which means you qualify for most of the best credit cards, loan rates, and more.
Credit cards are where a 740 opens the most doors. Many premium credit cards recommend "very good to excellent" credit as a baseline, which means a 740 puts you in range. Just keep in mind that issuers also weigh factors like income, existing debt, and recent application history.
So, 740 isn't a magic number -- but it is a serious milestone in the eyes of most lenders.
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It can lower what you pay for insurance, too
In most states, insurers are allowed to factor a credit-based insurance score when pricing auto and home policies -- which works in your favor here. Landing in the "very good" range typically means noticeably lower premiums than someone in the "good" or "fair" tier, even with the same driving record.
A handful of states have strict limits for companies in this regard, and a few don't allow credit-based pricing at all -- so this one depends on where you live. But it might be worth asking your insurer for a new quote once your score hits the 740 mark.
Should you keep improving your credit score?
A 740 credit score is the last big checkpoint for lenders -- it's where you start enjoying most of the perks of a great score. Past this point, you're mostly in diminishing-returns territory: The jump from 740 to 800 doesn't unlock a whole new level of credit cards, for example.
Still, some extra breathing room never hurts. A higher score gives you more of a cushion if your credit takes a hit down the road. Also, if buying a home is in your near future, pushing your score up a few points can still improve your mortgage rate.
In general, though, it's not worth stressing over every little change in your score. Just keep doing the boring stuff that got you to 740 -- paying on time, maintaining old accounts, keeping utilization low. Before you know it, you could be at an 800 score or beyond.
Want to see what else a great score can get you? Check out our list of the best credit cards available now and find the one for you today.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by American Express.
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