Once you hit this credit score, experts say you're 'good' — here's how to get there

Experts say no. In fact, your score can be quite a bit lower than the top tier and you'll still be in good shape. Here's the number experts suggest you aim for if you want your credit score to open doors rather than serve as an obstacle.

This credit score is good enough

A score of 700 or higher means you're considered a pretty good credit risk and don't need to worry too much, experts say.

"Once you’ve hit the mid-700s, you’re good," Ted Rossman, a senior industry analyst with Bankrate, told CNBC in an interview. "You don’t need a perfect 850."

While Rossman acknowledged that you may need a slightly higher score for the best mortgage rates — something in the 760 to 780 range — he said that a score of 740 to 750 is more than good enough to help you get the best rates on credit and auto loans.

Reports from each of the three major credit reporting agencies — Experian, Equifax and TransUnion — also concur, with the bureaus respectively identifying scores as "good" or "very good" once they hit 700 or above, 740 to 799 and 721 to 780.

How to make sure your score is good — or great

The good news is, many Americans already have a good-enough score, or at least come close. The average FICO score — the most widely used credit scoring formula — was around 717 as of fall 2023, according to its creators, the Fair Isaac Corporation.

However, if your score isn't where you'd like it to be, there are a few simple steps you can take to give it a boost and get into that coveted mid-700s range. Here's what you can do.

Ask your creditors for help

If you have a record of missed payments, sometimes creditors will work with you to improve your standing if you ask them to — especially if you've generally been a good customer or you work out a deal to pay any past-due balances.

Payment history is an important scoring factor, so having a late payment removed can provide an instant boost to your credit rating. It may be worth making the request to your creditor by writing a "goodwill" letter asking for their assistance.

Be wary of how much credit you use

Carrying a debt load above a certain percentage of your available credit can be detrimental to your score. General wisdom is to keep it at 30% or lower.

Set up autopay

It's important to make each payment in full on time if at all possible.

So, if you know you'll have enough funds to cover payments each month, setting up automatic payments can protect against any black marks on your record since you won't have to worry about forgetting to pay and finding yourself with a big score drop because of it.

Keep old accounts open

Avoid closing old accounts. Many people think this will help, but it can actually hurt. You want to keep those old accounts — and their open credit lines — on your report so you can show you aren't using as much of the total credit available to you. You may also want to keep the positive payment history they reflect.