The Optimal Credit Score: No Benefit in Scoring Higher, Expert Claims

While having a perfect credit score of 850 is impressive, there is no practical benefit to scoring any higher once you reach the mid-700s, according to Ted Rossman, Bankrate's senior industry analyst. Generally, a credit score between 740 and 750 will qualify you for the best terms with credit cards and auto loans, while a score of 760 will typically get you the best rates on mortgages. Every 20 points can make a significant difference in credit terms, so it's important to aim for a good credit score. To improve your credit score, focus on lowering your credit utilization rate by paying down outstanding debt and consider asking your lender for a credit limit increase.