An excellent score is the level at which a borrower gets optimal loan terms and rates. The minimum credit score considered excellent fluctuates over time, but the Home Buying Institute has reported that a FICO score of 740 out of 850 was "excellent" as of 2013.
Despite the perceived minimum, the Home Buying Institute has stated that car buyers typically receive similar loan offers with FICO scores ranging from 720 to 850 as of 2013. In contrast a person applying for a mortgage with a 720 score sometimes receives a higher interest rate and less favorable terms. High down payments and low debt-to-income ratios also affect mortgage rate offers, according to the Home Buying Institute.