What can you do with a high credit score

You finally made it! You've got a 760 credit score, and that means you're approaching exceptional in the eyes of FICO.

I'm talking about your credit score, not you personally. Oh, OK, you're exceptional, too! Now that you're feeling good about yourself and your 760 credit score, what should you do next?

You can do nothing, of course, if your credit life is all puppies and rainbows. But if there are financial areas of your life that could use a little upgrade, then right now is a good time to make it happen.

Here are five money-saving opportunities you can explore when you have a 760 credit score:

Negotiate for Better Terms on Your Credit Cards

If you applied for credit cards when your score was 670, or maybe even 700, then you probably have an annual percentage rate that's too high.

Call your issuer and explain that you've worked super hard on your credit and your score is now near the exceptional range. Have you received offers for other credit cards recently? Often, when your score goes up, you enter a new credit category, and that gets the attention of financial institutions.

When you call to ask for a lower APR (and maybe a credit limit increase, too), if the issuer resists, let it know that you're getting offers for comparable cards with lower APRs.

This is a little like dating. When you're in demand, everyone wants you. So don't be afraid to use a little leverage to get top rates.

Apply for a Better Credit Card

Does your new credit status make a current credit card obsolete? This can happen if you still have a secured card or a card targeting those with fair credit. In some cases, you can ask to be upgraded within the same brand.

For example, maybe you love to travel and you've had your eye on the Chase Sapphire Preferred Card for a long time. When you go for elite rewards cards, just make sure you factor in annual fees. If the card is a good fit for you, your rewards will most likely exceed the annual fee.

Refinance Your Mortgage to Reduce Your Monthly Payment

According to FICO, with a score of 639, you'd get a 4.29% interest rate. On a $216,000 mortgage with a 30-year fixed-rate loan, you'd pay $1,068 per month in principal and interest.

Now look at how much you save with a 760 credit score: Your rate is now 2.70%, and your monthly payment is $876. That's a monthly savings of $192. Your annual savings? A whopping $2,304. It would be nice to tuck those savings away in an emergency fund, wouldn't it?

Your savings, of course, depend on what your score was when you applied for your current mortgage. But run the numbers and see how much you can reduce your monthly payment. When you do your analysis, don't forget to add the costs of refinancing, which can include application fees, origination fees and other closing costs.

Pay Off Credit Card Debt Without Paying Interest

That $5,000 balance you have on a credit card with a 19% APR? No problem.

Now that you and your credit score are almost considered exceptional, you can qualify for the top balance transfer credit cards. Right now, the best cards are offering 0% introductory APRs that last between 12 and 18 months.

Let's say you get approved for a credit card that has a 0% introductory APR for 18 months. Let's also say that the issuer charges a 3% balance transfer fee, which will cost $150 ($5,000 x .03).

To pay this off during the intro period, you need to calculate your monthly payment. Don't freak out about the math. It's really simple:

Total amount you owe: $5,000 + $150 (transfer fee) = $5,150.

Your monthly payment: $5,150 / 18 = $286.11. So, you pay $286.11 per month, and by the end of 18 months, your debt is paid off. And guess what? As your balance is going down, your credit score is going up even more.

Revisit Your Car Insurance Premiums

It isn't common knowledge that there's a connection between your credit score and your insurance rates. If you've had your current car insurance since your low-credit-score days, now's the time to place a call to your agent and ask to be reconsidered for lower premiums. Note that there are a few states that prohibit or limit auto insurers from considering credit status, so this saving option isn't available to everyone in the U.S.

How to Get a 760 Credit Score

If you're experiencing score envy, cheer up. You, too, can have a high credit score.

• Pay all your bills on time. Payment history is 35% of your FICO score. One late payment that's reported to the credit bureaus can cause a huge drop in your credit score. Set up automatic payments or reminders so you never miss a payment.
• Keep low utilization ratios on your credit cards. Your credit utilization is 30% of your score. A ratio higher than 30% will lower your score. My insider tip: If you want a score in the stratosphere, keep your ratio under 10%.
• Maintain a mix of credit. This is 10% of your FICO score. Credit cards are an example of revolving credit. A car loan is an example of an installment loan. This doesn't mean you should go buy a new car, but keep this factor in mind when the need for credit does arise.
• Limit credit applications. New credit inquiries make up 10% of your credit score. Each credit card application results in a hard inquiry, which can lop two to five points off your credit score. That's for each application, not overall. Mortgage rate and car loan rate shopping are more forgiving. If you complete your comparison rate shopping within 30 days, it counts as only one inquiry.
• Keep credit card accounts open. Your credit history is 15% of your score. A closed account will stay on your credit report for up to 10 years. But it's still not a good idea to close a credit card account unless there's an excellent reason to do so. The problem is that you'll lose the available credit associated with that card. This makes your credit utilization ratio go up, which can make your FICO score go down.
• Have a budget and track your spending. If you don't track your spending, you'll probably spend more than your budget allows. You need a budget to tell you how much you can afford to spend in a particular category. And tracking your spending makes sure you don't exceed that amount. Ignoring either of these steps can result in credit card debt.

Practice the basics, and then don't obsess about your score. You don't need to check it every day. Monitor it monthly on your credit card statement, if your issuer supplies a score. Or use one of the free credit score websites or credit score apps to track your monthly progress. Before you know it, your score will jump into the vaunted 760 credit score range.

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