Yes, a 718 credit score is considered a good score, placing you in a favorable position for loan approvals and decent interest rates, though it's just shy of the "very good" range (740+) which unlocks the absolute best rates; it's well above average and shows lenders you're a relatively low-risk borrower, notes Experian and WalletHub.
A 718 credit score is a good credit score, and it indicates that you are responsible managing your financial obligations. The good-credit range includes scores of 700 to 749, and people with scores in this range are in a good position to qualify for good mortgages, auto loans and credit cards, among other things.
Twenty-four percent have a FICO® Score between 750 and 799, making the "very good" bracket. Data source: FICO (2024). Nearly half of Americans score between 750 and 850, in the very good to exceptional range, while 25% of Americans have a score between 300 and 649, the poor to fair credit score range.
A FICO® Score of 718 provides access to a broad array of loans and credit card products, but increasing your score can increase your odds of approval for an even greater number, at more affordable lending terms.
Can I get a mortgage with an 718 credit score? Yes, you should have little trouble qualifying for a mortgage based on your 718 credit score, assuming that your income, employment situation, and assets are sufficient to justify the loan.
It's partly true: most negative items like late payments and collections are removed from your credit report after about seven years, but the underlying debt often still exists, and bankruptcies (Chapter 7) last 10 years, so your credit isn't entirely "clear" but mostly refreshed from old negatives. The 7-year clock starts from the date of the original delinquency, not when you paid it off or sent to collections, and the debt itself can still be pursued by collectors.
In Canada, according to Equifax, a good credit score is usually between 660 to 724. If your credit score is between 725 to 759 it's likely to be considered very good. A credit score of 760 and above is generally considered to be an excellent credit score.
Pay your bills on time
Prioritize and schedule your monthly payments, making sure to pay at least the minimum payment on time every month on all your accounts. Try to pay more than what's due whenever possible. This helps to pay down debt faster, save on interest expense and may improve your credit score.
Key takeaways: In Canada, a score of 660+ is good, and 760+ is excellent. Higher scores unlock better rates, loan terms, and premium credit products. Scores vary by bureau and model — Equifax, TransUnion and FICO® use different methods, and lenders often rely on FICO Scores.
Yes, you can likely get a $50,000 loan with a 700 credit score, as this falls into the "good" credit range (670-739) that unlocks better rates, but approval also hinges on your income, debt-to-income (DTI) ratio (ideally below 36%), and overall credit history, with lenders looking for stability and repayment ability, so prequalifying with multiple lenders helps compare terms.
A 718 credit score is considered a good credit score by many lenders. Credit scores help lenders assess borrower risk and are based on credit reports, which outline your credit history. A good credit score signals a higher likelihood of repaying borrowed money. Good credit can be financially transformative.
Reaching an excellent credit score (750 and above) is generally a long-term goal and may require at least five to ten years of consistently responsible credit habits. It's worthwhile to note that achieving this high score often necessitates having a mix of credit types and a history of on-time payments.
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
There is no minimum credit score required to buy a car, but most lenders have minimum requirements for financing. Most borrowers need a FICO score of at least 661 to get a competitive rate on an auto loan.
The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage. We're going to take at look at FICO® since it has long been the auto industry standard.
The "777 rule" in debt collection, also known as the 7-in-7 rule, is a CFPB regulation (Regulation F) limiting calls: collectors can't call more than 7 times in 7 days for a specific debt, nor call within 7 days of a conversation about that debt. It aims to prevent harassment, applying to calls, texts, and emails, though exceptions exist, and the presumption of compliance can be rebutted by aggressive call patterns like rapid succession or highly concentrated calls.