What can I do with a 730 credit score? As 730 is a good credit score, you should not be limited in your loan options. You'll likely easily qualify for most credit cards, personal loans, auto loans, lines of credit and more.
A FICO® Score of 730 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO® Score, 711, falls within the Good range.
A 730 credit score is considered a good credit score by many lenders. “Good” score range identified based on 2021 Credit Karma data. With good credit scores, you might be more likely to qualify for mortgages and auto loans with lower interest rates and better terms.
Definition and Examples of Tier-One Credit
The specific credit score ranges can vary depending on the lender. One lender may consider tier-one credit for consumers with credit scores above 730, while another may use 720 as the cutoff.
Generally speaking, you'll need a credit score of at least 620 in order to secure a loan to buy a house. That's the minimum credit score requirement most lenders have for a conventional loan.
A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.
It's better to pay off your credit card than to keep a balance. It's best to pay a credit card balance in full because credit card companies charge interest when you don't pay your bill in full every month.
For example, while a lender may permit you to borrow up to 95% of the property value if you have a 750 credit score, they may restrict you to no more than 80% of the property value if your credit score is 650.
According to credit bureau Experian, a good credit score is 700 or above. But if you're in your 20s and just starting out, a score of 700 or higher may be tough as you're just establishing your credit history.
The credit limit you can get with a 750 credit score is likely in the $1,000-$15,000 range, but a higher limit is possible. The reason for the big range is that credit limits aren't solely determined by your credit score.
Most individuals or companies renting an apartment want credit scores from applicants to be 620 or higher. People with credit scores lower than 620 may indicate a high risk of default on rent owed.
Having a credit score over 800 isn't just good. According to the FICO credit scoring system, it's exceptional. Although both the FICO and VantageScore credit scoring systems go all the way up to 850, you actually don't need to hit 850 to reap the same benefits as those with a perfect credit score.
A conventional mortgage usually requires a minimum credit score of 620. This means that with a score of 729, you have a high probability of being approved for a mortgage loan.
The recommended credit score needed to buy a car is 660 and above. This will typically guarantee interest rates under 6%.
For best results, you should aim for at least a FICO score of 660 before applying for a new car loan.
A 725 score should easily secure you a car loan. On average, your score should get you an interest rate between 3.6- 4.6 and between – and 6 percent on a used car. Scores above 720 are more likely to net you the lower percentage rates.
A 740 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.
Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 770 FICO® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. 25% of all consumers have FICO® Scores in the Very Good range.
An 867 credit score is excellent.
To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, the type of home loan, loan term, and mortgage rate.
For the borrower with a 620 credit score, this might equate to an interest rate of say 4.5% on a 30-year fixed mortgage, while the borrower with a 740 score receives a much lower rate of 3.75%.