In the credit score range of 300 to 850, a score of 700 or higher is typically regarded as good.
In the credit score range of 300 to 850, a score of 700 or higher is typically regarded as good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U. S. reached 714.
You may be able to get a credit card or loan with better terms and a lower interest rate if you have a high credit score. That said, different lenders use their own criteria for deciding whom to lend to and at what rates. Here are some additional details about what makes a good credit score, what affects credit, and how to raise credit.
So you’ve checked your credit score and it’s sitting at 731. You might be wondering, “Is this good?” or “Is this bad?” Well, the answer is a little more nuanced than a simple yes or no.
In short a 731 credit score is considered good but not great. It falls within the range of 670 to 739, which is categorized as “Good” by most credit scoring models. This means you’re doing a decent job managing your credit, but there’s still room for improvement.
Here’s what a 731 credit score means for you:
- You’re likely to qualify for most loans and credit cards. Lenders generally consider a 731 credit score to be an acceptable level of risk, so you shouldn’t have too much trouble getting approved for the credit you need.
- You may not qualify for the best interest rates and terms. Lenders typically reserve their best rates for borrowers with excellent credit (scores above 740). However, with a 731 score, you should still be able to get competitive rates, especially if you have a good income and low debt-to-income ratio.
- You’re on the right track, but there’s room for improvement. A 731 credit score is a good starting point, but you can take steps to boost your score even higher. This will open up more opportunities for you in the future, such as qualifying for lower interest rates on loans and better credit card rewards.
Here are some things you can do to improve your 731 credit score:
- Pay your bills on time. This is the single most important factor in your credit score. Even one late payment can have a negative impact.
- Keep your credit utilization low. This means using less than 30% of your available credit. The lower your credit utilization, the better.
- Don’t apply for new credit too often. Every time you apply for new credit, a hard inquiry is placed on your credit report. Too many hard inquiries can lower your score.
- Become an authorized user on a credit card with good credit history. This can help you build your credit history without having to open a new account yourself.
- Dispute any errors on your credit report. Mistakes happen, and sometimes they can end up on your credit report. It’s important to dispute any errors you find so they can be corrected.
You can raise your 731 credit score and enjoy the advantages of having good credit by using these suggestions. Recall that establishing good credit requires time and work, but the results are well worth the effort.
Here are some additional resources that you may find helpful:
- Credit Karma: https://www.creditkarma.com/credit-scores/731
- Upstart: https://www.upstart.com/credit-score/731-credit-score
- Experian: https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-is-a-good-credit-score/
- Equifax: https://www.equifax.com/personal/education/credit/what-is-a-good-credit-score/
- TransUnion: https://www.transunion.com/credit-help/credit-score/what-is-a-good-credit-score
How to Improve Your Credit Scores
To improve your credit scores, focus on the underlying factors that affect your scores. At a high level, the basic steps you need to take are fairly straightforward:
- Make all of your debt payments on time, and at least the minimum amount due. Your credit scores can be negatively impacted by even a single late payment, which can remain on your record for up to seven years. Get in touch with your creditors as soon as you suspect you might miss a payment to see if they will work with you or provide hardship options.
- Keep your credit card balances low. When comparing the credit limit and current balance of revolving accounts, like credit cards, your credit utilization rate plays a significant role in the scoring process. Lower credit utilization can improve your credit scores. The overall utilization rate of people with excellent credit is typically in the single digits.
- Open accounts that will be reported to the credit bureaus. Make sure that any credit accounts you open will be added to your credit report if you don’t have many credit accounts. These could be revolving accounts like credit cards and credit lines, or installment accounts like student, auto, home, or personal loans.
- Only apply for credit when you need it. A hard inquiry resulting from applying for a new account may slightly lower your credit scores. While the effect is usually negligible, applying for a lot of different credit cards or loans in a short amount of time may result in a bigger credit score decline.
Other factors can also impact your scores. For example, increasing the average age of your accounts could help your scores. However, thats often a matter of waiting rather than taking action.
Checking your credit scores might also give you insight into what you can do to improve them. For instance, you can look at how you’re doing in each of the credit score categories when you check your free Experian FICO® Score 8.
Additionally, you’ll receive a summary of your score profile that shows you what’s improving and detracting from your score.
What Is a Good FICO® Score?
A good credit score falls between 670 and 739 out of the 300–850 base FICO® Score range.
FICO creates different types of consumer credit scores. The company offers “base” FICO® Scores for use by lenders across various industries, in addition to industry-specific credit scores for credit card issuers and auto lenders. FICOs industry-specific credit scores have a different range—250 to 900. The middle categories, on the other hand, are still grouped together, and a “good” industry-specific FICO® Score still ranges from 670 to 739.
What’s a Good Credit Score (or Excellent, Fair, Bad)? What do credit score ranges mean (really)?
FAQ
Can you buy a house with 731 credit score?
Can I buy a car with 731 credit score?
How rare is an 800 credit score?
What is considered a strong credit score?
Is 731 a good credit score?
731 Credit Score: Is it Good or Bad? A FICO ® Score of 731 falls within a span of scores, from 670 to 739, that are categorized as Good. The average U.S. FICO ® Score, 714, falls within the Good range.
Is a 731 FICO ® score good?
A 731 FICO ® Score is Good, but by raising your score into the Very Good range, you could qualify for lower interest rates and better borrowing terms. A great way to get started is to get your free credit report from Experian and check your credit score to find out the specific factors that impact your score the most.
Can a 731 credit score be used for a car loan?
Most auto lenders will lend to someone with a 731 score. However, if you want to ensure you qualify for a car loan at the best interest rates, you will want to continue improving your credit score. There are also several other factors that lenders consider when deciding whether to lend to you and at what interest rate.
Is 690 a good credit score?
Your 690 credit score puts you solidly in the mainstream of American consumer credit profiles, but some additional time and effort can raise your score into the Very Good range (740-799) or even the Exceptional range (800-850). To keep up your progress and avoid losing ground, steer clear of behaviors that can lower your credit score.