Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U. S. FICO® Score, 714, falls within the Good range. Consumers with good credit scores are seen by lenders as “acceptable” borrowers, and they may be offered a range of credit products, though perhaps not at the lowest possible interest rates.
Approximately 9% of consumers with Good FICO® Scores are likely to become seriously delinquent in the future.
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How to build up your credit score
Because of your strong FICO® score, you have a decent chance of being approved for a range of loans. However, you may be able to qualify for better interest rates and save thousands of dollars in interest over the course of your loans if you can raise your credit score and eventually fall into the Very Good (740-799) or Exceptional (800-850) credit-score ranges. Here are few steps you can take to begin boosting your credit scores.
Consider credit score monitoring. Continually tracking your FICO® Score can provide good reinforcement for your score-building efforts. Rewarding consistent growth while acknowledging that sporadic setbacks are normal can serve as a useful reminder to uphold sound credit practices. Additionally, monitoring will notify you of any abrupt drops in your credit score, which could indicate that there has been unauthorized activity on your credit accounts.
Avoid high credit utilization rates. High credit utilization, or debt usage. According to this measurement, the FICO%C2%AE%20scoring%20system%20bases%20your%20credit%20score%20on%20this%20measurement%E2%80%94, which is the percentage of your available credit limit that is represented by your outstanding payment balances. Try to keep your utilization across all your accounts below about 30% to avoid lowering your score.
Try to establish a solid credit mix. Multiple credit accounts and a variety of credit types, such as installment loans like mortgages or auto loans and revolving credit like credit cards and some home equity loans, are preferred by the FICO® credit-scoring model. This implies that you shouldn’t be afraid to borrow wisely when the time is right—it doesn’t mean you should take on debt you don’t need.
Make sure you pay your bills on time. One of the best ways to raise credit scores is to avoid making late payments and to pay off past-due accounts. Establish a system and stick to it. Find an automated solution that works for you, whether it be sticky notes and paper calendars or smartphone reminders and automatic bill-payment services. After about six months of perseverance, you’ll start remembering things without being reminded—but just in case, keep the reminders handy).
How to improve your 713 Credit Score
Access to a wide range of credit card and loan products is possible with a FICO® Score of 713, but raising your score can improve your chances of being approved for even more loans with more favorable terms.
Furthermore, since a 713 FICO® Score is near the bottom of the Good range, you should definitely watch your score to avoid falling into the more constrictive Fair credit score range (580 to 669).
The best way to determine how to improve your credit score is to check your FICO® Score. You’ll get information about how to raise your score based on particular details in your credit file, along with your score. Youll find some good general score-improvement tips here.
Can I buy a house with a 700 credit score?
FAQ
Can I get a home loan with a 713 credit score?
How good is a credit score of 713?
What credit score do you need for a $400000 house?
What credit score is needed to buy a 300k house?
Can you get a mortgage with a 620 credit score?
Make on-time payments on credit cards, loans and other debts. Some conventional mortgage providers will lend to those with a credit score lower than 620. Cardinal Financial Mortgage offers conventional loans, as well as FHA, VA, USDA loans, and will approve borrowers with a credit score as low as 550. Terms apply.
What credit score do you need to buy a home?
Qualified buyers purchasing homes in designated rural areas. No set minimum; lenders may require a score of at least 580. Active-duty and retired military personnel who are buying or refinancing a home. 700, depending on the lender; higher loan amounts may require stronger credit scores.
Is a 713 credit score a good credit score?
A 713 credit score is considered a good credit score by many lenders. “Good” score range identified based on 2023 Credit Karma data. A credit score is a number that lenders use to help assess how risky you might be as a borrower. Credit scores are based on credit reports, which contain information about your credit history.
Can you buy a house with a high credit score?
It’s possible to buy a house with a wide range of credit scores, but the higher your credit score, the more likely you’ll be able to secure more favorable loan terms with your lender. If you’re buying a home with cash, you won’t need to be concerned with your credit score, as you won’t be working with a lender.