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.
So, you’ve checked your credit score and it says 710. But what does that number actually mean? Is it good, bad or somewhere in between?
Don’t worry, we’re here to break it down for you. In this article, we’ll answer all your questions about a 710 TransUnion credit score, including:
- What does a 710 credit score mean?
- Is a 710 credit score good?
- What can you do with a 710 credit score?
- How can you improve your 710 credit score?
What Does a 710 Credit Score Mean?
A 710 TransUnion credit score falls within the “good” credit range, which is considered to be between 661 and 720 This means you have a solid credit history and are considered a low-risk borrower by lenders.
Is a 710 Credit Score Good?
Yes a 710 credit score is good. It’s not the highest score you can achieve but it’s definitely nothing to be ashamed of. In fact, it’s higher than the average credit score in the United States, which is currently around 690.
A 710 credit score means you’re eligible for most loans and credit cards, and you’ll likely qualify for lower interest rates than someone with a lower credit score.
What Can You Do With a 710 Credit Score?
When it comes to borrowing money, you have many options if your credit score is 710. You can qualify for:
- Mortgages: You’ll likely qualify for a lower interest rate on a mortgage with a 710 credit score. This could save you thousands of dollars over the life of your loan.
- Auto loans: You’ll also likely qualify for a lower interest rate on an auto loan with a 710 credit score. This could save you money on your monthly payments.
- Personal loans: You can also qualify for a personal loan with a 710 credit score. Personal loans can be used for a variety of purposes, such as debt consolidation, home improvement, or medical expenses.
- Credit cards: You’ll have access to a wide variety of credit cards with a 710 credit score. You can choose a card that offers rewards, travel benefits, or cash back.
How Can You Improve Your 710 Credit Score?
Even though a 710 credit score is good, there’s always room for improvement. Here are a few things you can do to boost your credit score:
- Pay your bills on time: This is the most important factor in your credit score. Make sure you pay all your bills on time, every time.
- Keep your credit utilization low: Your credit utilization ratio is the amount of credit you’re using compared to your total available credit. Aim to keep your credit utilization below 30%.
- Dispute any errors on your credit report: Check your credit report regularly for any errors and dispute them immediately.
- Become an authorized user on a credit card with good credit: This can help you build your credit history without having to open a new account.
- Apply for new credit sparingly: Every time you apply for new credit, it results in a hard inquiry on your credit report. Too many hard inquiries can lower your credit score.
A 710 TransUnion credit score is good, but there’s always room for improvement. By following the tips above, you can continue to build your credit score and qualify for even better loan rates and credit card offers.
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).
What’s so good about a good credit score
A short credit history with sound credit management practices may be reflected in a good credit score. Additionally, it could indicate a longer credit history tainted by a few errors along the way, like sporadic missed or late payments, or a propensity for relatively high credit usage rates.
Lenders see people with scores like yours as solid business prospects. With a good credit score, most lenders will give credit to borrowers; however, they might not give their best interest rates, and card issuers might not give you their most alluring rewards and loyalty bonuses.
Transunion vs Equifax – Which Credit Score Matters More? (What’s the Difference?)
FAQ
Can I buy a house with a 710 credit score?
How rare is 710 credit score?
What is a good TransUnion credit score out of 710?
|
Credit Score
|
Experian
|
TransUnion
|
|
Fair
|
721-880
|
566-603
|
|
Good
|
881-960
|
604-627
|
|
Excellent
|
961-999
|
628-710
|
What is a good score with TransUnion?
Is a 710 credit score good?
The FICO score range, which ranges from 300 to 850, is widely used by lenders and financial institutions as a measure of creditworthiness. As you can see below, a 710 credit score is considered Good. Most lenders will lend to borrowers with credit scores in the Good range. However, you still have room for improvement.
What are the best personal loans for a 710 credit score?
The best personal loans for a 710 credit score are from LightStream, SoFi and Wells Fargo. A score of 710 is in the good credit range, and people with this score should have a decent shot at qualifying for most personal loans on the market.
Can you get a student loan with a 710 credit score?
Student loans are some of the easiest loans to get with a 710 credit score, seeing as more than 70% of them are given to applicants with a credit score below 740. A new degree may also make it easier to repay the loan if it leads to more income. Note: Borrower percentages above reflect 2022 Equifax data.
Can you get a car loan with a 710 credit score?
You should be able to get approved for a decent car loan with a 710 credit score, considering that more than 60% of all auto loans go to people with credit scores below 740. Still, it’s important to compare your auto loan options carefully if you want to get a low APR.