In a Nutshell Compared to lower scores, a good credit score can unlock better credit opportunities. Although credit and loan applications are evaluated by lenders based on a number of criteria, applicants with better credit scores typically have a better chance of being approved. Good credit scores can also help you qualify for lower interest rates and more-favorable loan terms. That said, if you’re aiming to go higher, there’s still room for improvement. Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect.
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Unlocking the Secrets of Your Credit Score
A multitude of financial opportunities can be unlocked by your credit score, from getting approved for the best credit cards to getting a mortgage. However, it can be challenging to comprehend what your credit score means and how it impacts your interest rates given the abundance of information available.
The 728 Credit Score: A Good Place to Be
According to Experian and Credit Karma, a credit score of 728 is considered “Good.” This indicates that you have a good chance of being approved for a range of credit cards and loans, but you can always do better.
Interest Rates and Your Credit Score: A Delicate Dance
The interest rate you receive on a loan or credit card is directly tied to your credit score. The higher your score, the lower your interest rate will be, potentially saving you thousands of dollars over the life of the loan
So, what interest rate can you expect with a 728 credit score?
The answer depends on several factors including:
- The type of loan or credit card: Different types of loans and credit cards have different interest rate ranges. For example, mortgages typically have lower interest rates than personal loans.
- The lender or issuer: Each lender or issuer has its own criteria for determining interest rates. Some may be more lenient with borrowers who have a 728 credit score, while others may be more strict.
- Your credit history: Your credit history includes factors such as your payment history, credit utilization, and length of credit history. A strong credit history can help you qualify for lower interest rates.
Here’s a general overview of interest rates you might expect with a 728 credit score:
- Mortgages: 3.5% – 5.5% APR
- Personal loans: 7% – 15% APR
- Credit cards: 14% – 24% APR
It’s important to note that these are just estimates. The actual interest rate you receive will depend on the factors mentioned above.
Boosting Your Credit Score: A Path to Lower Interest Rates
Even with a good credit score like 728, there’s always room for improvement. You may be able to qualify for even lower interest rates and save more money if you take action to raise your credit score.
Here are a few tips for improving your credit score:
- Make all your payments on time: This is the single most important factor in your credit score.
- Keep your credit utilization low: Aim to use less than 30% of your available credit.
- Don’t apply for too much credit at once: Every time you apply for credit, a hard inquiry is placed on your credit report, which can lower your score.
- Become an authorized user on a responsible credit card: This can help you build your credit history without having to open a new account.
- Dispute any errors on your credit report: Errors can negatively impact your credit score, so it’s important to dispute them as soon as possible.
By following these tips, you can improve your credit score and unlock even better interest rates.
Remember, your credit score is a journey, not a destination. By taking steps to manage your credit responsibly, you can improve your score over time and reap the benefits of lower interest rates.
Hard inquiries by credit score range
| Credit score range | Average number of inquiries |
|---|---|
| 300–639 | 8 |
| 640–699 | 5 |
| 700–749 | 4 |
| 750–850 | 3 |
Ranges identified based on 2023 Credit Karma data.
Credit mix and types
Demonstrating to lenders your ability to manage different forms of credit, such as installment loans and revolving credit (such as credit cards) is beneficial. However, we don’t advise taking out a loan you don’t need in order to establish credit because this usually has less of an effect on your credit.
A hard inquiry is typically made to your credit reports when you apply for a new credit card or loan. On its own, a single hard inquiry should only have a small impact on your credit. But the more hard inquiries you collect, the bigger the impact could become. Additionally, making too many hard inquiries in a short period of time could cause some lenders to hesitate, so it’s a good idea to apply for credit products only when absolutely necessary and when you are comfortable with your chances of being accepted.
What credit score is needed to get the Lowest Interest Rate?
FAQ
What can I get with a credit score of 728?
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Type of Credit
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Do You Qualify?
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Auto Loan
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YES
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No Annual Fee Credit Card
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YES
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Credit Card with Rewards
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YES
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0% Intro APR Credit Card
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MAYBE
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Can I get a loan with a credit score of 728?
Can I buy a house with a 728 credit score?
Can I buy a car with 728 credit score?
Is 728 a good credit score?
As mentioned, an 728 credit score falls within the range that is typically considered to be good credit. Lenders will often consider a score in this range for loan approval. However, a score in this range isn’t in the “very good” or “exceptional” credit tiers, and generally won’t qualify for a lender’s best interest rates or loan terms.
Is a 728 FICO ® score good?
A 728 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 728 credit score be used for a car loan?
Most auto lenders will lend to someone with a 728 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.
Can I get a home loan with a credit score of 728?
The minimum credit score is around 620 for most conventional lenders, so you should be able to qualify. However, it’s worth noting that this credit score is not high enough to qualify for the best interest rates and terms on a conventional loan.