Is 702 a Good Credit Score?

By Jackie Lam

A 702 credit score qualifies as good. According to FICO, a good credit score starts at 670, so you can give yourself a pat on the back if you have a 702 score or thereabouts. You’ll have an easier time landing that mortgage, car loan, or personal loan than if you had a poor or fair score. However, building your score even higher could benefit you with lower interest rates and more appealing terms.

Learn more about what a 702 credit score means to your financial situation and what to expect when accessing loans and lines of credit.

What Does a 702 Credit Score Mean?

In the realm of consumer credit scores, the FICO Score system is the most widely used. Credit scores range from 300 to 850, with 300 being the lowest and 850 being the highest.

Here are the FICO credit score ranges:

•   Poor: 300 to 579

•   Fair: 580 to 669

•   Good: 670 to 739

•   Very Good: 740 to 799

•   Excellent (or exceptional): 800 to 850

As mentioned, a 702 credit score sits just below the middle of good territory. It’s not as low as a “fair” score, which starts at 669, nor a “poor” score, which ends at 579. However, it is 38 points beneath the lowest figure that kicks off the “very good” category.

Recommended: A Guide to Unsecured Personal Loans

What Else Can You Get With a 702 Credit Score?

A good score can help you get approved for financing. It likely shows that you have managed credit responsibly in the past. You’ll usually get approved for a car loan, personal loan, home loan, or credit card.

That said, what qualifies as creditworthiness, or the ability to repay a loan, can depend on the lender. Lenders may qualify you for, say, a home loan with a figure much lower than 702 credit score, while some credit cards with top-notch travel rewards may want to see a still higher score. To look at it through another lens, while you might be able to snag lower interest rates and more appealing terms with an excellent score vs. a good score, you won’t need to pay as high of an interest rate as someone with a fair score would.

A credit score plays a major role in determining whether you’re offered financing, but it’s not the only factor. Lenders and creditors will also review and consider your income, collateral, and debt-to-income (DTI) ratio.

Can I Get a Credit Card With a 702 Credit Score?

Because a 702 credit score is considered “good,” you’ll likely have an easier time getting approved for many travel or cash-back cards with lower interest rates and better perks. Most credit cards require you to have a minimum score of 640 to 700, and while you can get a card with even poor credit, expect to see far fewer options.

With a good credit score, you might get preapproved offers in the mail. It’s a good idea to shop around, be proactive, and research to see which card is the best fit for you. Consider criteria such as card perks and interest rate ranges to find the right fit.

Can I Get an Auto Loan With a 702 Credit Score?

You have a good chance of landing an auto loan with a 702 credit score. According to data from Experian®, in Q2 of 2024, the average credit score for new car loans was 753, and the average for used cars was 689. If you get a used car, you might be able to find lower interest rates and more flexible terms with your 702 score. Doing so could save on the total cost of the car, as insurance and other costs can be cheaper.

While you’ll have an easier time securing a car loan with a good score than a fair one, expect still lower interest rates if you score in “very good” or “excellent” territory. If you’re not in a rush to get a car, you might invest some time and energy on building your credit. You can do so by always making on-time payments, avoiding too many hard credit inquiries, and keeping your credit utilization low.

Can I Get a Mortgage With a 702 Credit Score?

A 702 credit score means you’ll probably meet the minimum credit requirement for different types of home loans. Consider these numbers:

•   Minimum credit scores for a conventional home loan tend to be in the range of 620.

•   Jumbo loans, which are mortgages that are larger than the loan-servicing limits set by the Federal Housing Finance Agency (FHFA), typically require a minimum credit score of 700. Some lenders, however, require a minimum score of at least 720.

•   When it comes to VA loans, the minimum credit score depends on the lender, but you can expect it to be between 580 and 620. You might be able to get approved with a lower credit score if you provide a larger down payment.

•   USDA loans may require at least a 640 credit score to qualify. If you have a score that falls below 640, expect there to be a full credit review before getting the green light.

Worth noting: Besides a good credit score, home loan lenders will also look at your payment history, credit utilization, and new credit inquiries. Lenders will also consider your income, assets, down payment, and debt-to-income, or DTI, ratio.

Can I Get a Personal Loan With a 702 Credit Score?

A 702 credit score means you’ll have a strong chance of getting a personal loan. A minimum credit score of 610 is usually required for a personal loan.

Personal loans are typically unsecured loans that can be used for almost any (legal) purpose you can think of. For instance, you might spend the funds on the following:

•   Medical, dental, or car repair bills

•   Home repairs or renovations

•   A major home appliance or electronics purchase

•   A wedding or other big celebration

•   Vacation costs

•   Kids’ summer camp

•   Paying off credit card debt

In terms of that last example on the list, if you’re in the market for a credit card debt consolidation loan, a good credit score will boost your odds and secure you a better interest rate. These loans can offer interest rates significantly lower than what credit cards assess. Just know that, as an unsecured loan, a credit card consolidation loan will likely have a higher rate than secured loans, such as a home equity loan.

Be proactive by poking around to see what loan amounts, rates, and terms you’ll qualify for. Lenders will consider various credit and financial criteria when reviewing your application.

Recommended: Personal Loan Calculator

The Takeaway

A 702 credit score qualifies as a “good” credit score. With a score of 702, you’ll likely stand a strong chance of getting a loan, line of credit, or other form of financing. Options can include credit cards, mortgages, car loans, and personal loans. While you may not get as favorable terms and interest rates as those with “very good” or “excellent” scores, you will probably enjoy more and better offers than those with “fair” or “poor” credit.

Are you comparing options for a personal loan? Check out what SoFi offers.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

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