Is 705 a Good Credit Score?

By Lauren Ward

Not only is 705 a good credit score, it’s also in the middle of the FICO® scoring model’s “good” range. With this credit score, you should be able to qualify for most types of financing, although you may not be eligible for the lowest interest rates possible.

Learn about a 705 credit score and what to expect when applying for different types of financing.

What Does a 705 Credit Score Mean?

A 705 credit score is considered “good,” according to FICO, which is the credit scoring model used by the majority of American lenders. It’s also just slightly lower than the average American’s score of 717.

While you’ll likely qualify for most financing opportunities with a 705, improving your score could come with benefits like higher loan amounts and lower interest rates. Here is each level of FICO’s score ranges:

•   Excellent: 800+

•   Very Good: 740 to 799

•   Good: 670 to 739

•   Fair: 580 to 669

•   Poor: 300 to 579

As you can see, a 35-point increase could bump your score from good to very good. Use a free credit monitoring service to keep tabs on your score and get advice on next steps for improving your score.

What Can You Get with a 705 Credit Score?

With a 705 credit score, you’re in good shape to qualify for most types of financing, although you may not get the very best interest rate possible.

Remember that in addition to your credit score, lenders also look at factors like your employment history and debt-to-income ratio. It doesn’t entirely matter if a 705 credit score is good or very good; there are other variables at play as well.

Can I Get a Credit Card with a 705 Credit Score?

Yes, you’re likely to qualify for a credit card when your credit score is 705 or higher. Since it’s in the middle of the good category, you may not get the best rate possible, but it should still be competitive. On top of that, you could qualify for credit cards with perks and rewards.

In addition to finding the best rate, look for promotional deals and ongoing benefits when comparing your credit card offers:

•   Signup bonus: A credit card signup bonus lets you earn a statement credit after opening a new card and spending a minimum amount within a certain period of time.

•   Cash-back rewards: Some card accounts accrue cash-back or rewards points based on the amount you charge to the card, oftentimes as a percentage of your purchases.

•   Travel rewards: Travel rewards credit cards may offer perks like airline miles, hotel points, and travel insurance.

Also keep an eye out for fees, which are more common when your card comes with extra perks.

Can I Get an Auto Loan with a 705 Credit Score?

With a 705 credit score, you should be able to qualify for a car loan, and your rate should be fairly competitive as well. At this credit level, the average new car loan rate is 6.87% and the average used car loan rate is 9.36%, according to 2024 data from Experian. That’s not too far off from the average rates offered to borrowers with a higher score, which are 5.25% and 7.13%, respectively.

One factor to consider when thinking about an auto loan is how much car you can afford. Your income and current debt load impact the size of a loan you can take out. Lenders look at all of your monthly debt payments and compare it to your gross income, which is known as your debt-to-income ratio. If it’s too high, you’ll have to borrow a smaller amount for your car.

Making a larger down payment can help you get the car you want while still staying in your lender-approved budget.

Can I Get a Mortgage with a 705 Credit Score?

Yes, most lenders require a 620 credit score to qualify for most home loans, although there are a few exceptions for borrowers with a lower score. But with a 705, you should be able to qualify for the most common mortgages, such as:

•   Conventional loan: The minimum credit score is typically a 620, so you have room to qualify for better rates with a 705.

•   FHA loan: The minimum credit score varies; with a 705, you can qualify for a lower down payment of just 3.5%.

•   VA loan: Designed for military borrowers, a VA loan has no official credit score minimum, but most lenders want to see at least a 620.

•   USDA loan: There’s also no hard minimum for a USDA loan, which can be used to purchase a home in a rural area. But like a VA loan, most lenders require a 620 or higher.

If you’re shopping for a more expensive home, a 705 is also right on the line to qualify for a jumbo loan. This home loan is designed for mortgages above the conforming loan limit. In 2025, most areas in the U.S. have a maximum loan amount of $806,500. A home loan over that limit requires a jumbo loan and a minimum credit score of 700.

No matter what type of home loan you choose, it’s a good idea to shop around for a mortgage lender to find the best total offer that works for your financing goals.

Can I Get a Personal Loan with a 705 Credit Score?

Not only should you qualify for personal loans with a 705 credit score, you should also be able to get a prime loan that’s unsecured. That means you don’t have to use any collateral to qualify. Just like the other types of financing discussed, the amount you can borrow depends on your income and existing debt loads. Use a personal loan calculator to estimate monthly payments using different loan amounts.

A credit card consolidation loan is another option that may come with competitive fixed rates. It can help you get out of debt faster and potentially save money on interest, especially if your credit card has a high APR attached to it.

The Takeaway

Tracking your credit score is a smart idea when you’re applying for a personal loan or other type of financing. A 705 is a good score regardless of what you want to borrow. Maximize your credit limits and loan amounts by keeping your debt balances in check and staying on top of your monthly due dates to keep your payment history strong.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

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