Is 715 a Good Credit Score?

By Bob Haegele

A 715 credit score qualifies as good. It’s also currently the average credit score in the U.S.

If your credit score is 715, you may have received some attractive offers for credit cards and loans, but perhaps you haven’t qualified for the best products in the industry. Here, learn more about what a 715 credit score means and how it affects each kind of credit.

What Does a 715 Credit Score Mean?

According to FICO®, a 715 credit score qualifies as good. Good credit scores are those in the 670-739 range, and 715 is in the upper half.

While having a good credit score puts you in a comfortable position, it leaves room for improvement. Above the good range is the very good category (740-799) and the exceptional or excellent range (800-850). Here are how FICO Scores stack up:

•   Exceptional (or excellent) credit: 800-850

•   Very good credit: 740-799

•   Good credit: 670-739

•   Fair credit: 580-669

•   Poor credit: 300-579

A good credit score should allow you to qualify for most financial products, including various loans and credit cards. You may not qualify for some products, such as premium credit cards and low-interest personal loans. Still, a 715 credit score will let you qualify for many financial products, and building your score further will open even more options.

What Else Can You Get With a 715 Credit Score?

Reaching a 715 credit score means much more than earning the distinction of a good score. A 715 credit score should allow you to qualify for most financial products, including credit cards, auto loans, mortgages, and personal loans.

As mentioned, you may not qualify for the best offers with the most favorable terms, but you should have options for most types of credit. If you want to qualify for the best rates and terms, build your score closer to the exceptional range. This can lead to big cost savings, especially with products like mortgages. Some ways to build your score include:

•   Always making debt payments on time.

•   Keeping your credit utilization under 30%.

•   Using a mix of credit (say, lines of credit as well as installment loans) responsibly.

•   Not applying for too much credit in a short period of time.

•   Maintaining a long credit history (this can mean keeping open a credit card you only use occasionally).

Can I Get a Credit Card With a 715 Credit Score?

If you are in the market for a new card, you should have little trouble qualifying for all but the most premium credit cards. You should be able to pick from various cash-back, travel, and rewards credit cards. Many cards with no annual fee or a sub-$100 annual fee should be within reach. Depending on your income and other factors, a 715 credit score may be enough to qualify for a significant credit limit.

You may also qualify for a favorable APR (annual percentage rate), though perhaps not as low as cardholders with very good or exceptional credit.

Many credit card issuers let you prequalify online, which can be helpful if you are unsure of your approval odds. This lets you check your approval odds for any card you are considering without hurting your credit score. Prequalification doesn’t guarantee final approval, but in many cases, it indicates good odds.

When you do apply for a credit card, it typically causes a minor and temporary drop in your credit score. It’s best to avoid consecutive credit applications even if the drop isn’t permanent. Work to build your credit score as much as possible before submitting your application for the best approval odds.

Recommended: 11 Types of Personal Loans and Their Differences

Can I Get an Auto Loan With a 715 Credit Score?

Qualifying for an auto loan with a 715 credit score shouldn’t be a problem in most cases. However, you generally want the best credit score possible before applying. All else being equal, a higher credit score usually means your auto loan interest rate will be lower. Since you will make monthly payments, reducing your interest rate even slightly can save you hundreds in the long run.

With a prime credit score, your rate might be close the average: 6.70% for a new car, and 9.63% for a used car, according to Experian in the third quarter of 2024.

With a 715 credit score, you may qualify for longer loan terms of 36 to 72 months. However, longer terms typically mean higher interest rates. When interest rates are high, the effect is even greater, as there can be a big difference in rates for the highest- and lowest-risk borrowers.

Can I Get a Mortgage With a 715 Credit Score?

For conventional home loans, the minimum credit score required is usually 620, so a 715 credit score will likely qualify you for financing your dream home. However, mortgage lenders typically consider factors beyond your credit score, such as your income and debt-to-income (DTI).

In the past, conventional loans required a 20% down payment. The minimum can now be as low as 3%. Generally, a higher credit score can reduce your minimum down payment, meaning you may need to put more than 3% down with a 715 credit score.

Depending on all these factors, a 715 credit score may allow you to qualify for good mortgage rates from various lenders. You may also qualify for a jumbo loan, which offers a principal larger than the limits for conforming loans. However, in all cases, your rates probably won’t be as low as they are for borrowers with very good and exceptional credit scores.

The mortgage type is also significant, as different types have different qualification criteria. For instance, FHA and VA loans may let you qualify with a 580 credit score, compared to 620 for conventional loans. That is a considerable difference, making these government-backed loans much easier to qualify for than conventional mortgages.

Recommended: How to Use a Co-Borrower for a Loan

Can I Get a Personal Loan With a 715 Credit Score?

With a 715 credit score, you may be able to qualify for a personal loan with competitive rates and terms. While every lender has their own minimum credit score requirements, most are willing to work with borrowers who fall in the good credit score range.

A good credit score will give you strong approval odds and lower rates than borrowers with lower-than-average credit scores. If you aren’t satisfied with a lender’s offer, consider shopping around at other banks, credit unions, and online lenders.

Once a personal loan application is approved, the funds can be used for such expenses as:

•   Travel plans

•   A wedding or honeymoon

•   Medical or dental bills

•   A child’s summer camp costs

•   Consolidation of credit card debt

Personal loans typically come in amounts of a few thousand dollars to $50,000 or $100,000. Depending on your income and the lender’s requirements, you may qualify for a personal loan that falls anywhere within that range.

Personal loans usually have repayment terms of 2-7 years. Making consistent, on-time payments on your personal loan can help improve your credit score. Most personal loans have fixed interest rates, meaning the monthly payment won’t change for the entire term. A personal loan calculator can help you estimate the interest rate you can expect on your loan.

The Takeaway

A 715 credit score is generally considered good and also means you are near the national credit score average. With a credit score in this range, you should be able to qualify for various credit products, including credit cards, personal loans, mortgages, and auto loans. However, a 715 credit score is still below the very good and exceptional ranges. If you build your score further, you may qualify for better rates and terms.

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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