Is 720 a Good Credit Score?
(Last Updated – 04/2026)
If you have a 720 credit score, you have a score that falls within the “good” range — typically between 670 and 739. That means you have a good shot at accessing credit at competitive rates, though you likely won’t have as many perks or as low rates as those whose scores soar higher.
Read on to learn what a 720 credit score means and what you’ll probably qualify for in terms of credit cards, auto loans, mortgages, or personal loans.
Key Points
• A credit score of 720 typically falls in the “good” or “prime” range.
• You may be eligible for loans and credit cards, but lenders and creditors also check income and debt-to-income (DTI) ratios before approval.
• Even though 720 is considered good, building your credit score could help you secure better interest rates or credit card perks.
• In addition to having a good credit score, decreasing the loan term and increasing your down payment can help you get better interest rates for auto loans.
• A credit score of 720 is well over the minimum for home loans, and you may even be eligible for a jumbo loan.
What Does a 720 Credit Score Mean?
First, consider what exactly a credit score is. Credit scores summarize how well you’ve paid back debt in the past based on information from your credit reports, and they tell lenders how likely you may be to repay debt in the future.
A 720 credit score means you’ll be considered a “good” or “acceptable” borrower — it’s not an “excellent” score, nor is it “fair” or “poor.” In other words, you’d qualify for a variety of credit products but not necessarily the best possible interest rates.
You may have heard the words “720 FICO® score” connected with your credit score and wonder what FICO stands for. FICO stands for Fair Isaac Corporation, the pioneers in calculating credit scores. Many lenders use the FICO scoring model. Learn more about FICO score vs. credit score.
Here’s a look at how FICO credit score ranges are typically categorized:
• 800-850: Excellent
• 740-799: Very good
• 670-739: Good
• 580-669: Fair
• 300-579: Poor
💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.
What Can You Get with a 720 Credit Score?
If you’re wondering what you can get with a 720 credit score, you’re probably interested in knowing about accessing a credit card, auto loan, mortgage, or personal loan.
While you can feel confident that you have options, lenders also look at other factors, such as your income and payment history.
In addition, if a prospective landlord were to review your credit score, they would see your good rating and know that you have a solid history of using credit wisely in the past. That could help give your application a boost.
Can I Get a Credit Card with a 720 Credit Score?
You’ll typically become eligible for any type of credit card with a 720 credit score, including credit cards that offer cash back rewards, lower annual percentage rates (APRs), and other perks.
That said, you may find that the very lowest APRs and poshest perks (such as free access to airport lounges or earning more points) are reserved for those who have a credit score of 800 or higher.
Still, your good credit score can definitely work in your favor.
Credit card companies use your credit score to determine whether you qualify for a credit card. A good score assures a credit card company that you understand financial responsibility and that you can make your credit card payments on time.
💡 Quick Tip: With average interest rates lower than credit cards, a personal loan for credit card debt can substantially decrease your monthly bills.
Can I Get an Auto Loan with a 720 Credit Score?
Yes, you can get an auto loan with a 720 credit score.
Auto lenders determine your interest rate based on risk. If a lender thinks you have the potential to default, you’ll likely get a higher interest rate to compensate.
To determine the odds of your defaulting, they’ll consider your credit score and history, as well as the loan term, down payment, your income and debt, and their own criteria.
• Loan term: A longer repayment term carries risk for your lender, so you may be able to get a lower interest rate by getting a shorter repayment term.
• Down payment: Putting down a larger down payment reduces how much you need to borrow and also reduces your risk in the eyes of your lender. You may get a lower interest rate with a larger down payment.
• Income vs. debt: Lenders will also consider how much income you have coming into your home against your debt payments. This is called your DTI ratio. The lower your DTI, the better you’ll look in the eyes of your lender.
• Lender: Your lender may have their own criteria to determine interest rates. Ask your lender more about their processes to determine auto loans.
Recommended: Smarter Ways to Get a Car Loan
Can I Get a Mortgage with a 720 Credit Score?
You can get a mortgage with a 720 credit score. In fact, you can qualify for a jumbo loan, which is larger than a conventional loan.
Take a look at the type of mortgage loans available and the minimum credit score you might need for each one.
| Type of Mortgage Loan | Definition | Minimum Credit Score |
|---|---|---|
| Conventional loan | A conventional loan is a loan not guaranteed by the federal government. | 620 |
| Jumbo loan | A jumbo loan is a loan that goes beyond the limits set by the Federal Housing Finance Agency. Loan limits are $832,750 but can go as high as $1,249,125 in certain high-cost areas. | 700 |
| FHA loan with 10% down | An FHA loan is backed by the Federal Housing Administration. It offers mortgage insurance to FHA-approved lenders to protect lenders against risk. | 500 |
| VA loan | A VA loan is backed by the U.S. Department of Veterans Affairs for service members, veterans, and eligible spouses. The VA sets the requirements and arranges the terms. | 620 |
| USDA loan | A USDA home loan is a no-down-payment loan backed by the U.S. Department of Agriculture to help first-time homebuyers purchase homes in rural areas. | None |
In addition to your credit score, mortgage lenders consider your payment history, how much credit you use, income, and assets. Make sure to review your credit reports and remove any errors for your best chance to qualify for a mortgage loan with a great interest rate.
Recommended: What Is a USDA Loan and How Does It Work?
Can I Get a Personal Loan with a 720 Credit Score?
You can typically get a personal loan with a 720 credit score.
Personal loans usually have a fixed interest rate and fixed payments, and typically offer fairly quick funding. You can use a personal loan for whatever you want. For instance, some people use it to pay down credit card debt or a major medical bill. Others use it to finance home renovations, a big summer vacation, or even a wedding.
The better your credit score, the lower your interest rate and the less you’ll pay in interest over the life of your loan.
Takeaway
If you have a credit score of 720, you rank at the higher end of the “good” credit score range. You’ll probably have many options available if you apply for credit, such as mortgages, credit cards, car loans, and personal loans with competitive rates. As you shop around, consider such factors as speed of approval and financing, APR, and loan amount and term or credit limit.
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.
FAQ
How much can I borrow if I have a credit score of 720?
The amount you can borrow will depend on income, debt-to-income ratio, loan type, and lender. With a score over 700, you’re above most minimum loan requirements, but you won’t be eligible to secure the highest loan amounts or best interest rates.
How can I build my credit score?
You can build your credit score over time by paying your monthly bills and loan installments on time and keeping your credit card balance well under the limit. It’s also important to fact-check your credit reports and promptly dispute any errors.
What car loan interest rate can I get with a 720 credit score?
The average car loan interest rate for those with a credit score of 661-780 is 6.78% annual percentage rate (APR) for a new car. The average rate for a used car is 9.39% APR.
Photo credit: iStock/Igor Suka
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Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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