Is 721 a Good Credit Score?

721 credit score

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    By Jackie Lam

    A 721 credit score is in the good range, which runs from 670 to 739. You’re 19 points from reaching very good credit terrain, and you’re about 50 points above the threshold for a fair score.

    While a good credit score can grant you access to credit cards and loans, you’ll likely qualify for more favorable interest rates and terms with a very good or excellent score. Read on to learn more about your 721 credit score and what doors it will unlock.

    Key Points

    •   A 721 credit score is classified as good, a category that typically ranges from 670 to 739.

    •   This score can allow access to various loans and credit cards, though usually not with the most favorable rates and terms, which are given to those with excellent credit.

    •   Additional factors influencing loan approval include DTI ratio, income, down payment size, and credit utilization.

    •   A 721 credit score, which is above the national average, should qualify a person for credit cards, car loans, mortgages, and personal loans.

    •   A 721 credit score is 19 points away from the very good category, starting at 740.

    What Does a 721 Credit Score Mean?

    To offer a bit of context, consumer credit cards fall between 300 to 850. Just as with a grade on an exam or life points in a video game, the higher the number, the better. A higher score reflects that you have handled debt well in the past and therefore may be creditworthy going forward. And for lenders, the lower your score, the more risky you are in their eyes.

    Typically, credit score ranges are as follows:

    •   Poor: 300 to 579

    •   Fair: 580 to 669

    •   Good: 670 to 739

    •   Very Good: 740 to 799

    •   Excellent: 800 to 850

    Currently, the average American’s credit score is 717, so you are currently doing a bit better with your three digits than most people.

    Your FICO® Score (the most popular system of credit scoring) is made up of five main elements: payment history, credit usage, length of credit history, new credit and credit mix. (Incidentally, there are many credit scoring models, and they can be used for different purposes, such as for purchasing insurance, car loans, and mortgages.)

    You can get a credit report from the three major credit bureaus: Experian®, Equifax®, and TransUnion®. A credit report is a compilation of data that includes your account history with your lines of credits and loans. This typically includes collections, personal information, public records and credit inquiries.

    What Else Can You Get With a 721 Credit Score?

    When you have a 721 FICO score, you can usually secure a mortgage, credit card, car loan, or personal loan. That said, you will likely not be able to access as large loan amounts, favorable interest rates, and other benefits as those who have built their credit scores higher.

    While a credit score is one of the primary pieces of information that creditors and lenders pore over when determining whether to offer you financing, it’s not the only criteria. They will also usually look at your debt-to-income (DTI) ratio (meaning how what you owe compares to your earning power), income, and down payment (for car and home loans, that is). If it’s a secured loan, they’ll look at your collateral too.

    Recommended: Secured Vs. Unsecured Personal Loans: What’s the Difference?

    Can I Get a Credit Card With a 721 Credit Score?

    With a 721 credit score under your belt, you’ll likely be able to choose a credit card among a variety of offers. A credit score of 670 or higher is usually needed to qualify for an unsecured credit card. Since your score is higher than that figure, you may find some attractive rewards are available. However, don’t expect to necessarily get approved for top-tier credit cards with robust benefits, like access to elite airport lounges. Premium cards are usually reserved for those with excellent credit, meaning 800 or higher (though some may accept 760 or higher).

    Another thing to keep in mind: Having credit that’s in line with the minimum credit score requirements of the card issuer doesn’t necessarily mean you’ll secure that card. If you’ve had multiple credit card applications in the recent past (which can hurt your credit) or have lower income than what’s preferred, you might be denied a card.

    See if you can get preapproved for a credit card online. Some card issuers also might clue you in on what interest rates and fees to expect. And if you’d like to reach for a card that requires very good or excellent credit, making on-time payments, keeping a low usage and not applying for loans or lines of credit needlessly can help you build your credit score.

    Can I Get an Auto Loan With a 721 Credit Score?

    The odds are in your favor of getting an auto loan with a 721 credit score. Per data compiled by Experian, in the second quarter of 2024, the average interest rate for someone with a credit score between 661 and 780 for a new car was 6.87% and, for a used car, 9.36%. For those with a score between 781 and 850, the interest rates fell to 5.25% and 7.13%. Curious about lower credit scores? The numbers shifted to 9.83% and 13.92% for those with scores between 601 and 660. Over the life of a loan, those variations can make a real difference in the total interest you’ll pay.

    Your interest rate can also hinge on other factors like the type of car, the size of your down payment, and your DTI ratio and income.

    When shopping around for a car, consider the total cost of the car, which includes the interest rate and any fees. When you drive the car off the lot, factor in gas, maintenance and repairs, monthly payments, depreciation, insurance, and title and registration fees. Per data gathered from AAA, in 2024 the average total cost to own and operate a vehicle was $12,297 or $1,024.71 each month.

    Can I Get a Mortgage With a 721 Credit Score?

    With a good credit score in hand, you likely won’t have a problem securing a mortgage. However, the minimum credit score and financial requirements depends on the type of loan you’re in the market for:

    •   Conventional home loans: The most common type of mortgage in the U.S., conventional home loans are a type of mortgage that checks off the boxes of criteria set by Fannie Mae and Freddie Mac. They usually require a minimum credit score of at least 620.

    •   Jumbo loans: Jumbo loans, which are mortgages that in 2025 cover home loans that are between $806,500 to $1,209,750, depending on your location, typically require a minimum credit score of at least 700.

    •   FHA loans: For an FHA loan (which is insured by the Federal Housing Administration and can therefore offer you a better deal), borrowers can usually qualify with a 580 minimum credit score. You’ll need to have a 3.5% down payment.

    •   VA loans: Interestingly, loans offered by the U.S. Department of Veteran Affairs (VA) don’t have credit score requirements. That said, lenders for VA loans usually like to see a credit score of at least 620. However, if you have a credit score that falls below 620, you may still qualify, depending on other factors such as your DTI.

    •   USDA loans: To qualify for these loans, which are typically for properties in rural areas bought by low- to moderate-income buyers, you need a credit score that’s at least 640. Should your score dip below that, you’ll have to provide a full credit review.

    Can I Get a Personal Loan With a 721 Credit Score?

    One key benefit of a personal loan is its flexibility. These unsecured loans, which are usually fixed-rate and with a term from one to seven years, can be used for a variety of purposes, such as:

    •   Financing a vacation

    •   Funding a wedding

    •   Paying for a big-ticket expense, such as a home improvement project or a major dental bill

    You usually need a credit score of at least 580 to qualify for a personal loan. With a 721 FICO score, there’s a strong chance you’ll get a loan with higher loan amounts, more favorable interest rates, and more flexible terms than if you have a lower credit score.

    If you’re mulling over whether to fund something with a personal loan or to put it on a credit card, personal loans on average have lower interest rates. According to data from the Federal Reserve, the average 24-month interest rate for personal loans was 12.33% in August of 2024, while the average interest rate for a credit card was 21.76%.

    Trying to chip away at looming credit card debt? If so, a good credit score will put you in a good place with a credit card consolidation loan. You’ll likely secure a reasonable interest rate and fairly flexible terms. You can convert one or more lines of high-interest credit into a single installment loan, usually at a significantly lower interest rate, as noted above. Personal loans can offer a lump sum of anywhere from $1,000 to $50,000 or $100,000, depending on the lender and your qualifications.

    If you aren’t sure what might be right for you, consider using an online personal loan calculator to see how different personal loan options might stack up.

    Takeaway

    A 721 credit score is considered good, and it’s higher than the current U.S. average credit score of 717. And while you shouldn’t have trouble landing good interest rates and flexible terms on credit cards and loans (such as home or personal loans), you may qualify for even better options if you build your score even higher.

    If you need access to funds, think twice before breaking out your plastic.

    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.

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

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