Is 722 a Good Credit Score?

722 credit score

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    By Marcy Lovitch

    (Last Updated – 03/2024)

    If you have a credit score of 722, you may worry it’s not high enough to qualify for different kinds of loans and credit cards, or even give you the ability to rent an apartment. But rest assured, a 722 credit score falls into the “good” category, signaling to lenders (or landlords) you are someone who is likely to make timely payments and fulfill your financial obligations.

    Having a 722 credit score should give you access to a range of borrowing options with competitive interest rates and terms. However, a score of 722 is only slightly above the national average, and falls short of landing in the “very good” or “exceptional” credit tiers.

    Read on to learn more about what a 722 credit score signifies and the different doors it can open for you.

    What Does a 722 Credit Score Mean?

    The most widely used credit scores are FICO scores, which range between 300 and 850. The higher your credit score, generally the more creditworthy you’re deemed to be by lenders and financial institutions. According to the credit bureau Experian, the average FICO credit score in the U.S. is 715. This means that a 722 credit score puts you above the average.

    According to FICO, the ranges and ratings for credit scores are:

    •   300 to 579: Poor

    •   580 to 669: Fair

    •   670 to 739: Good

    •   740 to 799: Very Good

    •   800 and above: Exceptional

    In the FICO model, a credit score of 722 falls into the “good” credit category.

    Credit scores can also be calculated using different scoring models, such VantageScore (FICO’s main competitor) or a lender’s own proprietary algorithm. In the VantageScore model, a 722 credit score also falls into the “good” range, which is 661 and 780. This is only one tier away from their top rating, which is “excellent” (750 to 850).

    Even though 722 is generally considered a good credit score, you’re still not in the “very good,” “excellent,” or “exceptional” credit score range. So, depending on the lender, you may not get the best interest rates or qualify for the most generous perks and benefits. However, you only have to improve your FICO score by 18 points to make it into the very good range, which is likely attainable.

    💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.

    What Can You Get With a 722 Credit Score?

    Having a 722 credit score can put you in a good position when it comes to applying for credit cards, different types of loans, and apartment rentals. Here’s a closer look at what you can get if your credit score is 722.

    Can I Get a Credit Card With a 722 Credit Score?

    There’s no minimum credit score needed for a credit card, so even if you have poor or fair credit, you can typically still get one. However, having a lower credit score comes with some disadvantages, such as a lower credit limit and higher interest rate.

    Falling into the good credit category gives you more choices when it comes to applying for credit cards, including more introductory offers, lower interest rates, and higher credit limits.

    You may be able to snag a credit card without an annual fee. You’re also in the running for a rewards credit card, which may offer cash back or points you can use towards airline flights, hotels, or dining. In addition, you might be able to qualify for a 0% introductory annual percentage rate (APR), which can come in handy if you’re looking to make a large purchase or do a balance transfer from a card with a higher interest rate.

    Recommended: Personal Loan vs Credit Card

    Can I Get an Auto Loan With a 722 Credit Score?

    The answer is yes. According to a fourth-quarter 2023 report from Experian, more than 68% of cars financed were by people who had a credit score of 661 or higher. If you’ve got a score of 722, getting an auto loan shouldn’t be difficult.

    Your car loan interest rate depends on your credit score, and the average interest rate for someone with a good credit score is 7% for a new car loan and 9.73% for a used-car loan. Improving your credit could snag you even lower rates: For borrowers with credit scores between 781 and 850, the average interest rate for a car loan is 5.64% for a new car and 7.66% for a used car.

    Dealers will often feature special lease offers and cash rebates for new cars, and a credit score of 722 will also increase your eligibility to take advantage of these opportunities.

    Can I Get a Mortgage with a 722 Credit Score?

    People with a 722 credit score can absolutely get a mortgage. More than 40% of first mortgage loans go to those with a credit score under 740. Conventional mortgages (those not backed by the government) require a score of 620, while Federal Housing Administration (FHA) loans with low down payments require a score of 580. A 722 score puts you well over these thresholds.

    That said, a 722 credit score likely won’t qualify you for a lender’s best mortgage rates. These are typically only offered to borrowers with scores in the very good or exceptional credit tiers. However, a 722 credit score should allow you to qualify for rates in line with national averages.

    Keep in mind that mortgage lenders typically consider more than just your credit score when you apply for a home loan. They will likely also factor in your debt-to-income (DTI) ratio and the size of your down payment when determining your eligibility for a home loan, as well as the rates and terms they will offer.

    Can I Get a Personal Loan With a 722 Credit Score?

    If you’re thinking about using a personal loan to cover a large expense or consolidate high-interest credit card debt, you’ll be happy to know that a 722 credit score can get you a personal loan with competitive rates and terms. That said, not every lender will approve you. Some lenders only offer personal loans to applicants with scores well into the 700s.

    Because personal loans are typically unsecured (meaning you don’t have to put up collateral like your car or savings), lenders want to be extra-sure that a borrower will be able to repay their debt. As a result, they will often look at multiple criteria — not just your credit score. Lenders may also factor in your income and employment history, cash flow, and how much debt you already have, when considering your eligibility for a personal loan.

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    Can I Rent an Apartment With a 722 Credit Score?

    When considering applicants for an apartment rental, a landlord or property manager will typically run a credit check to make sure the prospective tenant is likely to pay the rent on time each month. If you have a 722 credit score, you have a good chance of getting approved.

    While there’s no official credit score needed to rent an apartment, the average credit score for renters in the U.S. is 638, according to research by Rent Cafe. In cities and areas where the competition for rentals is stiff, however, some landlords may decide to rent to someone with a very good or exceptional score. Nevertheless, if you have a 722 credit score, along with a low DTI and a good past rental history, you should not have much difficulty renting an apartment.

    The Takeaway

    A 722 credit score puts you in a strong position to get approved for various types of loans and credit cards with lower interest rates and competitive terms. With this credit score, you’re also likely to show a prospective landlord you’re a good bet when it comes to renting an apartment.

    Keep in mind, though, that a 722 is still only considered “good” in terms of creditworthiness. Since you’re not far from landing in the “very good” credit tier, it can be worth taking some steps to build your credit, such as always paying your bills on time, paying down credit card balances, and limiting hard credit inquiries. This can give you access to lending products with even better rates and terms in the future.

    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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