Is 723 a Good Credit Score?

By Timothy Moore

(Last Updated – 03/2024)

A 723 credit score is considered good, since it falls well within the “good” range in the FICO^® scoring model (670 to 739). A 723 FICO score will give you access to a variety of credit products, including credit cards, home loans, auto loans, and personal loans, though not necessarily at the lowest-available interest rates. Taking steps to improve your credit profile could help you qualify for an even larger number of borrowing options, at more attractive terms.

Below, we’ll break down what a 723 credit score means and the types of loans (and rates) you can expect to get with this credit score.

What Does a 723 Credit Score Mean?

Your credit score is a number that predicts how likely you are to pay a loan back on time based on information from your credit reports. Lenders and other companies will use your credit scores to make decisions on whether to offer you a loan or credit card, as well as for tenant screening and insurance.

You actually have several, not just one, credit scores. Credit scores can be calculated using different scoring models, such as FICO, VantageScore^®, or a lender’s own proprietary algorithm. As a result, what counts as a “good” credit by one model or lender can be different from another model or lender.

The most widely used credit scoring model, however, is FICO. According to FICO, the ranges and ratings for credit scores are:

•   800 to 850: Exceptional

•   740 to 799: Very Good

•   670 to 739: Good

•   580 to 669: Fair

•   300 to 579: Poor

A 723 credit score puts you in the “good” FICO range. It’s higher than the average FICO score (which is 715) but below FICO’s two top scoring ranges. With VantageScore, someone with a credit score of 723 also falls into the “good” credit rating category. This is their second-to-highest tier and includes scores between 661 to 780.

A good credit score generally indicates to lenders that you’re an “acceptable” borrower. It can mean that you manage your credit well but have a relatively short credit history. Or, it could mean you have a longer credit history but have made a few mistakes here and there, such as the occasional late or missed payment, or a tendency to use a large amount of the credit available on your credit cards.

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What Can You Get with a 723 Credit Score?

With a 723 credit score, you’ll likely be able to qualify for many different types of lending products, including credit cards, personal loans, mortgages, and car loans — and at fairly competitive rates and lower fees.

With a 723 credit score, you’re above the “fair” or “poor” range, but you aren’t in the two top FICO tiers or top VantageScore tier either. So, depending on the lender, you may not get their best-available interest rates or qualify for top perks or benefits.

Here’s a closer look at what you may be able to get with a credit score of 723.

Recommended: FICO vs Credit Score

Can I Get a Credit Card with a 723 Credit Score?

Getting a credit card with a 723 credit score shouldn’t be difficult. In fact, there’s no universal minimum credit score needed to get a credit card, though borrowers with fair or poor credit may be limited to cards with high rates and fees.

A 723 credit score, however, is much more promising if you’re in the market for a credit card. Banks, credit unions, fintechs, and lenders will generally offer credit cards to borrowers with good credit, and usually at lower APRs. With a credit score of 723, you may even be able to qualify for competitive rewards credit cards, like a cash-back credit card or travel credit card.

To qualify for credit cards with the most generous benefits and welcome bonuses, however, you generally need to have a credit score higher than 740, which is considered “very good” or “exceptional” credit.

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Can I Get an Auto Loan with a 723 Credit Score?

The minimum credit score needed for a new car loan is generally around 600, so a 723 credit score should position you well to finance a new set of wheels. According to Experian, 39% of people with a 723 credit score have an auto loan. Those with very good or exceptional credit, however, will likely get lower rates and lower monthly payments.

While your credit score plays a significant role in determining whether you get a car loan and at what rate, other factors — like the lender, amount borrowed, length of the loan, and economic conditions — also influence what rates and terms you can qualify for with a 723 credit score.

The best way to secure a competitive interest rate and low monthly payment on your auto loan is to shop around and work on building an even stronger credit profile.

Can I Get a Mortgage with a 723 Credit Score?

Borrowers with a 723 credit score likely won’t encounter any issues when trying to get a mortgage loan, as long as they meet other lender requirements, such as steady income, sufficient funds for a down payment, and a low enough debt-to-income ratio. Experian reports that 31% of individuals with a 723 credit score currently have a mortgage loan.

The minimum credit score to buy a house with a conventional mortgage (one not backed by the government) is actually 620, more than 100 points lower than 723. Even borrowers with scores lower than 620 aren’t out of options: USDA loans, FHA loans, and other government-backed loans may help them buy a home, even if their credit needs work.

Can I Get a Personal Loan with a 723 Credit Score?

You can likely get a personal loan with a 723 credit score. In fact, technically speaking, there’s no minimum credit score needed to get a personal loan. Individual lenders have their own requirements, and even borrowers with poor credit can generally find loans for which they qualify — although the interest rates and fees are likely to be high.

With a credit score of 723, however, you can expect to find competitive personal loan rates and fees. Just keep in mind that lenders may have additional requirements to get a personal loan. For instance, they may require collateral (for secured personal loans). They may also need to see proof of income and employment, and might set max thresholds for your debt-to-income ratio.

💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

Takeaway

A 723 credit score is well within the “good” range in FICO’s scoring model. It also falls in the “good” range in VantageScore’s model. With a 723 score, you should easily be able to access personal loans, car loans, and mortgage loans, as well as rewards credit cards. That said, you’re still below the top two FICO tiers — “very good” and “exceptional.”

Working to build better credit (by always paying your bills on time, paying down credit card balances, and limiting hard credit inquiries) can make you even more desirable to lenders, and unlock lower rates and fees.

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