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.

💡 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 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.

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.

By Jennifer Calonia

(Last Updated – 05/2024)

A 676 credit score is typically characterized as “good,” although it is at the low end of that range. It is much closer to the next category of “fair” vs. the higher level of “very good.” With a credit score of 676, you can expect to qualify for credit cards and a variety of loans. However, you will likely not be offered the most favorable interest rates and terms, which are usually reserved for people with higher scores.

Here, you’ll learn more about what sorts of access to credit you can expect with a 676 credit score.

What Does a 676 Credit Score Mean?

A credit score of 676 is considered “good.”

Categorizations can be confusing, given the varying credit score ranges and scoring models in current use. For instance, there are a few differences between the FICO score vs. credit score models, but most will classify a 676 credit score as good.

Here’s how credit scores typically stack up in the FICO^® credit model:

•   Exceptional: 800-850

•   Very Good: 740-799

•   Good: 670-739

•   Fair: 580-669

•   Poor: 300-579

Next, consider what “good” means. It’s likely that you’ve demonstrated a borrowing history that’s acceptable. You practice responsible borrowing and payment habits most of the time, but might have overextended your credit in the past or made a late payment or two.

Experian, a major U.S. credit bureau, reports that 36% of consumers with a 676 credit score have a payment that’s 30 days past due on their credit report.

According to FICO, the average borrower in the U.S. has a credit score of 718. This national average credit score is somewhat higher than your 676 FICO score, but both fall under a “good” rating. If you were to build your credit score (say, by always paying on time or lowering your debt-to-income ratio), you might find you qualify for more favorable credit offers.

💡 Quick Tip: Need help covering the cost of a wedding, honeymoon, or new baby? A SoFi personal loan can help you fund major life events — without the high interest rates of credit cards.

What Can You Get With a 676 Credit Score?

Having a 676 FICO score can help you unlock different types of opportunities. You’ll learn more about accessing credit, from credit cards to home loans, in a moment, but there are other perks to having a solid credit score.

For example, some landlords and property management companies check your credit score to determine how well you’ve kept up with your other financial obligations. In some cases, a prospective employer might request access to your credit report to see how responsible you have been with your finances in the past.

Can I Get a Credit Card with a 676 Credit Score?

Applicants with a credit score of 676 typically meet the minimum eligibility requirements for a credit card. However, card issuers have different requirements so read their borrower criteria closely before applying.

Having a good credit score can result in getting approved for new revolving credit, but don’t expect to receive the best offer that the card issuer advertises. You might not qualify for its lowest, most enticing interest rate, unlike an applicant with excellent credit. In other words, with a 676 credit score, you are likely to pay more for credit than those with higher ratings.

The Consumer Financial Protection Bureau found that consumers with a prime credit rating between 670 to 739 had an average credit card APR range of 20% to 22%. By comparison, super prime applicants with scores of 740 or higher had an APR range of 16% to 18%.

Additionally, your offer might not include special credit card incentives, like a 0% APR promotion that’s typically reserved for applicants with exceptional credit scores.

Can I Get an Auto Loan with a 676 Credit Score?

A 676 credit score can help you get an auto loan, assuming you meet the lender’s other minimum underwriting requirements. The average APR you can secure with a 676 credit score depends on the type of car you’re financing.

Here’s a comparison of average new and used car loan rates as of early 2023 by VantageScores, according to Experian.

If you’re looking for an auto loan, there are ways to reduce your loan rate. For example, consider increasing your down payment or shortening the loan’s repayment term to see if it makes a meaningful difference with the APR.

Can I Get a Mortgage with a 676 Credit Score?

For a conventional mortgage loan, the minimum credit score you’d need to qualify is typically 620. Based on a 676 score, you’d likely meet mortgage lenders’ credit requirements. Additionally, there are other mortgage products available that accept even lower credit scores, like an FHA Loan. Depending on your down payment amount, there may be loans available to those with a credit score of 500 or more.

Remember, mortgage loans are typically the largest and longest debt you’ll take on in your lifetime, so shopping around for the best rate is essential. According to the Federal Reserve Bank of St. Louis, the median home purchase at the end of 2023 was $417,700. Assuming you put 20% down, the amount you’d need to finance is $334,160.

Based on this loan amount, myFICO estimates the following APRs for a 676 credit score and other ranges in early 2024:

Although the APR differences might appear insignificant, the interest adds up over time. For example, a 676 credit score at 7.43% APR results in a $2,320 monthly payment. If you can build your credit score to 760 or higher, your payment drops to $2,182. That’s a $138 difference each month, and $49,680 over a 30-year loan.

Recommended: Which Credit Score Do Mortgage Lenders Use?

Can I Get a Personal Loan with a 676 Credit Score?

Whether you’re considering a personal loan for a new water heater, a 40th birthday bash, or a credit card consolidation loan to pay off your debt, your good credit provides options. However, personal loan rates vary significantly based on your credit score.

According to Credible data, the average APR for a three-year personal loan with a 676 credit score is 26.92%. That’s notably steep compared to the 13.21% average APR for borrowers with a 780 or higher credit score.

If you need the loan funds urgently and don’t have time to improve your credit, one option is finding a willing cosigner who has stronger credit. A cosigner is an individual who agrees to take responsibility for the loan if you don’t make payments. Since they’re assuming liability for the debt, if payments aren’t made on time, their credit — and your own — are negatively affected.

Recommended: How to Build Credit Over Time

Takeaway

A 676 credit score qualifies as a “good” credit score; however, it is at the low end of that range. With a score of 676, you will likely qualify for an array of credit card and loan offers, but probably not at the most favorable rates or with the very best terms. Those options are typically reserved for individuals with scores in the “very good,” “excellent,” or “exceptional” category.

As you explore different ways to access credit, a personal loan can be a valuable option.

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.

By Melissa Brock

(Last Updated – 05/2024)

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 will probably qualify for in terms of credit cards, auto loans, mortgages, or personal loans.

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 Fair Isaac Corporation’s scoring model. Learn more about FICO score vs. credit score.

Here’s a look at how FICO credit score ranges are typically categorized:

•   800 to 850: Excellent

•   740 to 799: Very good

•   670 to 739: Good

•   580 to 669: Fair

•   300 to 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 are wondering what you can get with a 720 credit score, you are 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 employer or 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 will 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 will consider your credit score and history, as well as your loan term, down payment, income and debt, and their own criteria as well.

•   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 debt-to-income ratio (DTI). 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.

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 probably will 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.