730 Credit Score: You’re In Pretty Good Shape

February 24, 2012 No Comments »
730 Credit Score: You’re In Pretty Good Shape

Let’s examine another specific credit score. Today we will dissect a “730 credit score” to determine if it’s good, bad, or ugly.

As always, you need to use the appropriate credit score scale to ensure you’re assessing things correctly.

We’ll start with the more en vogue Fico score, which ranges from 300 to 850. Most lenders use this score to assess your creditworthiness.

Right off the bat, we can see that a 730 Fico score would put you close to the top of Fico’s range, but it’s certainly not the highest credit score attainable.

730 Fico Score is Good, Not Great

730 fico score

The national average Fico score is around 711, so 730 is a good credit score. It’s roughly 20 points above the national average, meaning it’s not great. However, it’s certainly no cause for alarm.

Generally, anything over 720 will allow you to qualify for any loan or credit card you may apply for, assuming all your other personal details are in order. Things such as employment and income come to mind.

If you’ve got a 730 Fico score, expect to get close to, if not the best pricing when it comes to interest rates, at least from a credit standpoint.

Most mortgage lenders have a credit scoring threshold of 720 and above for their best rates, to provide but one example.

That said, you can do better, and it may serve you well to see what’s holding you back from an excellent credit score. It could be that you’ve got high balances on existing credit lines, or perhaps limited credit history.

If the former is the case, consider paying down some of those high balances and your credit score should rise over time.

730 VantageScore Below Average

730 vantagescore

Assuming we’re talking about the other major credit score, the VantageScore, you’d be below average if you have a 730 score.

The average VantageScore is around 748, so you wouldn’t be doing a great job of keeping up with society.

You’re not far off either, but obviously being below average isn’t anybody’s goal.

Additionally, a 730 credit score would land you in their “C” bracket, and on the lower end of it. Essentially, you would be just about 30 points from their “D” bracket, which is certainly bad news.

If your credit score falls into this range, there’s a good chance you’ve got some derogatory stuff going on.

In other words, you may have some late payments on your credit report, or possibly something worse, such as a collection, charge-off, or even a foreclosure.

If this is the case, it will be in your best interest to order a credit report and get to the bottom of it.

A credit score-monitoring program may also be beneficial to track your credit score as you address the problems you come across.

You will certainly be stuck with higher interest rates on any credit cards and loans you take out, which put simply, costs you money.

And there’s a chance you won’t even be approved for certain loans, which can put you in a tough spot. So be sure to address things sooner rather than later to avoid any pitfalls down the road.

Read more: How to improve your credit scores.

(photo: oxtopus)

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