730 Credit Score: A Guide to Credit Scores | Chase (2024)

Quick insights

  • A 730 credit score puts you in the “good” credit score category for the two main scoring models.
  • There are several misconceptions about credit that are helpful to be aware of, such as closing old credit card accounts in hopes of improving your score.
  • It’s possible to scale your credit score from good to “excellent” with some key strategies.

If you have a 730 credit score, it’s considered to be in the good credit score range by VantageScore® and FICO® score. But what does good really mean? Below we’ll take you through the process of understanding your 730 credit score, how to help protect it and even ways to improve it.

Understanding a 730 credit score

To help you understand what a 730 credit score means, it’s helpful to know the credit score ranges for the different scoring models. For VantageScore, the ranges include:

  • Excellent: 781 to 850
  • Good: 661 to 780
  • Fair: 601 to 660
  • Poor: 500 to 600
  • Very Poor: 300 to 499

For FICO scores, the ranges include:

  • Exceptional: 800+
  • Very Good: 740 to 799
  • Good: 670 to 739
  • Fair: 580 to 669
  • Poor: 579 and below

As you can see, the credit score of 730 falls within the good range, usually indicating a solid credit history and a lower risk for lenders.

Factors such as consistent, on-time payments, low credit utilization, diverse credit mix and a lengthy credit history contribute to a 730 credit score.

With a 730 credit score, individuals have better chances of securing loans, obtaining favorable interest rates, and accessing credit cards with attractive rewards and benefits.

Benefits of a 730 credit score

There might be several benefits of maintaining a good credit score. These include, but are not limited to:

  • Potential access to better interest rates and loan terms. Individuals with a 730 credit score are more likely to qualify for loans with lower interest rates and better terms.
  • Increased likelihood of credit approval. Lenders are more inclined to approve credit applications from individuals with a 730 credit score or above, though they will also evaluate other factors.
  • Lower insurance premiums. Insurance providers often consider credit scores when determining premiums, and a 730 credit score can lead to lower ones.
  • Credit card opportunities. Credit card issuers offer attractive rewards programs and perks to consumers. You may have more chances to get approved for a credit card with better rewards with a 730 score or more.
  • Increased chances of being approved for rentals. Because landlords and other rental companies often run credit checks as part of the application process, you may find that having a 730 credit score may give you an advantage.

Tips for maintaining a 730 credit score

With a good credit score, you’re probably wondering how you can keep your score in this category and prevent it from slipping into fair or poor credit score ranges. Below, are a few helpful tips for maintaining a 730 credit score:

  • Paying bills on time. Consistently paying bills by their due dates helps maintain a positive payment history, a crucial factor in credit score calculations.
  • Keeping credit card balances low. Maintaining low credit card balances relative to credit limits demonstrates responsible credit utilization, positively impacting credit scores.
  • Credit monitoring. Regularly checking your credit report for inaccuracies allows individuals to address and dispute any errors that could negatively affect their credit scores.

Strategies to help improve a 730 credit score

Are you looking to take your credit score from good to excellent? With some patience, consistency and diligence you can help improve your 730 credit score and move up to the next tier.

Paying off outstanding debts

Reducing or paying off outstanding debts can help lower your debt-to-income ratio, an important factor lenders consider when determining your creditworthiness. By managing your debt, you may help improve your credit score over time.

Diversifying credit mix

You may have healthy financial habits, but perhaps what is keeping you from achieving that next level of credit scores is your lack of diversity when it comes to credit. If you have limited types of credit, you may be hindering your credit mix which is another factor used to calculate your credit score. Having a mix of credit types, such as credit cards, loans and mortgages, can positively impact credit scores. Note that opening a new line of credit can cause your score to temporarily dip due to lenders running a credit check.

Lowering your credit utilization ratio

Your credit utilization ratio is the amount of credit you use compared to your total available credit. If you can increase your credit limit on existing cards by making a request with your lender (and keep your spending the same), you could lower your credit utilization ratio, which can improve your score. You can also do this by lowering your credit card balances and making adjustments in your budget.

Common misconceptions about credit scores

Even if you have a good credit score, it’s easy to have misconceptions about how your score works. These include, but are not limited to:

  • Closing credit card accounts improves credit score. False, as long as you pay off your balance. This is because credit mix and history play a big part in showcasing your creditworthiness. It’s helpful to keep these accounts open, even if you use the card just once in a while to remain active.
  • Checking credit scores frequently lowers credit score. Not always true. There are ways to check your score without triggering a credit check, which can hurt your score. For example, when you use Chase Credit Journey®, a free online tool, you can check your score as many times as you would like without impacting your credit.
  • Only credit card usage affects credit score. False. There’s a lot more that goes into your credit score than just how you manage your credit cards. Debt, payment history and derogatory remarks are just some of many other factors that contribute to calculating this number.
  • Credit scores are the same across all credit bureaus. False. Different credit bureaus may use different scoring models, which could result in varying credit score numbers.

In conclusion

A 730 credit score means you’re on the right track. You’re probably developing good, healthy habits and keeping track of your credit usage. However, don’t make the mistake of interpreting this score as something fixed and unchangeable. You are still vulnerable to factors that can bring your score down. Maintaining healthy habits by making bill payments on time and staying self-aware can help you protect or even improve your credit score over time.

730 Credit Score: A Guide to Credit Scores | Chase (2024)

FAQs

How much can you get approved for with a 730 credit score? ›

You can likely get a mortgage with a 730 credit score if you meet other qualifying criteria for the loan (such as debt-to-income ratio, employment history, etc.). Conventional mortgages usually require a credit score of 620 or higher, while jumbo loans may require a credit score of at least 700.

How to increase credit score from 730 to 750? ›

  1. 1. Make On-Time Payments. ...
  2. Pay Down Revolving Account Balances. ...
  3. Don't Close Your Oldest Account. ...
  4. Diversify the Types of Credit You Have. ...
  5. Limit New Credit Applications. ...
  6. Dispute Inaccurate Information on Your Credit Report. ...
  7. Become an Authorized User.

What credit card can I get with a 730 credit score? ›

One of the best credit cards for a 730 score is Chase Freedom Unlimited® because it gives 1.5 - 5% cash back on purchases and has a $0 annual fee. In addition, the card provides an introductory APR of 0% for 15 months on purchases.

Can I get a mortgage with a 730 credit score? ›

A 730 credit score is considered “very good” to “excellent,” unlocking the most elite mortgage options available. Conventional loans offer the absolute best rates and terms at this credit level. Government-backed loans like FHA are available but are rarely the best choice with this score.

What is the best loan for a 730 credit score? ›

Student loans are some of the easiest loans to get with a 730 credit score, seeing as more than 70% of them are given to applicants with a credit score below 740.

How rare is a 750 credit score? ›

Your credit score helps lenders decide if you qualify for products like credit cards and loans, and your interest rate. A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog.

What brings your credit score up the fastest? ›

The fastest way to get a credit score boost is to lower the amount of revolving debt (which is generally credit cards) you're carrying. The percentage of credit you use against the amount of credit you have available is called your credit utilization rate.

How can I raise my credit score 100 points overnight? ›

10 Ways to Boost Your Credit Score
  1. Review Your Credit Report. ...
  2. Pay Your Bills on Time. ...
  3. Ask for Late Payment Forgiveness. ...
  4. Keep Credit Card Balances Low. ...
  5. Keep Old Credit Cards Active. ...
  6. Become an Authorized User. ...
  7. Consider a Credit Builder Loan. ...
  8. Take Out a Secured Credit Card.

How to raise your credit score 200 points in 30 days? ›

How to Improve Your Credit Score
  1. Review Your Credit Reports. The best way to identify which steps are most important for you is to read through your credit reports. ...
  2. Pay Every Bill on Time. ...
  3. Maintain a Low Credit Utilization Rate. ...
  4. Avoid Unnecessary Credit Applications. ...
  5. Monitor Your Credit Regularly.
Jul 23, 2024

Can I buy a car with a 730 credit score? ›

Absolutely. Your 730 credit score will qualify you for an auto loan, assuming your income justifies it. However, it's important to realize that your credit score can make a big difference in the interest rate you get.

What is the benefit of having a 730 credit score? ›

These include, but are not limited to: Potential access to better interest rates and loan terms. Individuals with a 730 credit score are more likely to qualify for loans with lower interest rates and better terms. Increased likelihood of credit approval.

What is a good credit score for my age? ›

What is a good credit score for your age? You might consider your score to be good if it meets or exceeds the average for your peers, but that isn't the best gauge. Following NerdWallet's general guidelines, a good credit score is within the 690 to 719 range on the standard 300-850 scale, regardless of age.

What credit score is needed to buy a $300k house? ›

Credit Score

For a $300,000 home, you'll likely need a good credit score: 740+: Best rates and terms. 700-739: Slightly higher rates. 660-699: Higher rates, may require larger down payment.

Is a 900 credit score possible? ›

While achieving a CIBIL Score of 900 is technically possible, it is extremely rare. Scores above 760 are considered very good or exceptional, providing significant benefits such as lower interest rates and higher chances of loan approval.

How much money can you borrow with a 730 credit score? ›

You can borrow $50,000 - $100,000+ with a 730 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

Can I get a personal loan with a credit score of 730? ›

If you have a credit score of 730 or higher, you are likely to have access to a wide range of financial products and services, including personal loans with favorable terms and conditions.

How much can I get approved for with a 700 credit score? ›

A 700 credit score is also good enough to buy a house. You can even find lenders that will consider you for higher-value homes requiring “jumbo” mortgages.

How much can I get approved for with a 780 credit score? ›

You can borrow over $100,000 with a 780 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.

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