730 Credit Score: What does it mean?

by Stable MARK | Updated: July 14, 2022
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A 730 credit score is considered to be good. You can expect to receive low interest rates on credit cards and loans. Lenders view consumers with scores in the good range as "acceptable" borrowers and may offer them a variety of credit products.

Let’s get started to understand what it means, what you can get with a 730 credit score and how to improve it.

A 730 credit FICO score
Figure 1: 730 falls within the FICO credit score range concidered good

Twenty-one percent of U.S. consumers have credit scores that are considered "Good."

Is 730 a good credit score?

A 730 credit score is generally considered to be "good." This means that it's relatively easy to get approved for a mortgage, auto loan, or personal loan with a 730 credit score. Lenders tend to do business with borrowers who have a good credit score because it's less risky from their perspective. And it can get even better than that. One of the best ways to improve your credit score is by taking steps to repair your credit. This can open up even more loan options for you and your family at more favorable rates. So a 730 credit score indicates a good credit rating, plenty of loan options, low loan costs, and minimal credit repair required.

Good range credit scores by age

U.S. population by age with 700+ FICO credit score
Figure 2: U.S. population by age with 700+ FICO credit score

The average age of your credit cards and loans is one factor that contributes to your credit score. Therefore, it makes sense that people with high credit scores are typically older. However, it is encouraging to know that nearly 25% of 18- to 24-year-olds have credit scores of 700 or higher.

Good range credit scores by income

Percentage of U.S. population with good FICO credit score by income
Figure 3: Percentage of U.S. population with good FICO credit score by income

People who make at least $50K per year are significantly more likely to have a credit score of at least 700. Those who earn between $75K and $100K per year are especially likely to have a score that begins with a 7 or an 8. However, it is possible to get into the 700-plus club even if you earn less or have a lower score despite earning a higher income. It all depends on spending within your means.

Forty percent of consumers have credit scores lower than 730.

How to get a 730 credit score

There is no one way to guarantee a specific credit score. However, you can try to get within a general range. Even with the different credit scores and definitions of good credit, there are some general principles that can help you build and raise your credit score over time. Lenders view people with healthy credit as less of a risk, so it's important to know how to maintain good credit.

Here are some tips that can help you manage the important factors that affect your credit:

1. Keep your credit utilization rate low

Your credit utilization rate is the percentage of credit available to you that you are using at any given time. It is usually recommended to keep this number below 30%. This means that you should be using less than 30% of your available credit at any one time. Generally, the less credit you use (while still using it regularly to keep the card active), the better.

If you find that your credit utilization rate is higher than 30%, there are things you can do to lower it. For example, you could pay down some debt or increase your credit limits. To increase your credit limits, you would need to ask your current lenders for a limit increase. But be aware that this could result in lenders doing a hard inquiry on your credit when they make their decision.

2. Pay your installments on time

Your payment history is a significant factor in your credit scores. How much a late payment can affect your scores varies depending on how late the payment is and how recently the payment was missed.

But if you consistently pay on time, it can help you build your credit, which could increase your likelihood of being approved for more credit in the future if you need it.

3. Build your credit mix

It is generally not recommended to take out a loan, which could be expensive, solely to improve your credit score. However, having a mix of different types of credit can have a positive effect on your credit score in the long term. Types of credit include revolving credit (such as credit cards) and installment credit (such as auto loans and mortgages).

There is one potential downside, however: when you apply for new credit, it may result in a hard inquiry on your credit report, which can temporarily lower your score. While the impact of one hard inquiry is typically minor, multiple inquiries in a short period of time can be viewed negatively by lenders. For this reason, it's important to have a general sense of whether or not you are likely to be approved for new credit before you apply for a credit card or loan.

4. Time is needed

The length of your credit history can also have an impact on your credit scores. A longer credit history can show lenders that you have more experience managing credit.

If you have a expensive line of credit open (like a credit card with a high annual fee), you may be looking to close it. But closing a credit card can affect important credit factors like the age of your credit history, so carefully consider your options before you cancel a credit card.

How to improve your 730 credit score

Having a credit score of 730 will give you access to many different loans and credit card products. However, if you can increase your score, you will have an even greater chance of being approved for more affordable loans.

It is also important to keep in mind that a 730 credit score is on the higher end of the "Good" range. If your score drops into the "Fair" range (580-669), it will be much harder to get approved for loans. Therefore, it is important to manage your credit score carefully.

Do You Need Credit Repair?

by more serious issues

Credit Repair Companies

by minor issues

Do It Yourself

Check your credit score regularly: It is advisable that you check your credit score on a regular basis. Doing so can give you valuable insights into your progress as you work to improve your score. Remember that occasional dips are to be expected, and look for signs of steady upward progress as you maintain good credit habits. To make the process easier, you may want to consider signing up for a credit-monitoring service. You might also want to look into an identity theft protection service that can help you spot suspicious activity on your credit reports.

Avoid high credit utilization rates or debt usage: It is advisable to keep your debt usage below 30% across all accounts to avoid lowering your score.

Seek a solid credit mix: It is prudent to seek a solid mix of credit, in the form of both revolving and installment loans. This can promote good credit scores. However, no one should take on debt they do not need.

29% of people with a credit score of 730 have late payments (past due 30 days) on their credit report.

Pay your bills on time: It is important to pay your bills on time if you want to improve your credit score. Find a system that works for you and stick to it. Automated tools like smartphone reminders and automatic bill-payment services can be helpful for many people. Others may prefer sticky notes or paper calendars. After six months or so, you might find that you don't need the reminder system anymore. (However, it's still a good idea to keep it up, just in case.)

Strategies to build 700+, 750+ credit score and above

Your credit score is already pretty good at 730, but there are ways to make it even better. A "very good" credit score of 740 or above can get you the best interest rates. The great news is that it doesn’t take much to improve your credit when you're already in the good range. Just pay attention to these credit score factors:

Payment history

One late payment can have a significant negative impact on your credit score. To avoid this risk, you might want to consider setting up autopay for your credit card and other bills. For a 750 credit scorecard, an "A" grade corresponds to 100% on-time payments.

For a 750 credit scorecard Debt Load, a grade of "A" means less than a 0.28 debt-to-income ratio.

Credit utilization

It's best to keep your credit utilization at 30% or below. Utilization below 10% is a hallmark of consumers with the highest scores, according to VantageScore, the main competitor to FICO. If you want to improve your credit utilization, you could ask your credit card issuer for a higher limit or consider opening a new credit card. Just make sure you don't increase your spending, or you'll cancel out the benefits of having a higher limit. A 750 credit score is considered an "A," and that means you have a utilization rate between 1% and 10%.

By Collections Accounts and Public Records, a credit scorecard for someone with a credit score of 750+ grade A means zero collections accounts and public records.

Length of credit history

In general, the longer you've been using credit and the longer your average age of accounts, the better it is for your score. This is because credit scores are meant to estimate your risk as a customer, and a long history gives creditors more data to estimate with.

If you don't have a pressing reason to do so, like a high annual fee, avoid closing credit cards. You can also look into doing a product switch to a more suitable card from the same issuer. On the credit scorecard for account age, a grade of "B" means that the average account is less than 9 years old.

Credit applications

Applying for credit will likely result in a hard inquiry on your credit score. Each of those can take a few points off your score temporarily, so it's best to space out applications by about six months. The credit scoring card for hard credit inquiries grade "A" means fewer than 3 in the past 24 months.

Credit mix

It is better for your credit score to have a mix of installment loans (with fixed payments for a set period of time) and revolving credit (like credit cards). The credit scorecard for people with a credit score of 750 or higher shows that an "A" grade for account diversity means 4 or more account types, or 21 or more total accounts.

Maintaining a good credit history

The average American consumer has a good FICO® score. With some time and effort, you can increase your score into the very good range (740-799) or even the exceptional range (800-850). This will require an understanding of the behaviors that help grow your score and those that hinder growth.

Late and missed payments are among the most significant negative factors affecting your credit score. Lenders want borrowers who pay their bills on time, and statisticians predict that people who have missed payments are more likely to default on debt than those who pay promptly. If you have a history of making late payments (or missing them altogether), you can improve your credit score significantly by changing that habit. More than one-third of your score (35%) is influenced by whether or not you have late or missed payments on your record.

Your credit utilization rate is a key factor in your credit score. It tells lenders how much of your available credit you're using at any given time. You can calculate your utilization rate by dividing your outstanding balance by your credit limit and multiplying by 100. To get your overall utilization rate, add up the balances on all your accounts and divide by the sum of all the credit limits.

Table 1: Utilization rate example
Balance Spending limit Utilization rate (%)
American Express $1,300 $3,000 43%
Diners Club $500 $5,000 10%
VISA $3,000 $12,000 25%
Total $20,000 $20,000 24%

Credit history: Although other factors play a role, your credit score is largely determined by your credit history. If you have a long history of on-time payments and low utilization, your score will be higher than someone with a shorter history of late payments and high balances. Even if you're a new borrower, you can still improve your credit score over time by managing your credit carefully and making all your payments on time. Age of credit history makes up 15% of your credit score, so it's one of the most important factors in determining your score.

Applying for new credit or taking on additional debt usually has a negative, short-term effect on your credit score. When you do either of these things, credit-scoring systems see you as being more likely to have trouble making your payments. So your score goes down a little bit. But then it rebounds after a few months if you keep paying your bills on time. That's why it's a good idea to space out applications for new credit by six months or so. And it's also a good idea to avoid opening any new accounts in the months before you plan to apply for a major loan, like a mortgage or an auto loan. New-credit activity can make up 10% of your overall credit score.

While public records like bankruptcies may not appear on every credit report, they can still have a significant impact on your credit score if they are listed. In fact, one or more negative public records can outweigh all other positive factors and severely lower your score. For example, a bankruptcy can stay on your credit report for up to 10 years, which may prevent you from accessing many types of credit for most or all of that time.

Having a variety of different types of credit accounts can help improve your credit score. The FICO® credit scoring system gives higher scores to people who have multiple types of credit accounts, including both revolving credit (accounts like credit cards that let you borrow against a spending limit and make payments of different amounts each month) and installment loans (e.g., car loans, mortgages, and student loans with set monthly payments and fixed payback periods). Credit mix makes up about 10% of your credit score.

38% of Individuals with a 730 credit score have credit portfolios that include auto loans and 29% have a mortgage loan.

What does a 730 credit score get you?

Credit Cards For 730 Credit Score

Suitable For
Upgrade Cash Rewards Visa®
low-interest and low cost
Upgrade Cash Rewards Visa®
Capital One SavorOne Cash Rewards Credit Card
dining and entertainment
Capital One SavorOne Cash Rewards Credit Card
Discover it® Cash Back
first-year rewards
Discover it® Cash Back
Blue Cash Everyday® Card from American Express
groceries and online shopping
Blue Cash Everyday® Card from American Express
Capital One Venture Rewards Credit Card
travel redemptions
Capital One Venture Rewards Credit Card
My GM Rewards Card™
car enthusiasts
My GM Rewards Card™
Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
Discover it® chrome
gas stations and restaurants
Discover it® chrome
Credit One Bank® Platinum X5 Visa®
rewards on internet, TV, and cellphone service
Credit One Bank® Platinum X5 Visa®
Capital One VentureOne Rewards Credit Card
flexible travel rewards
Capital One VentureOne Rewards Credit Card
Citi® Double Cash Card
flat-rate cashback
Citi® Double Cash Card
Chase Freedom Unlimited®
starter rewards card
Chase Freedom Unlimited®
Capital One Quicksilver Cash Rewards Credit Card
simple cash back
Capital One Quicksilver Cash Rewards Credit Card
Citi Rewards+® Card
rewards on small purchases
Citi Rewards+® Card

Table 2: What can you get with a 730 credit score
Item Does 730 credit score qualifies?
No annual fee credit card Yes
Credit card with 0% financing Yes
Favorite store’s credit card Yes
No-foreign-fee credit card Yes
Airline/Hotel credit card Yes
Initial credit card bonus Yes
Any credit card No
Apartment rental Yes
Personal loan Maybe
Mortgage loan Maybe
Auto loan Maybe

Benefits from a good range credit score

People with credit scores in the good range are seen as solid business prospects by lenders. Most lenders are willing to extend credit to borrowers with credit scores in this range, although they may not offer their best interest rates. Similarly, card issuers may not offer these individuals their most compelling rewards and loyalty bonuses. A credit score in the good range may reflect a relatively short credit history marked by good credit management. It may also characterize a longer credit history with a few mistakes, such as occasional late or missed payments, or a tendency toward relatively high credit usage rates.

Consumers with 730 credit scores have an average of 4.6 credit card accounts.

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

Having a credit score of 730 means you're in a good position to get a mortgage and home loan. Your current score is a mid-to-high credit rating, which is good news. There are multiple types of FICO scores and while mortgage lenders don’t usually use the same one that’s used to make most lending decisions, they will consider a version of it that doesn’t weigh as heavily on credit utilization. Most lenders will still look at your credit score to evaluate your creditworthiness, but a 730 is good enough to buy a house. You can even find lenders that will consider you for higher-value homes requiring “jumbo” mortgages. Your credit score is just one of many factors that determine mortgage interest rates. Getting a good rate can save you many thousands of dollars over the life of your loan.

Can I get an auto loan with a 730 credit score?

If you have a 730 credit score, you're in a relatively good position to get approved for an auto loan. Lenders see you as less of a risk, which means you'll be able to get better rates. Getting an auto loan with a 730 credit score shouldn't be too difficult. The best rates are usually reserved for people with good-to-excellent credit, but what counts as "good" credit can vary from lender to lender. In addition to base credit scores like FICO and VantageScore, some lenders also use industry-specific scores, such as the FICO® Auto Score. So when you're looking for the best credit card for your needs, make sure to pay attention to the minimum score required. Keep in mind that each credit card application can cause a small dip in your score, so you want to make sure you have a good chance of being approved before you apply. Fortunately, there are plenty of credit cards available for people with a 730 credit score.

Can I get a credit card with a 730 credit score?

If you have a good credit score, you may be eligible for some great credit cards with awesome perks like cash back, travel rewards, or 0% APR for a promotional period. However, the very best credit cards may still be out of reach if your score is only good. You may need an excellent credit score to be approved for these cards. So, if that's your goal, there's still room for improvement. A credit score of 730 would give you access to travel rewards credit cards, though you usually need a very good or excellent credit score to get a luxury credit card.

You can get even better terms on your loan or credit card by repairing your credit and waiting a few short months until your score improves.

A 730 score means you likely have a few negative items on your report. Removing any outstanding negative items (or hard inquiries) is usually the quickest way to fix your report.

Benefits of improving your score to:

740 750 760 770 780

Drawbacks of worsen your score to:

720 710 700 690 680

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