A credit score of 711 is in the good-credit range, meaning lenders will likely be willing to lend to you. However, you have room for improvement if you wish to qualify for better loan terms.
A credit score takes into account five primary factors. These include your credit history, your credit mix, how recently you have applied for new credit, and your payment history.
Overview of a 711 Credit Score
An individual’s credit score is calculated using a formula that factors in five different elements: payment history, amount owed, length of credit, credit mix, and new credit.
Lenders typically use these factors to decide whether or not to approve a loan, and what interest rates they’ll offer. The higher your credit score, the lower your interest rate and the more favorable terms you’ll receive on a loan.
Your credit score isn’t a guarantee that you’ll qualify for a loan, but it can help you find the best possible rates and terms. You should consider rate shopping before applying for a mortgage or any other large purchase.
Credit Card Options with a 711 Credit Score
If you have a 711 credit score, you’ll be eligible for many types of credit cards. These include rewards credit cards and 0% APR credit cards that let you save money on interest.
The best credit card for you depends on your specific needs and budget. For example, a rewards credit card might be a better option for you than a balance transfer credit card, because the latter could take months to pay off.
In addition to rewards, some credit cards offer a slew of other benefits, including travel insurance and extended warranty protection. However, these may come with hefty fees. So be sure to read the fine print carefully before making any major purchases.
Auto Loans with a 711 Credit Score
If you have a credit score of 711, you’re in the middle of the pack. Most lenders will lend to borrowers with scores in this range, but you can improve your score by making payments on time and paying down debt.
A good credit score will also help you qualify for a low interest rate on an auto loan. You may have to shop around and compare offers from different auto lenders.
Getting approved for an auto loan is one of the easiest ways to buy a car. A lot of bad credit car dealerships have finance departments that can help you get approved and drive home in a new vehicle within a few hours of applying for a loan.
Personal Loan Options with a 711 Credit Score
A 711 credit score is considered Good by most lenders, which means you have a wide range of borrowing options. Among them are mortgages, auto loans and personal loans.
A personal loan can help you pay off debt or finance a big purchase. You can get one of these loans from many different banks, credit unions and online lenders.
Before applying, use NerdWallet’s Personal Loan Comparison Tool to compare rates and loan amounts from a variety of lenders. It’s a fast and easy way to see what rates you qualify for.
Keeping your credit utilization low can also help you boost your credit score. Try to avoid using more than 30% of your available credit. And always pay your bills on time to stay ahead of your debts.
Mortgages with a 711 Credit Score
A 711 credit score is a good score, and it puts you in a great position to qualify for mortgages. Most conforming mortgages (conventional loans that meet the standards set by Fannie Mae and Freddie Mac) require a credit score of 620 or better, while FHA loans with low down payments require a 580 score or higher.
As with all types of loans, the best interest rates and terms are typically available when you shop around. Having the right type of credit history is a big part of that, but so are other factors, such as your income and employment situation. You can improve your credit score by reducing debt utilization, making timely payments, and disputing any negative items on your report. It will take time, but the results can be life-changing.