Your credit score is a three-digit number that reflects your reliability as a borrower. It helps lenders determine if you’re eligible for financial products and set your interest rate.
In general, a 700 credit score is considered “good.” It’s the top tier of FICO’s credit-score range and opens the door to some of the best borrowing options.
Overview of a 712 Credit Score
A 712 credit score is in the good-credit range – it’s not quite up there with the best scores but you’re not far behind. The benefits of a high score include the ability to qualify for a variety of financial products with attractive rates and terms, including mortgages and auto loans.
Your credit score can also be a useful tool for improving your credit history by alerting you to accounts that are at risk of being closed or forwarded to collection agencies. Using credit wisely can mean the difference between having to pay expensive late fees and keeping your debt low for the long haul. The most effective way to boost your score is by paying your bills on time and in full, especially if you are able to make payments in multiple installments.
Credit Card Options with a 712 Credit Score
With a credit score of 712, you’re likely to qualify for a variety of credit cards with attractive perks. This includes cash back, travel rewards and even introductory 0% APR offers.
The key is to pick a card that’s right for you and fits your lifestyle. Consider a card with rewards for everyday purchases that can be paid off quickly or a balance transfer card for big-ticket items.
Also, keep your balances, or credit utilization, below 30 percent of your total available credit limits. This will help boost your credit-utilization ratio, which is a key factor in your score.
Your credit mix, or the combination of your revolving and installment accounts, is another factor that lenders look at when making lending decisions. About 10% of your credit-score score comes from this category.
Auto Loans with a 712 Credit Score
Your credit score, which is a numerical representation of the information in your credit report, is one of the most important factors lenders consider when deciding whether to approve you for an auto loan. A high credit score indicates you have good credit and are likely to repay your loan as agreed.
The higher your credit score, the lower your interest rate will be and the less restrictive the loan terms will be. A high credit score can save you thousands of dollars in interest over the life of your auto loan.
There are five main credit tiers in the auto financing marketplace, according to Experian. These tiers range from deep subprime (poor credit) to super prime (excellent credit).
Personal Loan Options with a 712 Credit Score
If you have a 712 credit score, you can find personal loans from many online lenders and banks with relatively low interest rates. Some of these lenders offer perks for existing customers, like rate discounts.
However, it’s important to shop around for a good rate and terms. Your options may vary depending on your credit history and other factors.
You can also consider a joint loan. Adding a co-borrower can bolster your chances of getting a better rate and a larger loan amount.
Personal loan applicants can also check their credit scores before applying to see if they qualify. Pre-qualifying won’t affect their credit, and it allows them to compare offers before deciding which one is right for them.
Mortgages with a 712 Credit Score
Your credit score is one of the most important financial numbers you have. It can influence everything from mortgages and car loans to credit cards and personal loans.
If you have a 712 credit score, you’re in a good position to apply for most mortgages available. However, you should consider increasing your credit scores before you apply for a home loan to potentially qualify for better interest rates and terms.
If you are considering buying a house, it’s essential to work with a mortgage broker. Mortgage brokers can shop your information to multiple lenders and help you find a mortgage that meets your needs.