Your credit score is one of the most important numbers in your life. It can affect everything from your home purchase to your new job.
Your credit score is based on a number of factors, including payment history, amount owed, and credit age. You can improve your credit score by making payments on time and keeping your utilization below 30% of your credit limit.
Overview of a 714 Credit Score
A 714 credit score is considered to be in the good range, which means that you are likely to qualify for most types of loans. These include mortgages, auto loans and credit cards.
A higher credit score can save you a lot of money over time by lowering interest rates. However, it takes work to improve your score.
The three major credit reporting bureaus rely on five main factors to calculate your score: payment history, amount owed, length of credit history, new credit and credit diversity (mix of different types of credit).
Payment history is the most important factor, as it represents 35% of your overall score. You can improve your score by paying your bills on time and reducing the amount of credit you use.
Credit Card Options with a 714 Credit Score
If you have a 714 credit score, you can qualify for many credit cards that come with enticing rewards. Some even offer introductory 0% APR offers to help you save money on interest.
A good credit score can also get you a lower interest rate on car loans or personal loans, which is beneficial to you in the long run. The best credit cards for this credit score typically require excellent credit for approval, so you may need to raise your credit score if you want to take advantage of the most lucrative credit card options.
You can also increase your credit scores by removing inaccurate and negative items from your report, making sure you have a strong credit mix, and maintaining a low revolving balance. A single negative item could drop your credit score below the 700s, so it’s important to identify and dispute these errors before they damage your credit.
Auto Loans with a 714 Credit Score
If you have a 714 credit score, you can find many different auto loan options to choose from. These loans vary in terms of interest rates and other features, so it’s important to shop around before committing to one lender.
Your FICO(r) Score, which is computed by each of the three credit bureaus, tells lenders how likely you are to pay back a loan and make your payments on time. A higher score means lower interest rates, which can save you money over the life of your car loan.
Credit scores in the Good range indicate that you have a history of paying your bills on time. However, you may still have some derogatory information in your file such as late payments and charge offs.
Personal Loan Options with a 714 Credit Score
Personal loans can be a great option for debt consolidation or refinancing your credit card debt. They can also be a good way to get the money you need for big purchases or emergencies.
Whether you have a 714 credit score or are just starting out, there are many loan options to consider. These unsecured loans have lower interest rates than credit cards, which can help you save money over the life of the loan.
A 714 credit score means that you are in the “good” range, meaning you have a history of making payments on time and that your debt-to-income ratio is below 30%. This can help you qualify for a personal loan with a low interest rate and favorable terms.
A 714 credit score can give you access to a broad range of personal loan offers from lenders, including home, auto and student loans. You can also find credit cards with enticing perks like cash back, travel rewards and introductory 0% APR offers.
Mortgages with a 714 Credit Score
As a credit score of 714 falls within the ‘Good’ range, it offers borrowers access to a variety of mortgage products. However, if you want to get the best mortgage rates and terms, you should work on raising your score.
A high credit score also reflects your financial responsibility and history of paying bills on time, which makes lenders less likely to take on risky loans. In addition, having a diverse mix of accounts in your credit portfolio can help improve your score.
A mortgage lender will make a hard credit inquiry when you apply for a loan, but this will usually only damage your score if you have multiple inquiries in a short period of time. The good news is that there’s a 45-day grace period before the inquiry hits your credit report, so you can shop around for rates with a handful of lenders without lowering your score.