A credit score is a number that lenders use to assess your financial responsibility. It can affect everything from mortgages and auto loans to apartment rentals and cell phone contracts.
Your credit score is calculated by a combination of factors like your payment history and outstanding debt. You can improve your score by paying your bills on time and keeping your credit utilization rate low.
Overview of a 718 Credit Score
A 718 credit score falls within the FICO range that is commonly considered a “good” credit score. Borrowers in this range generally have a history of paying their bills on time and don’t have any late payments or charges offs reported to the credit reporting agencies.
Despite your score in this range, you still have room for improvement and should strive to increase it before applying for any loans. You may be able to qualify for better interest rates and loan terms with a higher score, so it’s worth working on improving your scores before you apply for any major financial commitments.
Credit Card Options with a 718 Credit Score
With a credit score of 718, you have access to a variety of credit card options. These cards often come with enticing perks and can help you save money on interest.
For example, many credit cards offer introductory 0% APR offers that let you pay down your balance over time without paying interest on the amount you carry forward. These cards are great for everyday purchases that can be paid off quickly, such as gas and groceries, or for big-ticket items, like a vacation or a car purchase.
However, you should be careful when shopping around for a new card. Opening too many accounts at once can hurt your credit scores, especially if you have derogatory debt on your report such as collections or charge offs.
Auto Loans with a 718 Credit Score
If you have a 718 credit score, there are several auto loan options available to you. These loans can help you secure a car that you want and can also be an excellent way to build credit.
You may need to meet a few specific requirements, such as being able to show proof that you make your payments on time. You can check with your local dealership or bank before you apply to find out what they require.
Your credit report and score are important factors in determining whether you can get an auto loan and if so, how much it will cost. Having a good credit score can help you qualify for low interest rates and terms that are right for you.
Personal Loan Options with a 718 Credit Score
If you have a 718 credit score, you should be able to qualify for a variety of personal loans. These can be helpful for covering large expenses that can’t be paid with a credit card or if you need to make an emergency purchase.
A personal loan can also help you build a credit history by making regular payments on time. This will improve your credit score and may increase your chances of getting approved for a mortgage or other types of loans in the future.
The best way to find a personal loan is to shop around and compare rates from different lenders. You can easily do this with Credible, which makes it easy to compare prequalified rates from multiple lenders in two minutes.
Mortgages with a 718 Credit Score
Your credit score is a number that reflects your credit history and helps lenders determine whether you’re a good risk for lending money. A 718 credit score puts you in the “good” category, which generally means that you’ll be able to qualify for a mortgage at competitive interest rates and terms.
The mortgage options available to you with a 718 credit score include both conventional and FHA loans. Conventional loans require a score of at least 620 to qualify, while FHA loans with low down payments generally need a 580.
If you’re shopping for a home loan, it’s important to note that your interest rates can vary significantly from lender to lender. You can shop around by obtaining preapproval letters from several different lenders. However, be aware that a few inquiries on your credit reports for the same type of loan within a short period of time (typically two weeks) count as one inquiry for scoring purposes.