A credit score is a number that reflects your financial responsibility. It can help you get approved for a loan, credit card, or mortgage and save you money in the long run.
Your credit score is based on five primary factors. They are your payment history, the types of credit you have, how much you owe on each credit account, and how long your credit has been open.
Overview of a 748 Credit Score
A credit score is a numerical measure of how likely it is that you’ll be able to repay money you borrow. It can be a good or bad thing, depending on how you manage it.
There are five primary factors that determine your 748 credit score: Payment history, debt level, utilization rate, mix of credit and average age of accounts. The better you manage these, the higher your score will be.
It’s important to keep credit card balances low and pay them off in full each month. You should also avoid applying for too much new credit in a short period of time. This can cause a “hard pull” on your credit report, which temporarily lowers your score.
Credit Card Options with a 748 Credit Score
A 748 credit score is in the very good range of scores, and it’s likely that you’ll qualify for a variety of credit cards and loans with attractive terms. However, your credit score is not the only factor creditors consider when deciding to offer you a loan or card.
In addition to your credit score, lenders also consider your debt-to-income ratio (DTI), the total amount of credit you owe compared to the value of your available credit, and your payment history. The best way to raise your credit score is to avoid using your credit cards excessively, making all your payments on time and keeping your credit utilization low.
You should also shop for credit cards that offer great rewards for everyday purchases you make and 0% introductory APR offers on balance transfers. These perks can help you save money on interest over time and are a great way to get started with building your credit.
Auto Loans with a 748 Credit Score
You can get an auto loan with a 748 credit score, though the best rates are typically reserved for people with good-to-excellent credit. The lender you choose will determine how much you qualify for, so shop around and compare car loan options before applying.
Adding a co-applicant or guarantor to your application can help you improve your chances of getting approved for an auto loan. It can also improve your eligibility to apply for a lower loan amount and a higher down payment, which can save you money in interest.
If you want to improve your auto loan approval odds, you can try reducing your credit card balances and lowering your overall credit utilization. You can also work to avoid making too many new applications for credit within a six-month period of applying for a new car loan.
Personal Loan Options with a 748 Credit Score
A 748 credit score is in the “very good” range, which means you can qualify for a variety of loans and credit cards with attractive terms. Lenders like to work with borrowers who have very good credit because it reduces their risk and enables them to offer better interest rates and product offers.
Personal loans can be a good way to consolidate debt or fund a large purchase, but they should be taken responsibly. It’s also important to understand that taking on a lot of debt can lower your credit score.
If you’re interested in a personal loan, compare several options using Even Financial’s free credit score comparison tool. The service asks 16 questions about your financial situation to determine the best offers for you.
Mortgages with a 748 Credit Score
If you have a 748 credit score, you can qualify for mortgages with excellent rates. These mortgages typically feature low down payments and are based on the borrower’s income, assets and debt-to-income ratio.
A good credit score is one of the best indicators of a person’s financial responsibility and stability. Having high credit is important for buying a home, securing auto loans and taking out personal loans.
If you want to get approved for a mortgage, repairing your credit is the best way to improve your score and unlock better loan terms. There are a few steps to take, but most of them involve getting rid of negative items from your credit report.