Is 704 a Good Credit Score? 704 Credit Score Explained (2024)

A 704 credit score is a good credit score. The good-credit range includes scores of 700 to 749, while an excellent credit score is 750 to 850, and people with scores this high are in a good position to qualify for the best possible mortgages, auto loans and credit cards, among other things.

Key Things to Know About a 704 Credit Score

  • Credit Rating: 704 is a good credit score.
  • Borrowing Options: Most borrowing options are available, and the terms are likely to be attractive. For example, you might be able to qualify for the best credit cards and some of the best personal loans.
  • Best Way to Improve a 704 Credit Score: Reduce the credit utilization on your credit card accounts and continue paying bills on time moving forward.

Below, you can learn all about what you can and cannot do with a 704 credit score, the types of people who have 704 credit scores and the steps you can take to put more points on the board. Step one, of course, should be to check your latest credit score and get your personalized credit analysis from WalletHub.

What Does a 704 Credit Score Get You?

Type of CreditDo You Qualify?
Home LoanYES
Personal LoanYES
Auto LoanYES
No Annual Fee Credit CardYES
Credit Card with RewardsYES
0% Intro APR Credit CardMAYBE

Not only do you have a good chance of qualifying for most financial products, but you're well-positioned to get great terms when you borrow and attractive perks from credit cards.

Opinions are our own. This content is not provided, commissioned or endorsed by any issuer.

Credit Cards with a 704 Credit Score

The best credit cards typically require good credit or better for approval, which means someone with a 704 credit score has a pretty good chance of qualifying. The trick is finding the right card for your needs.

You should compare credit cards with rewards if you plan to use your card for everyday purchases that you can pay off by the end of the month. If you’re planning big-ticket purchases or a balance transfer that will take months to pay down, compare credit cards with 0% introductory APR offers.

Popular Credit Cards for a 704 Credit Score

  • Is 704 a Good Credit Score? 704 Credit Score Explained (1)No Annual Fee:Chase Freedom Unlimited®Chase Freedom Unlimited®Learn MoreLearn Moreon issuer's website
  • Is 704 a Good Credit Score? 704 Credit Score Explained (2)Travel Rewards:Capital One Venture Rewards Credit CardCapital One Venture Rewards Credit CardLearn MoreLearn Moreon issuer's website
  • Is 704 a Good Credit Score? 704 Credit Score Explained (3)Cash Back:Wells Fargo Active Cash® CardWells Fargo Active Cash® CardLearn MoreLearn Moreon issuer's website
  • Is 704 a Good Credit Score? 704 Credit Score Explained (4)Low Intro APR:Wells Fargo Reflect® CardWells Fargo Reflect® CardLearn MoreLearn Moreon issuer's website

Car Loans with a 704 Credit Score

You should be able to get approved for a decent car loan with a 704 credit score, considering that more than 60% of all auto loans go to people with credit scores below 740. Still, it’s important to compare your auto loan options carefully if you want to get a low APR.

Mortgages with a 704 Credit Score

More than 40% of first mortgages go to borrowers with credit scores below 740, so you should be able to finance your home purchase without much issue.

Student Loans with a 704 Credit Score

Student loans are some of the easiest loans to get with a 704 credit score, seeing as more than 70% of them are given to applicants with a credit score below 740. A new degree may also make it easier to repay the loan if it leads to more income.

Note: Borrower percentages above reflect 2022 Equifax data.

How to Improve a 704 Credit Score

  1. Dispute Inaccurate Entries on Your Credit Report
    If you can prove that negative information on your credit report is inaccurate (or the source of the information doesn’t have the necessary documentation), you can dispute the record to have it corrected or removed.
  2. Pay Off Collections Accounts
    Once you bring a collection account’s balance down to zero, it stops affecting your VantageScore 3.0 credit score.
  3. Reduce Your Credit Utilization
    It’s best to use less than 30% of the available credit on your credit card accounts each month. You can reduce your credit utilization by spending less, making bigger payments or paying multiple times per month.
  4. Pay All Your Bills On Time
    Payment history is the most important ingredient in your credit score. Paying on time every month establishes a track record of responsibility as a borrower, while a single late payment on your credit report can set back credit improvement efforts significantly.
  5. Check Out Your Personalized Credit Analysis on WalletHub
    If you want to know exactly how to improve your credit score, look no further than the Credit Analysis section of your free WalletHub account. You’ll find grades for each component of your credit score, along with an explanation of where you stand and tips to improve. Getting your credit score to 700 is kind of like making the honor roll in school. You need mainly As and Bs to pull it off.

For example, here’s a common credit scorecard for someone with a 750 credit score:

  • Payment History: A = 100% on-time payments
  • Credit Utilization:A = 1% - 10%
  • Debt Load: A = <0.28 debt-to-income ratio
  • Account Age: B = Average account is less than 9 years old
  • Account Diversity: A = 4+ account types or 21+ total accounts
  • Hard Credit Inquiries: A = Fewer than 3 in past 24 months
  • Collections Accounts & Public Records: A = 0 collections accounts and public records

You don’t need to match this scorecard exactly to build a credit score of 750 or even higher. Different profiles can get the job done, as it’s the complete picture that matters.

Who Has a 704 Credit Score?

Credit ScoreTierPercentage of Americans
720 – 850Excellent38.12%
660 – 719Good17.33%
620 – 659Fair/Limited13.47%
300 – 619Bad31.08%

*Based on WalletHub data as of Oct. 7, 2016

As you can see, the majority of us are in the top two tiers of the credit-score range. A lot of people don’t know where they stand, though, considering that 44% of consumers haven’t checked their credit score in the past 12 months, according to the National Foundation for Credit Counseling. If you’re one of them, you can change that by checking your credit score on WalletHub.

700+ Credit Scores by Income

700+ Credit Scores by Income

People who make at least $50,000 per year are significantly more likely to have a credit score of at least 700. And people who pull in $75,000 to $99,999 per year are in the sweet spot for a score that begins with a 7 or an 8. But note that it is possible to get into the 700-plus club if you earn less or wind up with a way lower score even if you make a lot more. It’s all about spending within your means.

700+ Credit Scores by Age

700+ Credit Scores by Age

Your credit score takes into account the average age of your credit cards and loans, so it makes sense that high credit scores skew older. But the fact that nearly one-quarter of people aged 18 to 24 have credit scores of 700-plus should give newcomers plenty of hope.

Top 10 Resources for a 704 Credit Score

  1. What Is a Good Credit Score?
  2. Why Did My Credit Score Drop? Top 10 Causes
  3. Free Credit Score Simulator
  4. How To Improve Your Credit Utilization
  5. 24/7 Free Credit Monitoring

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Is 704 a Good Credit Score? 704 Credit Score Explained (2024)

FAQs

Is 704 a Good Credit Score? 704 Credit Score Explained? ›

According to Experian, the average American consumer has a FICO Score of 714 as of 2021, and anything in the range of 670 to 739 is generally considered to be a good credit score. Most lenders consider an 704 credit score to be an average credit score that shows you generally pay your bills on time.

What does 704 credit score mean? ›

A 704 credit score is a good credit score. The good-credit range includes scores of 700 to 749, while an excellent credit score is 750 to 850, and people with scores this high are in a good position to qualify for the best possible mortgages, auto loans and credit cards, among other things.

Can I get a loan with 704 credit score? ›

A credit score of 704 is considered excellent and indicates to lenders that you are highly likely to repay your debts responsibly. As a result, lenders are more inclined to offer you personal loans with competitive interest rates and flexible repayment terms.

Can I buy a car with 704 credit score? ›

editorial guidelines here . While there is no set credit score to get an auto loan, a majority of approved borrowers have scores above 660. Having a low credit score won't necessarily keep you from getting an auto loan, but you will likely pay a higher interest rate.

Can you get a credit card with a score of 704? ›

A credit score of about 700+ will likely qualify you for just about any credit card, including those with cash back rewards, lower annual percentage rates (APRs) and more.

What can I get with a 704 credit score? ›

Can I get a credit card with a 704 credit score? With good credit scores, you might qualify for credit cards that come with enticing perks like cash back, travel rewards, or an introductory 0% APR offer that can help you save on interest for a period of time.

Is a 900 credit score possible? ›

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

Can I buy a house with a 704 credit score? ›

FHA loan. FHA loans are generally intended for home buyers with lower credit, starting at 580. So they're likely not best for someone with a 700 credit score. With a 700 score, you're likely to qualify for a conventional loan with cheaper mortgage insurance and an even smaller down payment.

Can I get a $20000 loan with a 700 credit score? ›

As far as qualifying, you'll often need good or better credit (a FICO score above 670), and a stable income source that shows you can afford the payments. Annual percentage rates (APRs) for personal loans typically range from around 6% to 36%, depending on your credit profile and other factors.

Can I get a $50000 loan with a 700 credit score? ›

With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).

What credit score do I need to buy a $20000 car? ›

There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.

How much of a loan can I get with a 730 credit score? ›

You can borrow $50,000 - $100,000+ with a 730 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

What credit score do you need to buy a $25000 car? ›

The recommended credit score needed to buy a car is 660 and above.

How much money can I borrow with a 700 credit score? ›

You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

How rare is 900 credit score? ›

It's exceedingly rare for anyone to have a credit score over 900, as most credit scoring models have a maximum limit of 850, and even achieving that score is uncommon.

What is the best cash back credit card for a 700 credit score? ›

Comparing the best cards for a 700 credit score
Card nameAnnual feeBankrate review score
Blue Cash Everyday® Card from American Express$04.6/5
Citi® Custom Cash Card$04.4/5
Wells Fargo Active Cash® Card$04.3/5
Upgrade Cash Rewards Visa®$04.2/5
2 more rows
Jan 25, 2024

What is an excellent credit score? ›

Excellent (800 to 850): Lenders generally view these borrowers as less risky. As a result, individuals in this range may have an easier time being approved for new credit. Very good (740 to 799): Very good credit scores reflect frequent positive credit behaviors. Lenders are likely to approve borrowers in this range.

How rare is a 760 credit score? ›

Your score falls within the range of scores, from 740 to 799, that is considered Very Good. A 760 FICO® Score is above the average credit score. Consumers in this range may qualify for better interest rates from lenders. 25% of all consumers have FICO® Scores in the Very Good range.

How rare is an 820 credit score? ›

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

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