Is 720 a Good Credit Score? 720 Credit Score Explained (2024)

A 720 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 720 Credit Score

  • Credit Rating: 720 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 720 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 720 credit score, the types of people who have 720 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 720 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 720 Credit Score

The best credit cards typically require good credit or better for approval, which means someone with a 720 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 720 Credit Score

  • Is 720 a Good Credit Score? 720 Credit Score Explained (1)No Annual Fee:Chase Freedom Unlimited®Chase Freedom Unlimited®Learn MoreLearn Moreon issuer's website
  • Is 720 a Good Credit Score? 720 Credit Score Explained (2)Travel Rewards:Capital One Venture Rewards Credit CardCapital One Venture Rewards Credit CardLearn MoreLearn Moreon issuer's website
  • Is 720 a Good Credit Score? 720 Credit Score Explained (3)Cash Back:Wells Fargo Active Cash® CardWells Fargo Active Cash® CardLearn MoreLearn Moreon issuer's website
  • Is 720 a Good Credit Score? 720 Credit Score Explained (4)Low Intro APR:Wells Fargo Reflect® CardWells Fargo Reflect® CardLearn MoreLearn Moreon issuer's website

Car Loans with a 720 Credit Score

You should be able to get approved for a decent car loan with a 720 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 720 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 720 Credit Score

Student loans are some of the easiest loans to get with a 720 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 720 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 720 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 720 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 720 a Good Credit Score? 720 Credit Score Explained (2024)


Is 720 a Good Credit Score? 720 Credit Score Explained? ›

A 720 score is significantly better than the average of 700 on the VantageScore 3.0 model, as of October 2023, up six points from a year before. You are in the excellent credit range, which is 720-850. But any drop in your score could move you back to the good credit range of 690-719.

What does a 720 credit score get you? ›

According to FICO, a 720 score falls in the “good” credit score range, which means that most lenders will likely approve you if you have this score, assuming you meet other approval criteria. Plus, you're likely to get approved for lower interest rates, which can save you money in the long run.

What credit limit can I get with 720? ›

What is a high credit limit?
Credit categoryCredit score rangeAverage credit line
Super prime720-850About $10,000
Prime660-719Less than $6,000
Near prime620-659About $3,000
Subprime580-619About $2,000

Can I buy a car with a 720 credit score? ›

Absolutely. Your 720 credit score will qualify you for an auto loan, assuming your income justifies it. However, it's important to realize that your credit score can make a big difference in the interest rate you get. And this is especially true in auto lending.

What is a good credit score out of 720? ›

Different companies will be looking for different things in potential customers, so while you may be one lender's cup of tea, you may not tick all the boxes for another. We provide a score from between 0-999 and consider a 'good' score to be anywhere between 881 and 960, with 'fair' or average between 721 and 880.

Can you buy a house with a 720 credit score? ›

Home loans

Assuming you have enough income, a 720 credit score is likely high enough to help you get a government-backed mortgage such as an FHA for VA loan. However, it's probably not high enough to get the lowest interest rates available.

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.

What is the average credit score by age? ›

Average VantageScore 3.0 score by age
Age groupAverage VantageScore 3.0 score
Gen Z (1997+)669
Millennial (1981-1996)677
Gen X (1965-1980)696
Baby boomer (1946-1964)738
1 more row
Mar 7, 2024

What is a respectable credit limit? ›

If you're just starting out, a good credit limit for your first card might be around $1,000. If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items.

What credit card has a $100,000 limit? ›

On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.

What credit score do you need to get 0% interest on a car? ›

Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan. The minimum credit score depends on the dealership and the car you're interested in purchasing.

What credit score do you need to get a $30,000 loan? ›

You will need a credit score of 580 or higher to get a $30,000 personal loan in most cases, along with enough income to afford the monthly bill payments. Other common loan requirements include being at least 18 years old, being a U.S. citizen or a permanent resident, and having a valid bank account.

What would payments be on a $25,000 car loan? ›

Rates and terms are subject to change without notice. Example: A six year fixed-rate loan for a $25,000 new car, with 20% down, requires a $20,000 loan. Based on a simple interest rate of 3.4% and a loan fee of $200, this loan would have 72 monthly payments of $310.54 each and an annual percentage rate (APR) of 3.74%.

What is 720 FICO? ›

Within the FICO model, a score between 720 and 780 is categorized as so: Good: 670–739. Very Good: 740–799.

Is 720 a prime credit score? ›

Near-prime (credit scores of 620-659) Prime (credit scores of 660-719) Super-prime (credit scores of 720 or above)

What is a good credit score for my age? ›

FICO Average Credit Score by Age Bracket and Year, 2022
Age Bracket2022
18–25679 (Good)
26–41687 (Good)
42–57706 (Good)
58–76742 (Very Good)
1 more row

How to get an 800 credit score? ›

Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.

What will 750 credit score get you? ›

A 750 credit score generally falls into the "very good" range, which shows lenders that you're a very dependable borrower. People with credit scores within this range tend to qualify for loans and secure the best mortgage rates. A 750 credit score could help you: Qualify for a mortgage.

Is 800 a good credit score? ›

Your 800 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.

Is 600 a good credit score? ›

So what scores qualify as a poor, fair, good or excellent score vary. When it comes to FICO credit scores, the company says a score of 600 is considered a fair credit score. According to a report from Experian®, the average FICO credit score in America was 714 in 2022. So 600 falls below that national average.

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