One of the most essential determinants of your future is your credit score. This could be the deciding factor in whether you can get a loan for a new home or continue renting. Plus, it can impact the interest rates on your car, home, and school loans. The higher your credit score, the lower the interest rate you will have to pay to borrow money.
More importantly, your 715 credit score is one of the most vital markers of your financial responsibility, so understanding whether it’s “good” or “bad” is key. When you sign up for a new loan or credit card, your credit report will be reviewed. Additionally, landlords and potential employers will check your credit before making a decision. The worse your credit score, the more likely you will need to put down a large deposit before signing a new lease or opening a new account. Your credit score can even result in the loss of career prospects.
How to improve your credit score to 715
While there’s no foolproof technique for achieving an accurate credit score, there’s a lot you can do to establish and maintain your credit within a certain range. More essential, you will want to develop good credit practices.
Even though there are many credit scores available due to different scoring methodologies. And credit bureau data, some general concepts apply. However, most credit scores consider at least five major credit criteria.
Here is a breakdown of each aspect and how it affects your total credit score.
1. Payment record
Your on-time payment history is one of the most essential elements in establishing your overall credit health. It’s as simple as that: making your payments on time, every time, can help you build your credit. On the other hand, even a single late payment can have a substantial impact on your credit score (and stay on your reports for up to seven years). Therefore, consistency is essential.
2. Credit application
You may know that paying your credit card bill balance in full each month helps you avoid interest charges. However, it can also help lower your credit utilization rate. A vital metric that records how much of your available credit you are using at any given time. Most professionals advise keeping your credit utilization ratio below 30%, but it’s a good idea to keep it even lower if possible.
3. Length of credit history
The longer you can show a consistent track record of good credit use, the better. Also, the length of your credit history, or how long you’ve kept your operating accounts open, can tell lenders that you have more credit experience.
4. Composition of credit and types of credit
It pays to demonstrate to lenders that you can handle multiple types of credit. Such as revolving credit (like credit cards) and installment loans (like car loans and mortgages). However, as this has less of an impact on your credit, we don’t recommend taking out a loan that you don’t just need to build your credit.
5. New credit
A thorough investigation is normally placed on your credit reports when you apply for a new credit card or loan. In addition, a single serious inquiry should have little influence on your credit. However, the more survey questions you collect, the greater the potential impact. And, because too many difficult requests in a short time can make some lenders hesitate. It’s a good idea to only sign up for credit products when you need them and are confident in your chances of acceptance.
Is 715 a good credit score
A FICO® score of 715 is considered “Good”. Mortgages, auto loans, and personal loans are relatively easy to get with a 715 credit score. Plus, lenders like to work with customers who have good credit because it’s less risky.
What follows can only get better from here.
Fixing your credit is one of the most effective strategies for increasing your score and unlocking even better loan rates for you and your family.
A credit score of 715 indicates:
- Good credit score
- There are many loan options.
- Loan cost: low
- Minimal credit repair is the best option.
715 Credit Score Car Loan
FICO scores are another name for credit scores. Meanwhile, your credit score is primarily based on your ability to repay a car loan. Higher credit scores indicate a greater chance that you will repay the loan and make your payments on time.
What are the average auto loan rates for someone with a credit score of 715 in 2022?
The reliable general rule here is that the lower your credit score, the higher the interest rate on your car loan. Which suggests that a new vehicle will end up costing you more in the long run.
Note: All calculations and examples below are estimates only*.
People with a FICO credit score of 715 pay a standard interest rate of 4.68% for a 60-month car loan as of August 2017.
So if a vehicle costs $18,000, people with good credit will pay $20,214 per month for a total of $4.68 over five years at 13.7% interest. Meanwhile, someone with a lower credit score paying 416% interest with no upfront payment will be spending $24,974 per month. And end up spending $4760 for a comparable vehicle. That’s more than a $50 difference.
Meanwhile, the great mass will not fall into the highest or lowest class.
Is it possible to get a mortgage rate with a credit score of 715?
Getting a mortgage rate and home loan with a 715 credit score shouldn’t be difficult. Also, your current credit score is in the mid to upper range.
The best way to get a home and mortgage loan with a 715 credit score is to do some modest credit repair, then apply and wait for the approval.
After just a few months of credit restoration (with an industry leader like Credit Glory). You’ll be in a much better place to get the exact terms of your home loan.
The average mortgage interest rate with a credit score of 715
For someone with a credit score of 715, the typical mortgage rate is around 2.949%. Another is How do you increase your score to get a higher rate? Review your credit report. And if there are any inaccuracies, work with a credit restoration company, such as Credit Glory, to dispute incorrect information (raising your score).
Is it possible to get a personal loan or a credit card with a credit score of 715?
A private loan and a credit card, like home loans, aren’t hard to get with a 715 credit score.
Normally, you don’t have to apply for a security card with Discover or Capital One, which may require you to pay a deposit of $500 to $1000.
After fixing your credit and waiting a few months for your score to improve. You could get even better terms on your loan or credit card.
A score of 715 indicates that you have few or no serious issues in your report. Also, the fastest way to improve your report is to remove any outstanding bad items (or hard requests).
Finally, to help you with this procedure, we suggest that you consult a competent credit repair specialist online. Plus, your consultation is free and non-binding, and it will put you on the right track to improving your score.
A credit score of 715 is considered good. Plus, mortgages, car loans, and personal loans are relatively easy to get with a 715 credit score.
715 Credit Score FAQs
How good is a 715 credit score?
A credit score of 715 is considered a good credit score by many lenders. “Good” rating range identified based on 2022 Credit Karma data. With good credit scores, you may be more likely to qualify for mortgages and car loans with lower interest rates and better terms.
Can I buy a house with a 715 credit score?
Can I buy a house with a credit score of 715? A FICO® score of 715 is considered “good”. Mortgages, autos, and personal loans are relatively easy to get with a credit score of 715. Lenders like to deal with borrowers who have good credit because it’s less risky.
Is 715 a good credit score for a 22-year-old?
So, given that the average credit score for people in their twenties is 20, and a “good” credit score is usually around 630, it’s safe to say that a good credit score in your twenties is between 700 and 20.