Financial Education

Understanding Your 702 Credit Score

Most credit scoring models label a 702 credit score as “good” credit. Improve it by paying off debts and managing credit utilization. Aim to keep your credit utilization at 30% or lower.

702 falls right in the middle of the “good” credit score range, which includes all credit scores between 670 and 739.

Typically, people with good credit scores are able to get approval for most loan types, but interest rates and other loan details can vary widely. While 702 isn’t a bad credit score to have, there’s still room for improvement! By achieving a higher credit score and progressing into the “very good” credit score range, consumers can unlock tons of benefits like better interest rates, higher loan amounts, and more!

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Key Takeaways for a 702 Credit Score

Overview of Your Rating

702 sits towards the middle of the “good” credit range. With less than 40 points of improvement, these consumers can progress into the “very good” credit category!

Borrowing Options

Most secured and unsecured loan products should be available. However, interest rates and terms will be different depending on income, assets, and other financial data.

Improving Your Score

702 is already a great score, but consumers can maintain and even improve it by staying current on their payments, avoiding bad debts, and lowering their credit utilization rate.

Is a 702 Credit Score Good?

You bet! While 702 isn’t the best credit score a person can have, it’s still a great score. When calculating credit scores, credit bureaus use information involving payment history, length of credit history, credit mix, current debts, and recent hard credit checks. With a score of 702, you are most likely pretty familiar with these financial categories in one form or another. You can’t get to a 702 credit score without having a pretty flawless payment history and a record of financially responsible behaviors, so props to you!

Pro Tip: Many lenders look beyond just the score. Consistent income and recent payment history can still unlock opportunities.

US Population Credit Score Distribution

Poor

Fair

Good

Very Good

Exceptional

300-579

580-669

670-739

740-799

800-850

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Personal Loans

Personal installment loans are a versatile loan type available in both long-term and short-term forms. With a higher credit score like 702, you’ll most likely be able to qualify for most personal loan products. However, your specific interest rates, loan amounts, repayment terms, etc., will vary based on factors besides your credit scores, such as:

• Income

• Current debts

• Collateral (if required)

While you should have your pick of most personal loan products, it’s still important to research lenders and compare offers to make sure you find the best deal.

Bank Loans

Bank loans are any loan that comes from a local or chain bank. With a good credit score and credit history, you should be able to lock down a loan from a bank.

According to CNN, Chase Bank has the most branches throughout the United States, with a whopping 4,871 locations.1 Other popular bank chains in the U.S. include:

• Wells Fargo: 4,430 locations

• Bank of America: 3, 785 locations

• PNC: 2,431 locations

• U.S. Bank: 2,317 locations

• Truist: 2,001 locations

Credit Cards

Credit cards are a revolving line of credit that allows you to make purchases on credit now and pay them off later. With an average credit score of 702, you should get a decent credit limit and interest rates on credit card products.

A few popular credit card products you may want to look into are:

• Chase Freedom Unlimited®

• Wells Fargo Active Cash® Card

• Capital One Venture Rewards Credit Card

• Capital One SavorOne Cash Rewards Credit Card

• Chase Sapphire Preferred® Card

• Discover it® Balance Transfer

• Blue Cash Preferred® Card from American Express

While credit cards can be an extremely convenient financial solution, it’s important to remember to pay off your balance regularly to avoid ruining your credit utilization and accumulating too much credit card debt.

Woman reviewing her borrowing options at home

Action Plan

How to Maintain Your 702 Credit Score

Check out some tips that can help you maintain healthy credit:

Prioritize Debts

With an average credit score of 702, you are most likely already on top of making monthly payments for your bills, loans, and other financial obligations on time. And that’s great! Payment history is the most significant factor that makes up consumer credit scores.

In addition to keeping up with your recurring payments, consider contributing more than your minimum amount due. That way, you can pay off your debts faster and improve your debt-to-income ratio. In addition, you may also be able to save money on interest rate charges when you pay off loans and credit cards right away.

Keep Your Credit Accounts Open

You may think it would be beneficial to your credit scores to close multiple credit accounts that you may not be using. But in fact, it can have the opposite effect! Closing credit accounts can end up lowering your credit utilization, which is the comparison of how much available credit you have to how much you are currently using. To prevent this from happening, simply leave your credit accounts open.

Keep an Eye on Your Credit History

Make sure to check your own credit report on a regular basis. While you may not need to monitor your credit reports each and every month, you should still check in at least a few times a year to make sure everything is consistent and correct.

Can I Buy a House With a 702 Credit Score?

Getting a mortgage loan is one of the most in-depth financial endeavors any of us will probably ever take. Thankfully, with a 702 credit score, you may be able to get credit score approval for a few different types of mortgage loans. But mortgage lenders look at more than your credit scores. Other factors mortgage lenders consider in borrowers are:

Like with any loan, you should research different mortgage lenders and compare offers before you submit an application.

Mortgage Type

Description

Credit Score Requirements

Key Features

FHA Loan

Insured by Federal Housing Administration.

As low as 500 with 10% down.

Lower down payment requirements.

VA Loans

Backed by Dept. of Veterans Affairs.

Typically 620 (varies by lender).

No down payment required; no PMI.

USDA Loans

For homebuyers in rural/suburban areas.

640 for automatic underwriting.

No down payment required.

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