Financial Education
Understanding Your 708 Credit Score
A credit score of 708 is considered great. Lenders do not see this score as a credit risk, making borrowing easier than for those with bad credit.
Once you get to a 708 score, it’s important that you really think about any financial actions you take to protect your score. Continue reading to learn about the ins and outs of a 708 credit score.
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Key Takeaways for a 708 Credit Score
Overview of Your Rating
A 708 score is considered a good score. This credit score shows positive financial habits and can be helpful to have.
Borrowing Options
With a 708 score, you should have a wide range of borrowing options, such as credit cards, personal loans, auto loans, and more.
Improving Your Score
To maintain a 708 score, you will need to follow healthy credit habits like on-time monthly payments, keep your credit utilization low, and diversify your credit mix.
Is a 708 Credit Score Good?
A 708 score is considered good, which can mean plenty of financial options. However, you’ll have to work on maintaining this score, and there is room for improvement.
Pro Tip: Many lenders look beyond just the score. Consistent income and recent payment history can still unlock opportunities.
US Population Credit Score Distribution
25
20
15
10
5
0
300-579
580-669
670-739
740-799
800-850
Check out some of our partners...
Explore financial products tailored for your current credit standing. These partners specialize in helping people rebuild.
Credit Builder Account
Build credit while saving money simultaneously.
No hard credit pull required to apply.
Reports to all three major credit bureaus.
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Personal Loans
Personal loans are some of the most versatile loan options available; they can be used for almost any expense, come in several different amounts, and have lots of different lenders you can choose from. With good credit scores, you’ll have many personal loan options.
Bank Loans
Bank loans are any loan that comes from a banking institution. So these can be anything from a short-term personal loan to a loan as long as a mortgage. While a 708 score should get you through the credit score eligibility part, you’ll have to fulfill the remaining requirements for whatever loan or credit card you choose.
Credit Cards
Credit cards are pretty popular borrowing options, and they are usually the first kind of credit that most people have access to. Credit card repayment terms, including interest and APR and their rewards, can vary quite a bit. Generally, the better your credit score and credit history, the better terms and rewards you will receive with credit card options. Here are some popular choices for borrowers who have a 708 score:
• Chase Freedom Unlimited®
• Wells Fargo Active Cash® Card
• Capital One Venture Rewards Credit Card
• Wells Fargo Reflect® Card
Borrowers with good credit scores have an average of 4.5 credit card accounts.1
• Chase Freedom Unlimited®
• Wells Fargo Active Cash® Card
• Capital One Venture Rewards Credit Card
• Wells Fargo Reflect® Card
Borrowers with good credit scores have an average of 4.5 credit card accounts.1
Action Plan
Action Plan
Action Plan
How To Maintain Your 708 Credit Score
Here are some actions you can take to help maintain healthy credit scores:
Keep Your Payment History Perfect If Possible
No matter what credit score model you look at, the most impactful factor is payment history, whether it is the FICO credit scoring model, VantageScore, or otherwise. And it is crucial that you make payments on time with your credit accounts. Late or missed payments can remain on your credit report for up to seven years and hurt your average credit score.
Keep Your Credit Utilization Below 30%
Your credit utilization measures the amount of debt you have against your available credit. It is expressed as a percentage. If this rate goes above 30% it can be harmful to your good credit scores. So, it’s important to be mindful of this when adding new credit accounts or closing your credit accounts (which will remove those credit limits) on your credit file.
Check Your Credit Reports Often
You can get credit reports from all three credit bureaus for free annually; however, it may be helpful to check them more often. Checking each credit report often is important because you can spot and fix any mistakes that show up, which can happen, especially if you have multiple credit accounts. Additionally, knowing exactly what is on your credit file can help you know what actions you can take or not to take to help you stay in the good credit score range.
Can I Buy a House With a 708 Credit Score?
If you are thinking of buying a home, you may be wondering whether your 708 score will allow you to do that. A good score will put you in good shape when it comes to the credit qualification part of purchasing a home; however, there are lots of other factors, such as your income, length of your credit history, and your debt-to-income ratio (to name a few) that will determine mortgage loan approval.
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.
Disclosure: This table provides estimates; requirements and features can vary by lender and situation.
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