Financial Education

Understanding Your 714 Credit Score

A 714 credit score is good and makes financing easier. Maintain and improve this score by making on-time payments and avoiding risky loan products like payday loans.

According to Experian, 21% of Americans have a credit score that falls within the good score category.¹A good credit rating takes discipline and consistent positive financial habits. Below, we’ve got all the information you need on these credit scores.

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Key Takeaways for a 714 Credit Score

Overview of Your Rating

A 714 credit rating is a good credit score. These scores will make it easy when navigating finances, more specifically lending products.

Borrowing Options

When working with a good credit score, you’ll likely have access to all kinds of secured and unsecured loans.

Improving Your Score

If you are trying to maintain your good credit score, actions like continuing to pay your bills on time, keeping your credit utilization under 30%, and having a diverse credit mix can all help.

Is a 714 Credit Score Good?

A 714 falls in the “good” category of credit scores, so yes, it is a good credit score. To get here, your credit history usually won’t have large negative actions as a part of it. Along with that, you would have had to be consistent with positive financial actions. Having this score comes with a lot of benefits, however, you’ll have to do some maintenance work to keep your score at 714 or potentially improve it.

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 loans are usually unsecured loans that are available for all kinds of credit score ranges. Those with higher scores, such as 714, will likely have a lot of personal loan choices and get access to good interest rates.

Bank Loans

Banks usually have strict credit score requirements, however, with a 714 credit score, you should be able to qualify for a bank loan, as long as you fulfill the other requirements. Keep in mind that a bank loan can be considered any loan from a bank, so requirements for these loans can vary quite a bit.

Credit Cards

Credit cards are a form of revolving credit that, like personal loans, are widely available for different credit scores. 714 credit scores will allow you to have access to several different credit cards, which can be very convenient. However, it’s important to filter through options carefully and avoid unnecessary spending, which happens often with credit cards. Here are some credit cards for good credit scores:

• Chase Freedom Unlimited®

• Wells Fargo Active Cash® Card

• Capital One Venture Rewards Credit Card

• Wells Fargo Reflect® Card

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Action Plan

How To Maintain Your 714 Credit Score

Here are some tips to help you maintain your credit score:

Pay Your Bills on Time

Paying your bills, specifically your credit accounts, can help you maintain your average credit score. Late or missed payments can really hurt your credit scores and remain on your credit report for up to seven years.

Keep Your Credit Utilization Low

Your credit utilization should ideally be under 30%, going above that can hurt your average credit score! So, be mindful of your debt and credit limits.

Check Your Credit Report Often

Consumers have credit reports from all three major credit bureaus. Checking these credit reports can be helpful to maintain your good credit scores. By checking your credit history, you can be strategic and refrain from hurting your average credit score.

Can I Buy a House With a 714 Credit Score?

Whether or not you’ll be able to buy a home with a good credit score will depend on whether you are able to get through other aspects of the home-buying process, such as income, home inspection, employment requirements, etc.

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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