By CreditNinja Reviewed by Matt Mayerle
Modified on May 15, 2024

Most credit scoring models will label a 702 credit score as “good” credit.

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!

Key Takeaways for a 702 Credit Score

Overview of Your
Credit 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 With a
702 Credit Score

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 a 702
Credit/FICO 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 702 a Good Credit Score?

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!

What Can You Get Approved for With a 702 Credit Score?

When you have a higher credit score, lenders view you as a financially responsible borrower and are, therefore, more likely to approve you for different types of loans.  Some different loan products you may want to look into when you need money are: 

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

Car Loans

Car loans, or auto loans, are typically used to finance the purchase of a new or used vehicle. A few different types of auto loans include: 
  • First-time buyer car loans: Loans for first-time car buyers may come with higher rates. But with good credit scores, you may be able to negotiate a lower rate. 
  • Used-car loans: Loans for used cars can be less expensive since the overall price for used cars is lower. 
  • New-car loans: New car loans can be costly but may also come with lower rates when you have a higher credit score. You can get a new car loan directly from the dealership, or you can go with a bank, credit union, or another direct lender
  • Lease-buyout loans: If you are leasing a vehicle and decide you absolutely love it, you can opt for a lease buyout, which would allow you to keep the car after you’ve paid it off. Keep in mind that not all auto lenders offer lease buyout options. So, if you think that’s something you’d want to do, talk to your lender before you sign your contract! 

Home Equity Loans / Home Equity Lines of Credit 

Approximately 65.9% of Americans are homeowners.2 That means more than half of the people in the United States may be able to utilize funding from a home equity loan or a home equity line of credit. With these types of funding, homeowners use the equity in their homes as collateral. So while consumers can usually get a lot of money out of home equity loans and lines of credit, any late or missed payments can put their homes at risk.

Products to Help Maintain a 702 Credit Score

Some products and tools that can help you maintain good credit scores are:

Credit Report Monitoring Services

While you can access an official copy of your credit report from any one of the three major credit bureaus, it may also be helpful to use a credit monitoring service. With credit monitoring services, you’ll have your monthly credit reports reviewed by a professional service and be alerted of errors or unusual activity. 

Correcting errors on your credit reports can help prevent your score from going down for no reason, and being aware of suspicious activity regarding your credit accounts can help you spot possible identity theft or fraud efforts before they get out of hand. 

Some paid credit monitoring services are: 

  • Identity Guard
  • Experian IdentityWorks
  • IdentityForce
  • Aura
  • Credit Sesame
  • ID Watchdog from Equifax
  • PrivacyGuard
  • LifeLock
  • myFICO
  • CreditWise by Capital One
  • Credit Karma

Savings Account

If you don’t have one already, get a savings account. A savings account can act as a financial safety net should you run into any unexpected expenses or emergencies. That way, you don’t have to rely on quick cash loans or payday advances when you need extra money. These types of loans can come with extremely high-interest rates that can easily lead to annoying debt.

Benefits of a 702 Credit Score

A score like 702, which is part of one of the higher credit score ranges, can come with great benefits like: 

  • Competitive interest rates 
  • Higher credit limits 
  • Easy loan approval 
  • Lower rates on insurance 

And what’s better is these benefits will only increase as your score improves!

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. 

FAQs About 702 Credit Scores

Regularly checking your score every 4-6 months or before applying for new credit can help you stay informed of changes and address any discrepancies quickly.

Yes, diversifying your credit with different types of loans (e.g., credit card, auto, mortgage) can positively impact your credit scores by demonstrating responsible credit management across various credit products.

Asking for a higher credit limit may trigger a hard inquiry, potentially causing a small, temporary dip in your score. However, if approved, it could improve your credit utilization ratio, positively affecting your score over time.

What Interest Rate Can I Get With a 702 Credit Score?

Consumers with FICO scores like 702 are usually able to obtain decent interest rates on many types of financial products. However, specific rates will vary depending on the loan type and the interest rate type. Some different types of interest rates you may come across are: 

 

Type of Interest Rate

Typical Application 

Description 

Prime Rate

Consumer loans, credit cards

The rate banks offer to their most favored customers, serving as a baseline for many consumer loan rates.

Discount Rate

Short-term loans to commercial banks

The interest rate charged by central banks for short-term loans to commercial banks, influences liquidity.

Federal Funds Rate 

Interbank lending

The target rate for banks to lend and borrow their excess reserves overnight, a key monetary policy tool.

Libor

Global loans and savings

A benchmark rate for short-term loans between the world’s leading banks, influencing global finance.

Fixed Rate

Mortgages, long-term loans

An interest rate that remains constant over the term of the loan, offering predictability in payments.

Variable Rate 

Adjustable-rate mortgages, savings accounts

An interest rate that adjusts over time with market conditions, affecting loans and savings.

Annual Percentage Rate (APR)

Comparing lending products

Represents the annualized cost of credit, including interest and fees, allowing consumers to compare products.

Annual Percentage Yield (APY)

Savings and investment products

Reflects the total interest paid on an account, based on rate and compounding frequency, showing the effective yield.

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: 

  • Payment history 
  • Income and employment history 
  • Debt-to-income ratio 
  • Assets
  • Down payment 

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

 

Top 5 Resources for a 702 Credit Score

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