Financial Education

Understanding Your 712 Credit Score

A 712 credit score is considered “good” by major credit bureaus. Maintain it by keeping a positive payment history. Improve it by paying off debts and balances in full while avoiding risky debt products like payday loans.

According to Experian, 21% of consumers have an average credit score in the “good” credit range.1

Consumers with this kind of credit score most likely have a history of healthy credit habits like on-time payments and responsible borrowing. Here, you’ll learn what it means to have a 712 credit score and how to protect, maintain, and even improve this already great FICO score.

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Key Takeaways for a 712 Credit Score

Overview of Your Rating

712 is a good credit score. In fact, 712 is towards the top of the “good” credit tier and less than 30 points away from the “very good” credit category!

Borrowing Options

Most borrowing options, like personal loans and other installment loans, are available. However, interest rates and terms may vary.

Improving Your Score

Consumers can maintain this good credit score by keeping a positive payment history, avoiding bad debts, and diversifying their credit portfolios.

Is a 712 Credit Score Good?

Indeed it is! 712 is part of the “good” credit score range, which includes all scores between 670 and 739. Higher credit score ranges include scores between 740 and 799 (“very good” credit) and scores between 800 and 850 (“excellent” credit).

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 a type of installment loan, meaning borrowers are paid in one lump sum and repay their balance in equal monthly installments. With a great credit score of 712, you should be able to get approved for many kinds of personal loan products. Just make sure to research multiple lenders and compare your options to find the best deal possible!

Bank Loans

Bank loan requirements can vary depending on the specific loan type. Check out a brief comparison of what different loan deals from a bank might look like amongst a few different products below.

Disclaimer: This table gives a general overview of what banks may require for different types of loans. Requirements can vary significantly between lenders and depending on your financial situation.

Credit Cards

Credit cards are revolving credit accounts that give consumers access to a set credit limit every month. To avoid accumulating too much credit card debt, paying off your entire balance as often as possible is the best practice. Some popular credit card products include:

• Citi Diamond Preferred card

• Wells Fargo Active Cash card

• Hilton Honors American Express Card

• Chase Freedom Unlimited

• Chase Sapphire Preferred

Woman reviewing her borrowing options at home

Action Plan

How to Maintain Your 712 Score

A few tips you can use to make sure you maintain a healthy credit history are:

Avoid “bad debts” like payday loans or other quick cash loans

Report Any Inconsistent or Suspicious Activity

Report any inconsistent or suspicious activity you find on your credit report ASAP

Keep Credit Accounts Open

Keep credit accounts open, even if you don’t use them often (this will help keep your credit utilization intact)

Make All Your Due Payments on Time

Make all your due payments on time

Keep Credit Utilization Low

Keep credit utilization low, around 30% or less

Check Your Free Credit Report Often

Check your free credit report often, about once a month or so

Can I Buy a House With a 712 Credit Score?

According to the United States Census, there are approximately 145,967 households in the United States. Of those 145,967 households, 86,220 of them are owned by their residents.2 The good news is that with a higher credit score, you have a better chance of receiving approval for a mortgage loan and joining those 86,000+ households of homeowners.

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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Loans like Lendumo®

Lendmo is an online tribal lender that offers installment loans. Similar lenders to Lendmo include River Valley Loans, Mawka Finance,…

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