Financial Education
Understanding Your 718 Credit Score
A 718 credit score is classified as “good.” Maintain or increase it by ensuring a positive payment history and paying off debts. Keep credit utilization low, ideally below 30%.
Borrowers with good credit scores may have no issues qualifying for emergency funding.
While you can get decent rates and terms on financial products, keep in mind that you are not likely to get the absolute best offers.
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Key Takeaways for a 718 Credit Score
Overview of Your Rating
718 is a good FICO Score and higher than the national average credit score.
Borrowing Options
You may experience an easy approval process for most financial products.
Improving Your Score
You can maintain your current FICO Score by limiting your credit inquiries and keeping your credit usage low.
Is a 718 Credit Score Good?
Credit scores are three-digit numbers that affect many aspects of a consumer's life. A good credit score ranges from 670 to 739 points. If your score is 718, you are considered to be a good candidate for various loans and credit cards. According to Experian data, the average credit score in the United States was 715 in 2023.1
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.
Learn More ›
Lease-to-Own Solution
Flexible lease purchase plans for essential items.
Simple process with instant decisions.
No credit required option available.
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Personal Loans
Borrowers with good scores could qualify for a personal loan. These convenient installment loans can provide up to several thousand dollars for unexpected expenses.
Bank Loans
Banks offer unsecured and secured loans. Consumers with good FICO Scores could qualify for most bank loans. However, certain loan options may require specific requirements, such as home equity loans.
Credit Cards
Credit card qualification is possible with a good credit score, but your rates may still be quite high. Maintaining low credit card balances will help you save on interest fees.
These are popular credit cards for fair or good scores:
• Citi Double Cash® Card
• Upgrade Cash Rewards Visa®
• Deserve EDU Mastercard for Students
• Chase Freedom Unlimited
• U.S. Bank Cash+ Visa Signature Card
These are popular credit cards for fair or good scores:
• Citi Double Cash® Card
• Upgrade Cash Rewards Visa®
• Deserve EDU Mastercard for Students
• Chase Freedom Unlimited
• U.S. Bank Cash+ Visa Signature Card
Action Plan
Action Plan
Action Plan
How To Maintain Your 718 Credit Score
You can maintain a good credit history by following these tips:
Keep Debt Low
Using more than 30% of your total revolving credit accounts can negatively impact your credit. In December 2023, U.S. credit card debt climbed to a fresh record high of $1.1 trillion.³ If you need help paying off credit card debt, consider using a debt consolidation loan.
Limit Credit Inquiries
Applying for new loans or credit accounts can reduce your credit score. Only apply for financing if you absolutely need it to maintain good credit management.
Request Credit Reports
It’s important to view your credit reports at least once a year. You can request your free reports from the Annual Credit Report website. You can also request one free credit report every four months to keep an eye on your credit history year-round.
Can I Buy a House With a 718 Credit Score?
A 718 score can make you eligible for a conventional loan! If you are interested in buying a real estate property, take time comparing lenders to find the best mortgage rate.
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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