718 is classified as a “good” credit score.
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.
Key Takeaways for a 718 Credit Score
Overview of Your
Credit Rating
718 is a good FICO Score and higher than the national average credit score.
Borrowing Options With a
718 Credit Score
You may experience an easy approval process for most financial products.
Improving a 718
Credit/FICO 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
What Can I Get Approved For?
Upstart
4.9 Trustpilot Rating
- Personal loans
- Car loan refinance
- Low fixed rates
- No hidden fees
Upstart is an online lending platform that partners with banks to provide personal loans from $1,000-$50,000. Upstart goes beyond traditional lending metrics to help borrowers find financing that considers their education, work experience, and more.
Min Credit Score Depends on Specific Lender
Freecash
4.6 Google Rating
- Highest payouts
- Instant cashouts
- Daily bonuses
- No credit score required
With Freecash, you get paid for testing apps, games, and surveys. Start by choosing an offer on the ‘earn’ page. Most offers only take 5-10 minutes to complete. Once you complete the offer, you’ll be rewarded with coins that you can exchange for cash.
No Minimum Credit Score Required
eMortgage
4.8 Google Rating
- Network of lenders
- Home purchase
- Home equity line of credit
- Home refinance
eMortgage is here to help you find the right home loan, refinance, HELOC, or reverse mortgage you need. Fill out some simple information about the type of property and loan you need, and they’ll connect you with up to 5 lenders who can help.
Min Credit Score Will Depend on the Lender You Choose
You may get approved for the following loans if you have an average credit score or higher:
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
Auto Loans
Auto loans are secured loans that are typically easy to get for good credit borrowers. Keep in mind that your auto loan rate will depend on the lender, your creditworthiness, and whether you buy a new or used vehicle.
Products To Help Maintain a 718 Credit Score
These products can help you maintain good credit scores:
Credit Monitoring
Monitoring your credit can help you stay up to date on your credit score changes. According to Charlie Wise, senior vice president of TransUnion, more than 100 million U.S. consumers joined one of the company’s credit monitoring services between 2018 and 2023.²
Budgeting Apps
A budgeting app could help you maintain a good credit history. Take a look at the various features budgeting apps offer below.
Feature of Budgeting Apps | How It Helps Maintain Good Credit |
Expense Tracking | Helps borrowers monitor their spending and stay within budget, reducing the likelihood of accruing debt that can’t be repaid. |
Bill Reminders | Ensures that all bills are paid on time, which is crucial as payment history is a significant factor in credit scoring. |
Debt Tracking | Provides a clear overview of all debts and progress towards their repayment, encouraging timely payments and debt reduction. |
Budget Planning | Assists in creating a realistic budget that accommodates debt repayment, which can prevent high credit utilization and potential defaults. |
Financial Goals Setting | Encourages setting and achieving financial goals, such as paying down debt, which can improve credit scores. |
Credit Score Monitoring | Some apps offer credit score updates and tips to improve it, helping users understand the factors affecting their credit and how to manage them. |
Automatic Payments
A positive payment history can help you maintain and improve your credit score. One of the best ways to avoid missed payments is by signing up for automatic payments.
Benefits of a 718 Credit Score
Read about some benefits of good credit below:
More Financial Options
Consumers with 670 credit scores or higher can generally expect to get more financial options compared to borrowers with poor or fair credit scores.
Decent APRs
A good or excellent credit score can help you save money on interest fees. Lenders usually only offer low APRs to borrowers who are determined to be a low credit risk.
More Housing Options
Having a positive credit file can help you qualify for more rental options! Landlords usually look for applicants who have good credit.
How To Maintain Your 718 Credit Score
You can maintain a good credit history by following these tips:
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.
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.
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.
FAQs About 718 Credit Scores
Can a 718 score help me get better terms when I extend credit?
With a 718 credit score, you can expect better terms than those with lower scores. However, the very best terms are often reserved for those in the “very good” range or higher.
What are the chances of getting approved for car loans with a 718 credit score?
A 718 credit score generally puts you in a strong position to get approved for car loans with favorable terms. Lenders see borrowers with scores in this range as lower risk, which can lead to better interest rates and loan conditions.
Is a free credit score check enough to gauge my eligibility for financial products?
A free credit score check provides a good baseline to understand where you stand and is usually sufficient for most borrowers to gauge their eligibility for most financial products.
What Interest Rate Can I Get With a 718 Credit Score?
You can get decent interest rates with a 718 FICO Score. But by working on improving your good credit rating, you could get even better APRs that help you save more money.
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.
Top 5 Resources for a 718 Credit Score
References:
- What Is the Average Credit Score in the US?│Experian
- Consumers should watch their FICO score│Chicago Sun-Times
- Americans’ credit scores are falling│CNN