Financial Education

Understanding Your 720 Credit Score

A 720 credit score is good and reflects strong financial habits. Maintain and improve this score by making on-time payments and keeping credit utilization below 30%.

A 720 credit score is a good place to be with your credit scores! Below you will learn all the ins and outs of being in this credit rating along with tips on how to maintain this score. We’ll also answer some frequently asked questions that people with this credit score often ask.

Explore Your Options

Excellent

based on 12,847 reviews

Trustpilot

I have used Credit Ninja several times for fast short term loans.

“I have used Credit Ninja several times for fast short term loans. The process is fast and easy. Usually have money deposited in under 24 hours”.

Maria T.5 hours ago

Credit ninja is awesome lender.

“Credit ninja is awesome lender. Got my money deposited right away. No credit check. No hassles. Definitely recommend their services to my friends & family…”

Maria T.5 hours ago

Quick service and very easy to apply.

“Quick service and very easy to apply. Will definitely refer my friends and family”.

Maria T.5 hours ago

Key Takeaways for a 720 Credit Score

Overview of Your Rating

A 720 score is a good credit score. This puts you in good shape with your finances.

Borrowing Options

With a 720 score, you will likely have a wide range of borrowing options to choose from.

Improving Your Score

Improving a 720 score is possible, but it will need to involve a strategic approach and focus.

Is a 720 Credit Score Good?

A 720 score is a good score! And that is great news; it means you’ll likely have a smooth time with financing, borrowing funds, and beyond. Continue reading to learn more about the ins and outs of having a 720 score.

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

Check out some of our partners...

Explore financial products tailored for your current credit standing. These partners specialize in helping people rebuild.

Get Started

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 ›

Get Started

Lease-to-Own Solution

Flexible lease purchase plans for essential items.

Simple process with instant decisions.

No credit required option available.

Learn More ›

Personal Loans

Personal loans can be found with all kinds of financial institutions, including banks, credit unions, and online lenders. With a 720 score, you should be able to go to any of these lenders for a personal loan—just be mindful of the income requirements that lenders will have.

Bank Loans

Most banks offer at least one kind of loan product. However, not everyone may be approved. However, with a good credit score, such as a 720 score, you should be able to get through the credit history or score criteria.

Here are some examples of loans that banks may offer:

• Personal loans

• Home equity loans

• Auto loans

• Mortgages

• Home equity lines of credit (HELOC)

• Student loans

• Business loans

• Construction loans

• Bridge loans

• Credit builder loans

• Debt consolidation loan options

Credit Cards

Credit cards can be found with banks, credit unions, and other independent lenders. With a 720 score, you will likely have several options that you can choose from. This can be extremely convenient because credit card rewards and costs can vary so much. Getting your pick is critical for the best fit.

Woman reviewing her borrowing options at home

Action Plan

How To Maintain Your 720 Credit Score

Here are some tips to maintain your credit score:

Avoid Cosigning, Co Borrowing, or Becoming an Authorized User

With a good credit score, you may be asked by friends or family members to cosign, co-borrow, or allow them to be an authorized user. The problem with this is that if they miss a payment, it will also impact your credit. And so, to help maintain your credit score, it’s best to avoid this.

Don’t Slack on Paying Your Bills

To keep a 720 score, you should maintain a positive payment history that you probably already have built! Ensure your bills are paid on time.

Can I Buy a House With a 720 Credit Score?

Going off of the example from above, let’s discuss whether buying a home is possible with a 720 score. There are more factors aside from credit scores that lenders will consider for a mortgage loan. You’ll need to meet income requirements, have an acceptable debt-to-income ratio, cover closing costs, and more. However, a 720 score with the three credit bureaus should get you through credit eligibility; the other factors will determine final approval.

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.

Brand

Loans like Lendumo®

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

Quick and easy Personal Loans up to $5,000*

Don’t let unplanned expenses ruin your budget. Apply today and get back on track.

Apply Now