A credit score of 736 is considered to be a “good” score according to the FICO model. This means that you may qualify for larger personal loans, bank loans, and good interest rates and repayment terms. Banks, credit unions, and other lenders usually reserve their loans and good interest rates for borrowers with good, very good, or excellent credit.
Congratulations! You have a good credit score! You must be pretty good with your money. Having a good credit score means you’ve worked hard to make your payments on time, keep your debt load low, and manage your credit cards well. These are not easy tasks, and you should feel good about this accomplishment. But just because you have good credit doesn’t mean the work is done.
Maintaining your good credit, or better yet—improving it even further—is your next adventure. You may be thinking “but it’s already good! What more can I do?” and the answer is: probably a lot. While a score of 736 is good, the FICO scoring model goes up to 850. And the best rates and terms are reserved for borrowers with excellent credit, which ranges from 800 to 850.
Your first step in achieving excellent credit is to find out how to improve your credit score. Luckily, you can see your credit score and find out how to improve it by checking the websites of the three main credit bureaus (Experian, TransUnion, and Equifax). You should be able to find insights there on what else you need to work on.
Some of the basic things you need to keep an eye on as you improve your credit score even further would be maintaining a low debt load, low credit card usage, and continue to always make all your payments on time. These are some of the most important factors that affect your credit score.
In summary, check your score often, find out how to improve it, and focus on those things while maintaining the good financial practices that got you to a good score in the first place.