A 714 credit score is considered a good credit score. Borrowers with this credit score will have an easy time with finances, including loans, credit cards, and more. Along with potential easy approval with credit, a 714 credit score will mean less costs when borrowing money.
According to Experian, 21% of Americans have a credit score that falls within the good score category.¹
A good credit rating takes discipline and consistent positive financial habits. Below, we’ve got all the information you need on these credit scores.
Key Takeaways for a 714 Credit Score
Overview of Your
Credit Rating
A 714 credit rating is a good credit score. These scores will make it easy when navigating finances, more specifically lending products.
Borrowing Options With a
714 Credit Score
When working with a good credit score, you’ll likely have access to all kinds of secured and unsecured loans.
Maintaining a 714
Credit/FICO Score
If you are trying to maintain your good credit score, actions like continuing to pay your bills on time, keeping your credit utilization under 30%, and having a diverse credit mix can all help.
Is a 714 Credit Score Good?
A 714 falls in the “good” category of credit scores, so yes, it is a good credit score. To get here, your credit history usually won’t have large negative actions as a part of it. Along with that, you would have had to be consistent with positive financial actions. Having this score comes with a lot of benefits, however, you’ll have to do some maintenance work to keep your score at 714 or potentially improve it.
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’ll have a lot of options when it comes to borrowing money with a 714 credit score. Here are some popular loan choices that people use to finance a purchase or pay for unexpected expenses.
Personal Loans
Personal loans are usually unsecured loans that are available for all kinds of credit score ranges. Those with higher scores, such as 714, will likely have a lot of personal loan choices and get access to good interest rates.
Bank Loans
Banks usually have strict credit score requirements, however, with a 714 credit score, you should be able to qualify for a bank loan, as long as you fulfill the other requirements. Keep in mind that a bank loan can be considered any loan from a bank, so requirements for these loans can vary quite a bit.
Credit Cards
Credit cards are a form of revolving credit that, like personal loans, are widely available for different credit scores. 714 credit scores will allow you to have access to several different credit cards, which can be very convenient. However, it’s important to filter through options carefully and avoid unnecessary spending, which happens often with credit cards. Here are some credit cards for good credit scores:
- Chase Freedom Unlimited®
- Wells Fargo Active Cash® Card
- Capital One Venture Rewards Credit Card
- Wells Fargo Reflect® Card
Auto Loans
Having a 714 credit score will put you in good shape for auto loans. Like the other options from above, when you have a good score, you’ll have a lot of options, which you need to filter through carefully. With car loans which are secured loans, it’s especially important to pay attention to repayment terms as if you aren’t able to repay your loan, then the car can be repossessed by the lender.
Products to Help Maintain a 714 Credit Score
Here are some products that can help you maintain a 714 credit score:
Credit Monitoring
Credit monitoring services can be a great tool when trying to maintain your score. These services/products will alert you of any changes in your credit history. This can be helpful in understanding how credit scores work and let you know of any suspicious activity.
Automatic Payments
Automatic payments can be a great tool that can help you keep on top of the most significant factor of credit scores; payment history. With auto-pay, your bills will be paid on time without you having to remember or do the work.
An Emergency Savings
When you have an emergency savings, when an unexpected expense comes up you won’t have to rely on debt to get you through. By doing so, you can help your credit utilization, ability to pay existing bills and avoid throwing off your credit mix—all things that can hurt your credit scores.
Benefits of a 714 Credit Score
You can look forward to all kinds of benefits with a 714 credit score:
Lower Costs When Borrowing Funds
When you have a good credit score, the cost of borrowing funds will be on the lower end. This can mean saving hundreds or sometimes even thousands of dollars!
Personalization WIth Loans and Credit Cards
Good credit allows you to have choices in the types of loans and credit cards. And it gives you the ability to negotiate with lenders and credit card companies.
Savings With Lots of Products and Services
Interest rates with loans aren’t the only place you will save with a 714 score. Things like insurance, renting, and even cell phone plans can cost less.
How To Maintain Your 714 Credit Score
Here are some tips to help you maintain your credit score:
Pay Your Bills on Time
Paying your bills, specifically your credit accounts, can help you maintain your average credit score. Late or missed payments can really hurt your credit scores and remain on your credit report for up to seven years.
Check Your Credit Report Often
Consumers have credit reports from all three major credit bureaus. Checking these credit reports can be helpful to maintain your good credit scores. By checking your credit history, you can be strategic and refrain from hurting your average credit score.
Keep Your Credit Utilization Low
Your credit utilization should ideally be under 30%, going above that can hurt your average credit score! So, be mindful of your debt and credit limits.
FAQs About 714 Credit Scores
How does the FICO credit scoring model affect my 714 credit score?
This credit scoring model evaluates your credit management skills across several factors. A 714 score indicates good management according to FICO’s criteria, emphasizing the importance of a diverse credit mix and consistent payment history.
Is it beneficial to have multiple credit accounts with a 714 credit score?
Yes, having multiple credit accounts can demonstrate your ability to manage various types of credit, potentially benefiting your 714 score. However, it’s crucial to keep balances low and avoid opening many new accounts quickly.
How do credit limits impact my 714 credit score?
Your credit limit affects your credit utilization ratio. Keeping your credit card balance low compared to this limit can positively impact your credit scores by showing responsible credit usage.
What role do credit bureaus play in determining my 714 credit score?
Credit bureaus compile your credit information to calculate your score. Regularly reviewing your reports from Experian, TransUnion, and Equifax can help you maintain or improve your 714 score by ensuring accuracy.
How should I manage my credit card balance to maintain or improve my 714 credit score?
To maintain or improve your 714 score, aim to keep your card balance low relative to your credit limit and pay off the balance monthly.
What Interest Rate Can I Get With a 714 Credit Score?
Interest rates will vary quite a bit, and so getting into specifics can be tough. However, here are some tips that can help you figure out an estimate of your interest rate with lenders or credit card companies:
Tip | Description |
Apply for pre-approval | Get a close estimate of your interest rate by applying for pre-approval with lenders. This process typically involves a soft credit check that doesn’t affect your credit score. |
Find a range for your loan or credit card | With a 714 credit score, research to find the typical interest rate range for the loan or credit card you’re interested in. You’ll likely qualify for rates in the lower part of this range, though not necessarily the lowest available rate. |
Can I Buy a House With a 714 Credit Score?
Whether or not you’ll be able to buy a home with a good credit score will depend on whether you are able to get through other aspects of the home-buying process, such as income, home inspection, employment requirements, etc.
Top 5 Resources for a 714 Credit Score
References:
- 714 Credit Score: Is it Good or Bad? | Experian
- 714 Credit Score | WalletHub