Credit scores range from 300 all the way up to 850, so a credit score of 730 is certainly considered “good.” However, it’s still too low to be considered “excellent.” Prior to the recession, a score in the upper 600s was good enough to get a prime mortgage rate or auto loan. But in the post-recession era, you’ll want to raise your credit score a bit higher if you want to get super prime, or the best, interest rates on large purchases.
This guide is also relevant to individuals with scores 729, 728, 727, and 726. Nearby credit scores such as these will be able to benefit from this article.
Auto lenders are giving rates ranging from 12 percent all the way down to 3 and 4 percent for people with the highest credit scores. With a 730 credit score, you’ll likely qualify for a four or five percent rate on a new car purchase. To help get your credit score up to 760 or above, the number at which you’ll be eligible for the best rates, try doing some of these things:
- Dust Off Your Old Cards– Do you have a card which you haven’t used in months or years? Take it out and use it for a week or two–and be sure to pay it off promptly! Some companies stop reporting inactive accounts, and by having a good account reported, you’ll help your score for the better.
- Pay Your Library Fines– According to an article from the US News, unpaid library fines, parking tickets and speeding tickets can be reported to the credit bureaus. It won’t take but a few minutes to pay off those small fees, but it could make a huge impact in your credit score.
- Don’t Apply for New Lines of Credit– Every time you apply for a credit card or loan, you risk hurting your credit score says an article in the Washington Post. Keep your score headed in the right direction by keeping the cards that you already have. Along that same line, don’t close your old accounts either. That will reduce the amount of available credit and may shorten your credit history.
Certainly, your 730 credit score is not bad or anything to be ashamed of. Simply put these tactics to use and your score will soon be one of the best.