Its an age-old question we receive, and to answer it requires that we start with the basics: What is the definition of a credit score, anyway?
Generally speaking, a credit score is a three-digit number ranging from 300 to 850. Credit scores are calculated using information in your credit report. Your payment history, the amount of debt you have and the length of your credit history are some of the factors that make up your credit scores.
There are many different credit scoring models, or ways of calculating credit scores. Credit scores are used by potential lenders and creditors, such as: banks, credit card companies or car dealerships, as one factor when deciding whether to offer you credit, like a loan or credit card. Credit scores help creditors determine how likely you are to pay back money they lend.
Its important to remember that everyones financial and credit situation is different, and theres no credit score “magic number” that guarantees better loan rates and terms.
Your credit score is one of the most important numbers in your financial life. It gives lenders an idea of how likely you are to pay back a loan on time. The higher your credit score, the better your chances of getting approved for credit cards, loans, mortgages, rental applications, and more. But what exactly makes a “good” credit score? And is a 738 credit score considered good?
What is a Good Credit Score?
Credit scores range from 300 to 850 In general, scores from 670 to 739 are considered good Scores of 740 and above are very good, while 800 and higher are excellent.
Here’s a breakdown of the credit score ranges
- 800-850: Exceptional
- 740-799: Very Good
- 670-739: Good
- 580-669: Fair
- 300-579: Very Poor
So with a score of 738, you’re on the higher end of the good range. While it’s not excellent, a 738 credit score is still respectable.
What Does a 738 Credit Score Mean?
A 738 credit score indicates to lenders that you’re a pretty low-risk borrower who pays bills on time and manages credit responsibly. You likely have a decent mix of credit types, including installment loans and revolving credit. Your score may take small hits for things like occasional late payments or high balances.
With a 738 score, you probably won’t get the absolute best rates or terms. But you should still have access to plenty of credit options.
Benefits of a 738 Credit Score
A good credit score like 738 comes with many advantages
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Higher approval odds – Lenders view you as a reliable borrower, so you’re more likely to get approved for loans and credit cards.
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Better terms and rates – While not the lowest, you can expect to get competitive interest rates around 10-20% for credit cards and 5-15% for personal loans.
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More offers – You’ll have lots of credit card and loan offers to choose from, with chances for rewards and other perks.
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Lower security deposits – A higher score means you may pay smaller deposits for things like utilities, cell phone service, and rentals.
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Better insurance rates – Insurers may offer lower premiums since you’re seen as more financially responsible.
How to Raise a 738 Credit Score
While a 738 credit score gives you access to plenty of credit, there’s room for improvement. Here are some tips to raise your score into the very good or exceptional ranges:
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Lower credit utilization – Keep balances low on credit cards and other revolving credit, ideally under 30% of the total limit.
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Pay bills on time – Payment history is the biggest factor in your score. Set up autopay or reminders to avoid late payments.
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Limit hard inquiries – Each application for credit results in a hard inquiry, which can knock a few points off your score temporarily. Only apply for credit you need.
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Increase credit age – In general, the longer your credit history, the better. Let your accounts age instead of closing them.
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Diversify credit mix – Optimal mix includes installment loans (mortgages, auto, student loans) and revolving credit (credit cards).
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Dispute errors – If you spot mistakes on your credit report, dispute them with the credit bureaus to maximize your score.
Is a 738 Credit Score Good for a Mortgage?
The minimum credit score for a mortgage is usually around 620. But for the best mortgage rates, you’ll want a score of 740 or higher. With a 738 credit score, you can likely qualify for a conventional mortgage, but might not get the rock-bottom interest rates.
Mortgage lenders look at your debt-to-income ratio, down payment, employment, and other factors too. A higher credit score can help offset other weak areas of your application. Shop around with multiple mortgage lenders to see the rates you may qualify for. Government-backed FHA and VA loans are also options if you want to buy a home with a 738 credit score.
Is a 738 Credit Score Good for an Auto Loan?
A 738 credit score is considered good to excellent for an auto loan. According to Experian data, the average auto loan score is 714, so you’re well above that. Most lenders prefer scores of 660 and higher for auto loan approval.
The better your credit, the lower your auto loan interest rate will be. With a 738 score, you can likely find competitive rates around 4-8% APR from banks, credit unions, and online lenders. Getting pre-approved before visiting dealer lots can help you negotiate the best deal.
Is a 738 Credit Score Good for a Credit Card?
You can qualify for plenty of credit card offers with a 738 credit score. Issuers will see you as a low-risk customer who reliably makes payments. Many travel rewards cards require good credit—scores of 700 or higher. With your 738 score, you’ll have lots of card options with chances for 0% intro APRs, cash back, airline miles, and other perks.
One tip is to consider cards you’re pre-qualified for. Pre-qualification gives you a sense of your approval odds without a hard inquiry on your credit reports. Compare features and apply for the card that best fits your spending habits.
How Useful Is a 738 Credit Score?
A 738 credit score gives you access to a wide variety of credit products and favorable loan terms. It’s considered good and may even be excellent with some lenders. While not perfect, a score in the 738 range shows lenders you are a responsible borrower who makes payments on time.
Regularly checking your credit score and reports allows you to monitor your progress. Aim to build positive credit behaviors like keeping balances low and letting your credit age. With a 738 baseline score, a few tweaks could bump you into the very good or exceptional credit tiers.
What are credit score ranges and what is a good credit score?
Credit score ranges vary depending on the scoring model. Higher credit scores mean you have demonstrated responsible credit behavior in the past, which may make potential lenders and creditors more confident when evaluating a request for credit. Most credit score ranges are similar to the following:
- 800 to 850: Excellent Credit Score Individuals in this range are considered to be low-risk borrowers. They may have an easier time securing a loan than borrowers with lower scores.
- 740 to 799: Very Good Credit Score Individuals in this range have demonstrated a history of positive credit behavior and may have an easier time being approved for additional credit.
- 670 to 739: Good Credit Score Lenders generally view those with credit scores of 670 and up as acceptable or lower-risk borrowers.
- 580 to 669: Fair Credit Score Individuals in this category are often considered “subprime” borrowers. Lenders may consider them higher-risk, and they may have trouble qualifying for new credit.
- 300 to 579: Poor Credit Score Individuals in this range often have difficulty being approved for new credit. If you find yourself in the poor category, its likely youll need to take steps to improve your credit scores before you can secure any new credit.
Lenders use credit scores along with a variety of other types of information — such as information you provide on the credit application (for example: income, how long you have lived at your residence, and other banking relationships you may have) in their loan evaluation process. Different lenders have different criteria when it comes to granting credit. That means the credit scores they accept may vary depending on their criteria.
Score providers, such as the three nationwide credit reporting agencies (NCRAs)—Equifax®, Experian® and TransUnion®—and companies like FICO® use different types of credit scoring models and may use different information to calculate credit scores. Therefore, credit scores may be different from each other. Not all creditors and lenders report to all credit score providers.
What is the average credit score?
As of January 2024 the average credit score in the United States was 701. While this is the average credit score, it falls in the Fair Range.
Is 738 A Good Credit Score? – CreditGuide360.com
FAQ
What can I do with a credit score of 738?
A 738 credit score is generally considered a “good” score, offering access to a variety of financial products and services with favorable terms.
Can I buy a house with a 738 credit score?
How rare is a 750 credit score?
A credit score of 750 is considered “very good” and is above the average credit score in the United States. While it’s not as rare as an exceptional score of 800 or higher, it still places you in a relatively strong position with lenders.
What credit score is needed for a $250000 house?
What credit score do I need to buy a $250,000 house? You can buy a $250,000 house with a wide range of credit scores, from as low as 500 to as high as 800+.Mar 19, 2025
Is your 773 credit score good or bad?
FICO scores range from 300 to 850. As you can see below, a 773 credit score is considered Very Good. Most lenders will lend to borrowers with credit scores in the Very Good range. With a score of 773, your focus should be maintaining your credit status to make sure you get the best interest rates available.
Is 733 a good or bad credit score?
This is the highest score that lenders usually look at, and it’s essentially the point where financial problems become almost non-existent. A 733 Credit Score is considered a GOOD credit score. This means you have a slightly above-average credit score, and most lenders will see you as a low-risk borrower.
Is a credit score of 717 considered a good score?
Credit scores of 717 are considered good. people who achieve good credit are those who typically have scores between 700 and 749, while people with poor credit scores are generally unattractive and ineligible to qualify for the best mortgages, auto, and credit cards possible.
Is a 731 credit score good?
If you are wondering if 731 credit score is “good” or “bad”, then you have no need to worry. The answer is that credit score under 731 is considered a good score and is actually very close to even qualifying the holder as an excellent credit risk.