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715 credit score: A guide to credit scores

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    Quick insights

    • A 715 credit score is considered to be “good” by the two main credit scoring models.
    • It may be possible to be approved for different lines of credit with a 715 credit score.
    • It’s important to implement healthy financial habits, such as monitoring your credit score.

    A good credit score may not mean too much to you if you don’t understand what a credit score conveys and how it can benefit you. Let’s explore what a 715 credit score means and how you may be able to improve it over time.

    Exploring a credit score of 715

    To help you understand what a 715 credit score means, let’s first break down the credit score categories for VantageScore® and FICO® scoring models.

    As of May 2024, VantageScore® ranges are:

    • Excellent: 781 to 850
    • Good: 661 to 780
    • Fair: 601 to 660
    • Poor: 500 to 600
    • Very Poor: 300 to 499

    As of May 2024, FICO® score ranges are:

    • Exceptional: 800+
    • Very Good: 740 to 799
    • Good: 670 to 739
    • Fair: 580 to 669
    • Poor: 579 and below

    As you can see from the above, a credit score of 715 is considered good for both credit scoring models. This can help you qualify for loans, including personal loans (which Chase does not offer), auto loans and mortgages. With this score, you could land at lower annual percentage rates (APRs), although rates can vary depending on other factors too (such as income and debt-to-income ratio.)

    Buying a car with a 715 credit score

    If you’re looking into purchasing a car, you may be able to get an auto loan with a 715 credit score, but different dealerships and lenders may use different credit scoring models and scales to make their own loan decisions, which could impact your loan terms and approval odds.

    Even with a “good” credit score, you may be declined, subject to higher interest rates or need to provide a larger down payment than if you had a higher credit score. It is sometimes beneficial to add a co-signer to the loan—if the lender allows—to share financial responsibility. All applicants should take note that while important, your credit score is just one of several factors lenders take into account when approving a loan.

    Ways to help improve a 715 credit score

    While a 715 credit score is already considered good by many scoring models, you can further improve it and gain access to more premium credit cards and lower interest rates. To help improve a 715 credit score, here are some helpful strategies you can begin implementing:

    • Payment history: Make all payments on time and in full to establish a positive payment history. This is an important factor used to help determine your credit score.
    • Credit utilization: When possible, keep credit card balances low and avoid maxing out your credit limits. Lowering your credit utilization ratio (the amount of credit you use against your total available credit) to about 30% or less can help improve your credit score.
    • Length of credit history: Rather than closing credit card accounts you rarely use, try to maintain older credit accounts to demonstrate a longer credit history. Age of credit is another important factor when it comes to determining your credit score.
    • Credit mix: If your financial situation allows, try to establish and maintain a diverse mix of credit accounts, such as credit cards, loans and mortgages. Note that your lender will conduct a hard credit check during the application process, so your score may temporarily drop after applying for a new line of credit.
    • Monitor your credit report: Doing so can help you search for errors and address any inaccuracies promptly. Be sure to report inaccuracies or necessary updates to the respective credit bureau(s).

    Tips for managing credit responsibly and avoiding common pitfalls

    Responsible credit management comes with building healthy habits over time and avoiding common mistakes. Some tips to keep in mind include, but are not limited to:

    • Budgeting: Create a budget to manage expenses and help you make sure that your bills are paid on time.
    • Build up an emergency fund: When possible, establish an emergency fund to avoid relying on credit in times of financial need, such as unforeseen medical expenses. A small amount of your paycheck that goes toward your savings account, for example, can go far over a long period of time.
    • Prioritize debt payments. Whether you have “good” or “bad” debt, it’s important to make your monthly installments in time and work towards paying off your outstanding debts, even if it takes time.
    • Consider enrolling in Chase Credit Journey®. This free online tool that anyone can use can help you monitor your credit score and learn about the factors that are impacting it.

    In summary

    Your credit score is a helpful indicator of your financial wellness, but it doesn’t capture everything about your overall state, as there are other factors that contribute to financial health. It’s helpful to keep in mind the above tips and strategies as you continue to build or maintain your credit score. Wherever you are on your financial journey, building helpful habits can help you achieve future financial goals.

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