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736 Credit Score: What Does It Mean?
If you just found out that your credit score is 736, you might be wondering, “Is 736 a good credit score?”
The answer is: it depends. A credit score of 736 is considered good by most standards. This means that you’re likely to be approved for loans and credit cards with the best interest rates and terms.
However, there is no such thing as a “perfect” credit score, and there is always room for improvement.
The Three Credit Reporting Agencies and Different Types of Credit Scores
There are three main credit agencies – Equifax, Experian, and TransUnion. They all give you a credit score. Your 736 FICO Credit Score is made of up these three scores.
They may be different because each agency has a different model, and they don’t check your info as often. It’s important to monitor all five of your credit scores regularly to make sure your score is accurate.
700+ Credit Scores by Age
Age is one of the biggest factors in credit scores. The table below shows the average credit score for people in different age groups, according to Experian:
Age Range Average Credit Score
Credit Score Ranges
Your credit scores are numbers calculated by credit bureaus, like FICO® and VantageScore.
According to the credit score model that was developed by Fair Isaac Corporation, also known as FICO®,
- Excellent: 800 to 850
- Very Good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 300 to 579
And according to the other scoring model, VantageScore,
- Excellent– 750 to 850
- Good– 700 to 749
- Fair– 650 to 699
- Poor– 550 to 649
- Very Poor– 300 to 549
But What Is A Good Credit Score?
The answer isn’t as simple as you might think.
As you can see above, there are a few different credit scoring models in use today, and each one has its own definition of a “good” credit score.
For example, FICO® scores range from 300 to 850, while VantageScore 3.0 scores range from 300 to 850.
According to FICO®, a score of 670 or above is considered good, while a score of 800 or above is considered excellent. However, VantageScore considers a score of 700 or above to be good.
Generally speaking, a good credit score is one that will allow you to qualify for the best interest rates on loans and credit cards.
However, there is no one-size-fits-all answer, as your credit score will also depend on other factors, such as your income, employment history, and credit history.
If you’re not sure where your credit score stands, you can check your credit report for free at AnnualCreditReport.com. This website is the only one that is authorized by the federal government to provide free credit reports.
You can also check your credit score for free on a number of websites, such as CreditKarma.com and CreditSesame.com.
Keep in mind that a good credit score is just one factor in the lending decision. Lenders will also consider your income, employment history, and credit history when making a decision.
So even if you have a good credit score, you may not be approved for a loan or credit card if you don’t meet the other lending criteria.
What Does a 736 Credit Score Get You?
As we mentioned earlier, a credit score of 736 is considered to be good.
This means that you should have no problem qualifying for loans and credit cards.
You will also likely have a relatively low-interest rate on any loans or lines of credit that you are approved for.
Additionally, having a higher credit score will allow you to do things like renting an apartment or getting a cell phone contract.
While having a 736 credit score is considered good, there are other factors that will also be taken into consideration.
For example, lenders may look at your income and employment history when deciding whether or not to approve you for a loan or line of credit.
Additionally, your credit history will also be taken into consideration.
If you have a good credit score but have a history of late payments, this could still impact your ability to get approved for a loan or line of credit.
Similarly, if you don’t have a long credit history, this could also impact your ability to get approved.
In general, the higher your credit score, the better your chances of getting approved for a loan or line of credit.
How To Get A 736 Credit Score
Your credit score is not just a coincidence. It is based on things you have done in the past, both good and bad.
Five main factors can affect your credit score, payment history, amounts owed, credit history length, credit mix, and new credit.
Therefore, the following common actions can hurt your credit score:
- Late or missed payments
- Accounts in collection
- Little to no credit at all
- Using too much available credit or maxing out your credit card
- Applying for a lot of credit cards in a short time
- Not having a good mix of installment loans and revolving credit
What Does Not Count Towards Your 736 Credit Score?
According to Experian, the following do not affect your credit score.
- Marital status
- Race or ethnicity
- Religious beliefs or affiliations
- Political affiliations
Expired financial pieces of information are also not included.
- Chapter 7 bankruptcy: 10 years
- Chapter 13 bankruptcy: 7 years
- Collection accounts: 7 years
- Late or missed payments: 7 years
- Closed credit accounts in good standing: 10 years
736 Credit Score: Credit Card Options
One of the main benefits of having a good credit score is that you will a lot of options when it comes to credit cards.
You will likely be approved for most, if not all, of credit cards you apply for.
Additionally, you will likely have a lower interest rate on any credit cards that you are approved for.
The following are some credit cards that you may be interested in if you have a 736 credit score:
-Capital One Platinum Credit Card
-Chase Freedom Unlimited Credit Card
-Wells Fargo Platinum Visa Card
-Discover It Cash Back Credit Card
Each of these credit cards is designed for people with good or excellent credit, so having a 736 score will make it easy to qualify.
Just be sure to read the terms and conditions carefully, as each card will have different requirements and benefits.
Ultimately, whether you get approved for any of these credit cards will depend on your individual financial situation and creditworthiness.
Credit Score of 736: Car Loans
If you’re looking to finance a car, your 736 credit score will put you in a good position to qualify for a loan with a decent interest rate.
Of course, the interest rate you receive will also depend on other factors, such as your income and employment history.
Additionally, the type of car you’re looking to finance will also play a role in the interest rate you receive.
It’s also important to keep in mind that the size of your down payment can impact your ability to qualify for a loan, as well as the interest rate you receive.
If you have excellent credit and a large down payment, you may be able to secure an even lower interest rate.
So if you’re looking to get a car loan, be sure to do your research and work with a reputable lender or dealer that can help you find the right financing solution for your needs.
736 Credit Score: Personal Loan Options
If you need to take out a personal loan, your 736 credit score will help you secure a competitive interest rate and qualify for the best terms.
The interest rate you receive will depend on a number of factors, such as your income and credit history.
And, as with any type of loan, it’s important to compare your options and make sure you understand the terms before signing anything.
If you have good credit, there are a number of personal loan options available to you.
Here are a few loans that you may be eligible for:
-SoFi Personal Loan
-LightStream Personal Loan
– Marcus by Goldman Sachs Personal Loan
-Lending Club Personal Loan
As you compare your options, be sure to look closely at the repayment terms and any associated fees.
736 Credit Score: Mortgage & Home Loans
If you’re in the market for a home, having a good credit score will be crucial to securing a competitive interest rate.
While your credit score alone won’t guarantee that you qualify for any particular mortgage or home loan, it can help put you in a better position to negotiate favorable terms.
Overall, having a 736 credit score should give you a good chance of securing a mortgage with a decent interest rate.
However, keep in mind that there are many other factors that will impact your ability to qualify for a home loan, such as your employment history and income level.
Additionally, the type of property you’re looking to finance will also play a role in determining your interest rate.
As you shop around for mortgage lenders and home loans, make sure that you understand all of the terms and conditions and compare your options carefully.
With a 736 credit score, you should be able to qualify for a mortgage that meets your needs.
How To Improve A 736 Credit Score
If you’re looking to improve your 736 credit score, there are a few things that you can do.
One of the most important steps is to check your credit report for any inaccuracies or errors.
This can help ensure that you have the most accurate information reflected in your credit score.
Here are a few other things that you can do to improve your credit score:
1| Evaluate Your Credit Report
Pull your credit report and dispute all negative, and get harmful items removed.
2| Get A Secured Credit Card
A secured credit card is one of the best ways to rebuild bad credit.
You place a deposit in the total amount of your spending limit. The deposit reduces the issuer’s risk, making it possible to get approved no matter how low your score might be.
3| Pay On Time
Making timely payments and avoiding late or missed payments favor credit-score improvements.
Use automatic payments, phone alarms, and other automated tools to help you remember.
4| Avoid High Credit Utilization Rates
You can help your utilization rate by keeping your balances low, which is below 30% of your credit limit. If you can, pay off your balance each month.
5| Consider A Credit-Builder Loan
This type of loan is available from credit unions and comes in several forms. The most common one is where the credit union deposits the money you borrow in a savings account. Your money is inaccessible to you, but it earns interest.
You can access the funds plus the interest once you have paid off the loan. It can be a great way to build credit if you make on-time payments and if the lender reports to all three national bureaus.
6| Establish A Solid Credit Mix
Not that you want to be in more debt, but a mix of revolving credit and installment debt can help boost your credit score.
7| Pay Down Your Debt
Create a debt payoff plan and start paying it off if you have outstanding debt. Lowering your debt-to-income ratio can have a significant impact on your credit score.
According to Investopedia, lenders prefer a debt-to-income ratio lower than 36%, with no more than 28% of that debt going towards servicing a mortgage or rent payment.
7| Reduce Hard Credit Inquiries
Although it causes a short-term negative effect on your score, new-credit activity can still contribute up to 10% of your overall credit score. Keep hard credit inquiries to less than 3 in 24 months if you can.
8| Give It Time
Your credit score does not improve overnight. Be patient. The items that are suppressing your score need time to fall off.
Hard inquiries fall off in two years while missed payments of collection accounts in 7 years. Bankruptcies can take up to 10 years.
To take it to the next level, check out these tips on how to rebuild your credit score quickly.
Final Thoughts On 736 Credit Score
At 736, a credit score can open up many doors when it comes to financing your dream home or getting approved for other types of loans.
A 736 credit score is a good credit score. However, if you have a 736 credit score, you can still improve it by following the steps outlined in this article. Remember to be patient – it takes time to rebuild your credit score.
And no matter what your credit score is, it’s also a good idea to check your score regularly. Knowing and understanding your credit scores and credit reports can help you make the right decisions in your financial journey.
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