Learn what it means to have a FICO of 710. Understand how it's calculated, what loans you can obtain, and how to better your FICO score

Fico 710: Find Out What It Means.

A credit score is needed for you to be able to get a loan or credit. The reason behind this is because it will help financial institutions to determine your creditworthiness. They will also see every loan that you made and the payment history that you have. Find out more about it by reading the information below.

Credit scores are calculated based on the proprietary algorithm. This will include the person's outstanding debts, payment history, and the length of the individual's credit history.

Credit scores can range from 300 to 850. The higher the individual's score, the lower the risk. People who have lower credit scores are considered high risk, which will make lending companies ask for more requirements.

About Fico scores

About Fico Scores

Fair Isaac Corporation is the one who established FICO, and it is one of the most commonly used credit scoring systems today.

According to FICO, 90% of the most reputable and respected lenders today are making decisions according to this kind of credit scoring system. Get to know more about Fico scores by reading the information below.

How FICO is calculated

How Fico Is Calculated

Different grade scales are used around the world, but the most commonly used system is the FICO score. FICO stands for Fair Isaac Corporation, which is responsible for calculating your FICO score.

FICO has not declared any detailed explanation on how the FICO score is calculated. However, some of the important variables considered in determining your credit score are as follows:

First and foremost, your payments are considered in calculating your FICO score. It comprises for almost 35 % of your FICO score. Next, 30 % of the score is calculated by your debts. Your length of credits accounts for next 15 %, followed by the type of credit used and some inquiries made for credit hold 10 % value each in FICO scores.

Explanation of FICO ranges

Explanation Of Fico Ranges

If you are wondering about the explanation of FICO ranges, then reading the information below will help.

{wbamp-show start} {wbamp-show end}

Having knowledge about the credit score is essential as this can give a huge impact on your future. Knowing your credit score will help you know the credit worthiness that you have. Here are the explanation of FICO ranges.

579 and Below

579 and below means you have a poor FICO. Lenders may require a certain amount of deposit before granting your application.

670 to 739

670 to 739 is a good FICO; wherein borrowers are considered as acceptable.

740 to 799

740 to 799 is a very good FICO; wherein borrowers can expect better interest rates.

800 and Above

800 and above is an exceptional FICO and people with this score are quickly approved of their application.

What does it mean to have a FICO of 710

What Does It Mean To Have A Fico Of 710

Keeping a FICO score of 710 can be easy or hard depending on your financial status. If you're lucky to get into this rating, keep it and move it upwards for better financial fruits. Even though lenders and creditors will come poaching for you be careful against taking a huge amount of loans and credits that seem to have more risk than benefits.

710 is better than the average FICO score

The credit companies rate a FICO rating of 710 better than average score. Note that when your credit score is given as 710 from one credit reference authority, it might not be the same as that of another credit reference agency. However, the range will be 10+ or 10-. If you have a FICO assessment of 710, see if you have this FICO assessment figure from no less than three credit reference authorities. The average score is having it at 710 in one organization and having it vary in another organization. With the variations considered as normal in the industry, the common rule for lenders is to use the average.

Can you maintain a FICO score of 710?

It is not normal to get a FICO rating of 710 and above and keep it for quite a while. However, as hard as it may seem, there are a significant number of people who have reached and maintained a FICO score above 710. The strategies for low maintaining a FICO of 710 are standards. The rules are similar to those when improving poor credit. The save and avoid credit money related practices are valid ways to achieving and growing your credit above 710.

{wbamp-show start} {wbamp-show end}

Work to improve your score of 750

Note that it is easy to go down the economic ladder as compared to going up this ladder. You did not reach 710 to take a massive advantage credit cards and huge loans. Instead, use the 710 score opportunity to save money. As you go up, you continue saving money instead of having money as a liability. Huge loans will demolish you quickly. At 710, you need to know what this credit can get you and what this credit cannot get you. Take advantage of your good credit, but be careful because you have not reached the top.

Credit cards with a FICO of 710

Credit Cards

People with a FICO of 710 have the option to choose from the wide varieties of credit cards that most banks today has to offer.

There may be a lot of credit cards today and choosing the best one with the most rewards is essential, for you to be able to make the most out of your card. Here are some of the best that you can have.

HSN Credit Card

HSN credit card has an additional FlexPay on selected items. It has easy returns so shopping should be worry free now. It has a zero annual fee and an APR of 27.24%.

BankAmericard Cash Rewards

BankAmericard has a USD 100 online cash reward after spending USD 500 on purchases. They have a 0% APR for the first year, and they offer a zero annual fee.

Car loans with a FICO of 710

Car Loans

A FICO of 710 is known as a good score to most financing companies, which is why getting your car loan approve will surely be a breeze.

Getting car loans with a FICO of 710 is not a problem since most auto loan companies are granting applications quickly. If this is your first time to get a car loan, then you wouldn't have any problems getting one. There are in fact benefits of having a good FICO.

Negotiating

You can negotiate with the companies about the interest rates that they will be giving you. Some companies will still offer loans with high-interest rates, which is why ensuring that you know how to negotiate is essential.

Better Offers

Auto loan companies will undoubtedly be offering you good deals for the loan that you are borrowing. They can provide you with a longer term and a lower rate, which is beneficial for you.

{wbamp-show start} {wbamp-show end}

Mortgages with a FICO of 710

Mortgages

If you have a score of 710, you are in the good category on the grade scale. Most of the banks will be willing to lend you credit for your home loan or mortgage needs. You can target mid-tier and some of the top tier banks for the home loan or mortgage.

With such a score, you should try for the government home loan or mortgage offers. If you can acquire a government loan, that should be the best option for you. The government sponsored loans are available at lower interest rates. Their terms and conditions are also manageable and flexible.

You can also check the credit card offers. If you feel the cost of acquiring is not much, you can also consider using your credit card to finance your home loan or mortgage.

Home Loans with a FICO of 710

Home Loans

With a FICO score of 710, you can avail some home loan options available. You can target mid-tier banks. Small and local banks might be a good option too but, it is only sensible to compare all the options that are present for you with the given FICO score of 710.

However, if you don't have much cash available to put under as your down payment, you may look at the FHA loans option. Their loans' terms and conditions are manageable and forgiving. Moreover, from FHA lenders, you will be asked to deposit the down payment of as little as 3.5 % only for your home loan.

Personal Loans with a FICO of 710

Personal Loans

A FICO score of more than 710 is considered good making you eligible for a wider variety of loans. All you are required to do is prove your ability to repay the loan efficiently. You have exhibited a high degree of financial management. Therefore, lenders tend to trust in your ability to meet your financial obligations.

Unsecured bank loan

With a steady income, you don't need collateral to be issued with a personal bank loan. You don't need to bother about variations in the interest rate and repayment period since they are usually fixed.

Secured bank loan

Some may not be willing to offer you a person loan just because your FICO score is good. It is possible when you have another loan you are currently servicing, and you need to top-up. You will have to provide security to provide cover just in case you are unable to pay the loan.

{wbamp-show start} {wbamp-show end}

Friends and family

Those around you are aware of your ability to repay loans by a good credit score. It may be an easy way of getting funds through your personal interaction with them. Find hose with a solid financial base to avoid any complications.

Things you can do to improve your FICO of 710

Things You Can Do To Improve Your Fico

If you want to enjoy lower annual percentage rates and flexible loan terms, then you need to start improving your FICO score. Lenders don't know thus it is your credit rating that will introduce you to them. 710 is a good score hat should open a considerable number of avenues for you to get a loan. However, you still need to work on it to reach the excellent credit category.

Make timely payments

It may sound obvious, but your payment history contributes to a huge chunk of your FICO score (35%). It could be difficult to work on your score once you miss several payments. Prompt payments increase your rating while late ones decrease it. To keep paying promptly, you can set up reminders for the due dates. Your FICO score improves when you make timely payments over a long time.

Fix errors in your credit report

You are eligible for a free annual report from the three primary credit agencies. Once you obtain the copies, ensure the details recorded are accurate and up to date. Sometimes there may be additions or omissions that could affect your FICO score negatively. The errors should be corrected to ensure your rating improves.

Increase your credit limit

At this score, lenders would easily approve your request for an increase in the credit limit. It goes a long way to improve your credit utilization, which you need to maintain below 30% for a continuous increase in your FICO score.

{wbamp-show start}{wbamp-show end}