Is 730 a good credit score?

3 Answers

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  +1 Votes 1  0

  ReduceDebt on May 30, 2010

  730 is a decent credit score.

  It seems there was an approval for the loan in this instance.  Our credit score may not have anything to do with the interest rates at that lending institution.  Some lenders have higher rates than others.  Try another lender.

  Things to consider: 

  We recommend knowing the score of ALL three of the major credit bureaus.  Transunion, Equifax and TRW.  Try using http://www.privacyguard.com.  They give you scores to three bureaus.  Also find out which bureaus your lending institution is using, and then subscribe to your free bureau from that agency to find out what may be brining down your score with them.  There are many credit reporting agencies out there.  We may find that our 730 score we think we have, is not actually the same at the credit agency our bank is using in their loan determinations.  Obtain the three scores from privacy guard, and show the lender the findings if they conflict with the agency that the lender is using. 

  Be aware, that a late reporting or two on the credit bureau of even just an R2 can have a significant effect on our credit score.  We have seen one client have all three bureaus drop about 50 points over just two new lates which had reported to the bureaus the following month and as a result the person was denied the loan.

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  +4 Votes 4  0

  Pinyo on May 30, 2010

  Jim, I think 730 is an excellent score. However, ReduceDebt made a good point that your lender may not be looking at the same credit score as you do — there are a lot of them out there. Also, the lender may be looking at other criteria such as debt-to-income ratio, your income, and other factors.

  That said, your question motivated me to write What is a Good Credit Score? Thank you!

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  +1 Votes 1  0

  freefrombroke on May 30, 2010

  When you applied for the loan did you let the bank know what your score was or make them aware of what your score was?

  When I bought my first car the finance manager tried to charge me a ridiculous loan rate on the loan.  Then I asked if that was really the best he could do since my score was around 750-ish at the time.  He looked at his computer and said something along the lines of “oh yeah, look at that” and offered me a better rate (it also helped that I had a pre-approval from another source).

  Point is, it could be your bank is well aware of your score but they are still trying to charge you more.  Give them a call and see if you can get a lower rate.