Are you wondering if a 733 credit score is good?
Many people are curious about what their credit scores mean and how to improve them. In this article, we’ll tell you everything you need to know about your 733 credit score and why it matters.
If you want to get approved for the best rates on loans from a financial institution, then having a high credit score is essential. Our goal is to provide information that helps consumers make smart financial decisions when it comes time to buy something like a house or car with financing attached.
The higher your score (FICO® Score), the lower interest rates lenders will offer on mortgages, auto loans, and other types of credit debt they may extend to borrowers who have poor or no credit history at all.
It’s important not only because these rates can be hundreds of dollars less per month but also because they could save thousands over the life of the loan itself. That means getting an excellent rate could save someone tens of thousands in interest payments over time which would otherwise go towards paying off their debts rather than building wealth through savings accounts or investments like stocks and bonds.
In this article, We’ll break down the FICO credit score range, factors that impact your credit, what a 733 credit score will get approved for, and finally, what you can do to improve your score.
Understanding the Credit Score Range
Before we talk about your credit score of 733, let’s cover the basics.
A credit score is nothing more than a number used to predict how likely you are to pay back your borrowed money. The higher the number, the more likely you will repay what you owe on time – if not early. As a general rule of thumb, the higher your score, the better.
So what are some good credit scores to have? Well, it depends on who you’re asking, but as a very broad benchmark, 580 and below is considered “poor,” and 740 and above is considered very good.
Although this might seem low compared to what you were expecting, the reality is that most people tend to overestimate their creditworthiness. So don’t feel too bad if you fall below this figure.
Below is a breakdown of the FICO score ranges and what it means:
- 300-580 Bad Credit Score: This is the lowest range and means that you’ve had some severe problems. With this lower credit score, your credit will be very limited, and it’ll probably take a while before things start to improve.
- 581-669 Fair Credit Score: If your score falls in this range, then it’s not great, but you’re not the worst off. You should still be able to get some loans and other forms of credit, but you’ll often find yourself paying more than someone who has a higher score. This is range is typically considered the minimum credit score requirement range if you want to get approved for credit or a loan.
- 670-739 Good Credit Score: This is the range most people achieve when they first start out. It means that your credit score is fairly good, and lenders will see you as a pretty safe bet. You won’t pay too much for loans or credit cards, and you’ll be able to get the most favorable interest rates available on the market.
- 740-799 Great Credit Score: A score of 740+ is what most people think of when they hear the phrase “a good credit score.” With this higher credit score, it’s a great range (in terms of rates) that you can get, and it gives you access to some really great benefits. The best part is that getting an excellent score is definitely achievable if you know what to do.
- 800-850 Excellent Credit Score: It’s nearly impossible to miss a payment with a credit rating of 800+, which means the interest on your loans or credit cards will be very low. 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. This is great news because it means that you’ll likely get approved for most loans and credit cards, and you’ll also enjoy some of the lowest interest rates available.
Now that we’ve established the Credit Score ranges, let’s dive into the factors that go into your credit.
Credit Score Factors
Multiple factors affect your credit rating: some good and some bad. As a responsible borrower, you’ll want to understand these factors and how they can affect you long term. So let’s break down the major ones:
1) Your Payment History. This is easily one of the most critical aspects of your entire credit score. Lenders care about the money you owe to them, and they’re very interested in finding out if you pay back what you owe. This is why your payment history (or lack thereof) has such a significant impact on your credit score.
2) How Much You Owe. Of course, lenders don’t want to give you too much money. If you have a good credit score, this is great for you, but if it’s bad, then they will be much more reluctant to hand out funds (and at worse rates). So how does your credit rating benefit from having less debt? Simple: the lower your amount of debt, the lesser chance that you’ll default on payments and the less overall money you’ll owe.
3) The Length Of Credit History. This is another important factor with regard to your credit rating. Lenders like it when you’ve been borrowing for a long time (especially if you paid them back) because this means that they can make more judgments based on how responsible you are financial. So if you have a good history, your credit will benefit.
4) New Credit. Although your history is important, it’s also really good to have a few other things on your side. One of the most valuable aspects to consider is the number of “credits” or accounts you’ve opened recently. For example, opening up three credit cards at once will negatively affect your score even if you pay them back responsibly.
5) Credit Mix. This is another vital aspect of your credit rating. It tells lenders about your willingness to take on different types of debts, and the better you get at it, the more likely they are to approve new loans. Again, this is a very good sign for your financial health, so do all that you can to improve this factor if it currently isn’t up to snuff.
Getting Approved with a 733 Credit Score
Credit Cards
Getting approved for a credit card with a 733 credit score is definitely doable. However, the interest rates you’ll be offered will be a bit higher than if you had an excellent score. For this reason, it’s important to compare the different offers available to you and make sure you get the best bang for your buck.
Auto Loans
Just like with credit cards, you’ll likely get approved for an auto loan with a 733 credit score, but the interest rates you’re offered will be a bit higher than if you had a perfect score. However, as long as you do your research and compare offers, you should be able to find a loan that works for you.
Mortgages
Mortgages are a bit more difficult to get with a 733 credit score, but it’s not impossible. You’ll likely need to put down a larger down payment and have a good income to qualify. However, if you do manage to get approved, your interest rates will be quite high.
Home Equity Loans
Home equity loans are a bit easier to get with a 733 credit score, but the interest rates will still be quite high. However, if you need to borrow money for a major purchase or renovation, this might be your best option. Its a good idea to compare offers from different lenders to find the best deal.
Personal Loans
If you need a personal loan, you’ll likely be able to get one with a 733 credit score. However, the interest rates will be high, so it’s important to shop around and find the best offer. Again, this is doable, but it will take some work.
Improving your 733 Credit Score
While a 733 Credit Score is considered to be a good score, there’s always room for improvement. If you’re in the market for a new home or an auto loan, a 733 credit score may not be enough to get the best rates.
It’s important to understand what’s on your credit report. The first step is obtaining a copy of your credit report. You can get a free credit report by visiting AnnualCreditReport.com. You can pull all 3 major credit bureaus with no strings attached. The steps to pull your credit report are easy and link you directly with Experian, TransUnion and Equifax all in one place.
Once you’ve obtained a copy of your report, you can begin workin on on higher scores by following the steps below:
1) Improve Your Payment History. This is the most important aspect of your credit score, so if you want to get better results here, the best way is paying off any remaining debts before applying for a loan or new credit card. While it’s not possible to change history that has already passed, you can still take control of the future by improving your payment history now by making timely monthly payments.
2) Improve Your Debt Usage. Another critical factor is how much debt you currently have compared to your credit limit. So if you want to improve your score, it’s a good idea to try and lower this amount as much as you can, particularly if you have any credit card debt. It means that you’ll have to use less of your available credit in the future, which will help pay off your debts much faster.
3) Make Sure You Have the Right Credit Mix. If you’ve never had any loans or credit cards before, then improving your credit rating is going to take a very long time. However, the more loans and credit cards you have, the better your score will be. This means that it’s well worth getting a car loan or even a few credit cards to boost your score in the short term.
4) Don’t Open New Accounts If Possible. While applying for new accounts will significantly improve your credit history, it’ll also have a negative effect on your score. Again, this is because you have a limited number of “inquiries” per year – which can be considered a credit risk. So try to improve your score by focusing on the other factors if possible.
5) Pay Off Debt Before Adding More. Taking out a new loan or credit card will significantly damage your score, so try to pay off any remaining debts, such as your credit card balances, before applying for anything else. This is even more important if you already have a high credit score because lenders will assume that you’re desperate for money (and instead try to take advantage of your need).
6) Improve Your Score by Asking for Lower Rates. If you currently owe money on any loans (or credit cards), you might want to try asking the lender for a lower interest rate – just explain that your score is low and that you’re finding it difficult to pay off what you owe.
7) Improve Your Score by Using Different Lenders. If you currently owe money to one lender, ask them if it’s possible to transfer the debt to someone else (preferably a better lender). This will improve your credit history and payment history, which will affect your score positively.
8) Improve Your Score by Asking for Lender Contact Details. The more regularly you pay off your debts, the better it’ll look to lenders. To encourage this, try asking one of your creditors for their customer service number – so that you can call them whenever you need to make a payment (instead of having to use online options).
9) Improve Your Score by Remembering the Golden Rule. The golden rule of credit scores is that the more you owe, the worse your score will be. So try to pay off as much debt as possible before applying for new loans or credit cards – this way, you’ll avoid lowering your score even further.
With a 733 credit score, you may have most of this covered, but it’s still important to make sure you are keeping your debt balances low and aren’t opening up too many new accounts, especially if you are planning on making a major purchase such as a home or car that will require a loan.
Credit Repair Companies
Consider using a credit repair company if you’re in the market to get a home loan or auto loan and want to take advantage of the best rate. If you have a ding on your credit report and you’ve done everything you can to remove it with no success, a credit repair company may be able to help.
A few companies we recommend are Credit Saint and Sky Blue Credit Repair.
Credit Saint
Credit Saint is a credit repair company that has been in business since 2004. They have an A+ rating with the Better Business Bureau and have helped remove charge-offs and other negative items from people’s credit reports.
Credit Saint offers a wide variety of services to help you fix most derogatory marks on your credit report, such as late payment, charge-offs, and other services.
Credit Saint can help you with credit counseling, credit monitoring, and identity theft protection.
Credit Saint has a high customer satisfaction rate and offers a money-back guarantee on all their services.
Blue Sky Credit Repair
Sky Blue Credit Repair is another credit repair company that has been in business since 1989. They have an A+ rating by the Better Business Bureau and have high customer satisfaction.
Just like Credit Saint, Sky Blue Credit Repair can help you remove a charge-off along with any other delinquent credit accounts from your credit report. They also offer a money-back satisfaction guarantee on all of their services.
Both Credit Saint and Sky Blue Credit are reputable credit repair companies with a long history of helping people repair their credit. If you’re struggling to remove a charge-off from your credit report, hiring one of these professionals may be the best step for you.
Wrapping It Up
In today’s world, credit is an ever-present component of life. It governs the terms on which we can borrow money and helps dictate what products are available to us at different prices.
If you find that your score isn’t where it should be, don’t worry – there are plenty of ways to boost your rating in a short amount of time. From making sure that you have low debt balances or changing lenders to asking for lower rates with existing creditors, these tips will help improve your financial standing without costing too much effort upfront.
A 733 credit score will open some doors for you, but by making a few changes in how you manage your finances, you may be able to boost that score even further.
So, is 733 a good credit score? It depends on your goals and situation. But if you’re looking to buy a home or car in the near future, you’ll want to aim for a higher number. With some work, you can get there!
