Is 713 a Good Credit Score? Understanding Its Implications


In the world of personal finance, credit scores play a significant role in determining financial well-being. A credit score reflects an individual's creditworthiness and can impact their ability to secure loans, mortgages, and favorable interest rates. One common question that arises is, "Is 713 a good credit score?" In this comprehensive article, we'll delve into the details of what a credit score of 713 signifies, its implications, and how you can work towards improving it.

Is 713 a Good Credit Score?

A credit score of 713 falls within the range considered "fair" by most credit reporting agencies. While it's not exceptional, it's also not considered poor. Lenders generally consider scores above 700 to be good, and a score of 713 is quite close to this benchmark. This indicates that you have managed your credit responsibly, but there's still room for improvement.

Factors Influencing Your Credit Score

Your credit score is determined by several key factors, each contributing to varying degrees. These factors include:

Payment History

Timely payment of bills, loans, and credit card balances is crucial. A strong history of on-time payments positively impacts your credit score.

Credit Utilization

This factor reflects the ratio of your credit card balances to your credit limits. Keeping your credit utilization below 30% is advisable for a healthier score.

Length of Credit History

The longer your credit history, the better. It demonstrates your experience in managing credit over time.

Types of Credit

A diverse mix of credit accounts, such as credit cards, mortgages, and installment loans, can positively affect your score.

New Credit

Opening multiple new credit accounts within a short period can lower your score. Each new account generates a hard inquiry on your credit report.

Advantages of a Good Credit Score

Maintaining a good credit score, such as 713, offers various benefits:

  • Lower Interest Rates: Lenders are more likely to offer you favorable interest rates on loans and credit cards, saving you money in the long run.
  • Easier Loan Approval: With a good score, you're more likely to get approved for loans, mortgages, and rental applications.
  • Higher Credit Limits: Lenders may be willing to extend higher credit limits, giving you more financial flexibility.
  • Better Insurance Premiums: Some insurance companies consider credit scores when determining premiums.
  • Employment Opportunities: Certain employers check credit scores as part of their hiring process, especially for positions involving financial responsibilities.

Improving Your Credit Score

If your credit score is 713 and you aim to elevate it further, consider these steps:

  • Monitor Your Credit Report: Regularly review your credit report for errors or discrepancies that could be affecting your score.
  • Pay Bills Promptly: Continue making timely payments to positively impact your payment history.
  • Reduce Debt: Work on reducing credit card balances to improve your credit utilization ratio.
  • Avoid Opening New Accounts: Minimize new credit applications to prevent unnecessary hard inquiries.
  • Maintain Old Accounts: Keep older accounts open to maintain a longer credit history.
  • Seek Professional Advice: If you're struggling, consider credit counseling or financial advice to devise a strategy.

FAQs about Credit Scores

What Other Factors Can Affect My Credit Score?

Apart from the main factors mentioned, other aspects like public records (bankruptcies, liens), the number of recent inquiries, and the age of your accounts can impact your credit score.

How Often Should I Check My Credit Score?

You should check your credit score at least once a year. Some financial experts recommend checking it every four months by requesting reports from different credit bureaus.

Can I Improve My Score Quickly?

Significant improvements usually take time, but consistently following good credit habits can gradually raise your score over a few months.

Will Closing Old Accounts Help My Score?

Closing old accounts can actually hurt your score by shortening your credit history. It's often better to keep them open and use them occasionally.

How Long Will Negative Information Stay on My Report?

Most negative information, such as missed payments, remains on your report for seven years. Bankruptcies can stay for up to ten years.

How Do I Build Credit if I'm New to Credit?

Start with a secured credit card or become an authorized user on someone else's account. Make small, manageable purchases and always pay on time.


In conclusion, a credit score of 713 is a decent score that reflects responsible credit management. While it's not at the top tier, it still opens doors to many financial opportunities. By understanding the factors that influence your credit score and following good credit habits, you can work towards achieving an even stronger credit profile. Remember, consistent effort yields positive results in the world of credit.

Turn your credit around and open doors to financial success. Contact us at (888) 804-0104 to get started.