Is 704 a Good Credit Score? 704 Credit Score Explained (2024)

A 704 credit score is a good credit score. The good-credit range includes scores of 700 to 749, while an excellent credit score is 750 to 850, and people with scores this high are in a good position to qualify for the best possible mortgages, auto loans and credit cards, among other things.

Key Things to Know About a 704 Credit Score

• Credit Rating: 704 is a good credit score.
• Borrowing Options: Most borrowing options are available, and the terms are likely to be attractive. For example, you might be able to qualify for the best credit cards and some of the best personal loans.
• Best Way to Improve a 704 Credit Score: Reduce the credit utilization on your credit card accounts and continue paying bills on time moving forward.

Below, you can learn all about what you can and cannot do with a 704 credit score, the types of people who have 704 credit scores and the steps you can take to put more points on the board. Step one, of course, should be to check your latest credit score and get your personalized credit analysis from WalletHub.

What Does a 704 Credit Score Get You?

Not only do you have a good chance of qualifying for most financial products, but you're well-positioned to get great terms when you borrow and attractive perks from credit cards.

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Credit Cards with a 704 Credit Score

The best credit cards typically require good credit or better for approval, which means someone with a 704 credit score has a pretty good chance of qualifying. The trick is finding the right card for your needs.

You should compare credit cards with rewards if you plan to use your card for everyday purchases that you can pay off by the end of the month. If you’re planning big-ticket purchases or a balance transfer that will take months to pay down, compare credit cards with 0% introductory APR offers.

Popular Credit Cards for a 704 Credit Score

Car Loans with a 704 Credit Score

You should be able to get approved for a decent car loan with a 704 credit score, considering that more than 60% of all auto loans go to people with credit scores below 740. Still, it’s important to compare your auto loan options carefully if you want to get a low APR.

Mortgages with a 704 Credit Score

More than 40% of first mortgages go to borrowers with credit scores below 740, so you should be able to finance your home purchase without much issue.

Student Loans with a 704 Credit Score

Student loans are some of the easiest loans to get with a 704 credit score, seeing as more than 70% of them are given to applicants with a credit score below 740. A new degree may also make it easier to repay the loan if it leads to more income.

Note: Borrower percentages above reflect 2022 Equifax data.

How to Improve a 704 Credit Score

1. Dispute Inaccurate Entries on Your Credit Report
   If you can prove that negative information on your credit report is inaccurate (or the source of the information doesn’t have the necessary documentation), you can dispute the record to have it corrected or removed.
2. Pay Off Collections Accounts
   Once you bring a collection account’s balance down to zero, it stops affecting your VantageScore 3.0 credit score.
3. Reduce Your Credit Utilization
   It’s best to use less than 30% of the available credit on your credit card accounts each month. You can reduce your credit utilization by spending less, making bigger payments or paying multiple times per month.
4. Pay All Your Bills On Time
   Payment history is the most important ingredient in your credit score. Paying on time every month establishes a track record of responsibility as a borrower, while a single late payment on your credit report can set back credit improvement efforts significantly.
5. Check Out Your Personalized Credit Analysis on WalletHub
   If you want to know exactly how to improve your credit score, look no further than the Credit Analysis section of your free WalletHub account. You’ll find grades for each component of your credit score, along with an explanation of where you stand and tips to improve. Getting your credit score to 700 is kind of like making the honor roll in school. You need mainly As and Bs to pull it off.

For example, here’s a common credit scorecard for someone with a 750 credit score:

• Payment History: A = 100% on-time payments
• Credit Utilization:A = 1% - 10%
• Debt Load: A = <0.28 debt-to-income ratio
• Account Age: B = Average account is less than 9 years old
• Account Diversity: A = 4+ account types or 21+ total accounts
• Hard Credit Inquiries: A = Fewer than 3 in past 24 months
• Collections Accounts & Public Records: A = 0 collections accounts and public records

You don’t need to match this scorecard exactly to build a credit score of 750 or even higher. Different profiles can get the job done, as it’s the complete picture that matters.

Who Has a 704 Credit Score?

*Based on WalletHub data as of Oct. 7, 2016

As you can see, the majority of us are in the top two tiers of the credit-score range. A lot of people don’t know where they stand, though, considering that 44% of consumers haven’t checked their credit score in the past 12 months, according to the National Foundation for Credit Counseling. If you’re one of them, you can change that by checking your credit score on WalletHub.

700+ Credit Scores by Income

People who make at least $50,000 per year are significantly more likely to have a credit score of at least 700. And people who pull in $75,000 to $99,999 per year are in the sweet spot for a score that begins with a 7 or an 8. But note that it is possible to get into the 700-plus club if you earn less or wind up with a way lower score even if you make a lot more. It’s all about spending within your means.

700+ Credit Scores by Age

Your credit score takes into account the average age of your credit cards and loans, so it makes sense that high credit scores skew older. But the fact that nearly one-quarter of people aged 18 to 24 have credit scores of 700-plus should give newcomers plenty of hope.

Top 10 Resources for a 704 Credit Score

1. What Is a Good Credit Score?
3. Why Did My Credit Score Drop? Top 10 Causes
4. Free Credit Score Simulator
6. How To Improve Your Credit Utilization
9. 24/7 Free Credit Monitoring

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