Who Has a 712 Credit Score?

A 712 credit score is generally considered good, but how it stacks up against the average depends on your age. According to 2023 Experian data, average FICO scores tend to increase with each successive generation. Here’s the breakdown:

• Generation Z (ages 18-26): 680
• Millennials (ages 27-42): 690
• Generation X (ages 43-58): 709
• Baby Boomers (ages 59-77): 745
• Silent Generation (ages 78+): 760

Credit Cards With a 712 Credit Score

A credit score of 712 places you firmly in the "good" credit category, significantly boosting your chances of approval for a new credit card. With this score, you'll likely find yourself eligible for a variety of cards, including those offering attractive rewards programs, lower interest rates, and introductory 0% APR periods. While the most elite, premium travel cards might still be just out of reach, a 712 score opens the door to many excellent options that can help you build your credit even further.

‍

Kudos simplifies the search with its Explore Tool, which uses a quiz to match your preferences against nearly 3,000 cards. For even more tailored suggestions, the AI-powered Dream Wallet analyzes your real-time spending habits to find the ideal card for your financial situation.

Auto Loans and a 712 Credit Score

A 712 credit score places you in the "prime" borrower category, making you a strong candidate for an auto loan with favorable terms. While you can expect competitive interest rates, they won't be the absolute lowest available, which are reserved for those with super-prime credit.

• Super-prime (781-850): 5.25% for new cars and 7.13% for used cars
• Prime (661-780): 6.87% for new cars and 9.36% for used cars
• Non-prime (601-660): 9.83% for new cars and 13.92% for used cars
• Subprime (501-600): 13.18% for new cars and 18.86% for used cars
• Deep subprime (300-500): 15.77% for new cars and 21.55% for used cars

Mortgages at a 712 Credit Score

A 712 credit score puts you in a favorable position, qualifying you for nearly all major mortgage types. You'll meet the requirements for conventional loans, which often need a score of at least 620. Government-backed options like FHA, VA, and USDA loans are also well within reach. Your score even makes you a candidate for jumbo loans, which typically require a minimum of 700.

This score doesn't just open doors—it improves the terms you'll receive. Lenders will offer more competitive interest rates than they would for borrowers with scores in the 600s. According to one mortgage guide, a strong score can also reduce your Private Mortgage Insurance (PMI) premiums on conventional loans, lowering your monthly payment.

What's in a Credit Score?

Figuring out what goes into your credit score can feel like trying to solve a complex puzzle, but it's primarily based on a handful of key financial habits. The most common factors include:

• Your payment history tracks whether you have paid past credit accounts on time.
• Credit utilization is the percentage of your available credit that you are currently using.
• The length of your credit history considers the age of your oldest account and the average age of all your accounts.
• Having a healthy mix of credit types, such as credit cards and installment loans, can positively impact your score.
• Recent credit inquiries and newly opened accounts can temporarily lower your score.

How to Improve Your 712 Credit Score

A 712 credit score is a solid starting point, but there is always room for improvement that can lead to better loan terms and credit card approvals. With consistent positive behavior, it is entirely possible to boost your score using proven methods.

• Reduce your credit utilization. Keeping your credit card balances low compared to your total credit limit is a key factor in your score. For a 712 score, pushing your utilization well below the standard 30% recommendation can provide a significant boost toward the "very good" range.
• Make every payment on time. Your payment history is the single most important component of your credit score. Setting up automatic payments is a simple way to protect your good score from the damage of a late payment and ensure it continues to climb.
• Monitor your credit reports. Regularly checking your reports from the major credit bureaus helps you spot and dispute potential errors. Correcting even a small inaccuracy could be the key to pushing your 712 score into a higher tier and unlocking better interest rates.
• Diversify your credit mix. Lenders prefer to see that you can responsibly handle different types of credit, such as revolving credit cards and installment loans. If your credit history is mostly one-dimensional, adding another type of account can demonstrate financial versatility and help improve your score.

An AI-powered tool like Kudos can be your financial companion, helping you manage your cards and maximize rewards as you build your credit.