How Good Is a Credit Score of 738?

FT Contributor
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A credit score of 738, according to credit reporting agency Experian, officially ranks as “Good.” Only two points from a “Very Good” rating, a 738 credit score means a borrower has typically overcome characteristics of “Very Poor” and “Fair” credit scores, though improvement is necessary to increase future scores.

Understanding the factors that affect a credit score can often be confusing. To better comprehend it, many borrowers use free, safe-for-use credit reporting platforms like, for regular information on credit performance and updates on recent credit score fluctuations.

Credit scores reflect a borrower’s capacity to repay a loan from a lender and can influence how a consumer spends money.

High credit scores unlock benefits like rewards-based credit cards and streamlined personal and property loan applications, while lesser credit scores can make it more difficult to secure even basic lines of credit.

Table of Contents

Why Your Credit Score Is 738

While it’s impossible to identify the exact factors that determine a credit score of 721, common influences on a Good credit score include a positive payment history, reduced total debt, and regulated financial habits.

Positive Payment History

As the largest influence on a borrower’s credit score, payment history makes up 35% of the total credit score equation. Individuals with a credit score of 738 have likely made a habit of full, on-time repayments toward credit balances.

Full payments made before deadlines help decrease total debt and reflect well on credit accounts with regularly scheduled payments.

Achieving a positive payment history is often easy in theory and difficult in execution. Borrowers who maintain a positive payment history practice disciplined spending habits, and avoid even isolated missed payments.

They reserve sufficient portions of monthly wages specifically to pay down credit debts, even if that means spending less per month on leisure-based purchases.

Reduced Total Debt

Total debt is also one of the main factors that influence your overall credit score. Total debt — the comprehensive remaining balance across all active lines of credit — accounts for 30% of the credit score equation.

Individuals with a credit score of 738 likely retain low levels of overall debt, paying off balances before they accrue significant interest.

Under certain conditions, it’s normal for a person to have a high level of debt. For example, total debt is likely to be high immediately after a borrower closes on a large loan.

Increased credit balances make regular, complete payments even more important, to lower total debt and help regain any credit points lost when the loan was approved.

Regulated Financial Habits

Healthy financial habits can form the basis for credit score improvements. Borrowers with 738 credit scores are likely familiar with best practices to preserve a Good credit score, like limiting impulse purchases and keeping loan utilization ratios low.

Regulated financial habits also include understanding the role that income plays when it comes to paying off debts. Individuals with credit scores of 738 often already practice income conservation, reserving significant portions of monthly wages specifically to address total debt.

Anyone who can pay down debts as fast — or faster — than new debts accumulate can increase their credit score.

What Can You Do With a 738 Credit Score?

A Good credit score of 738 can help borrowers secure financial opportunities like property and personal loans, reasonable car insurance premiums, apartment rentals, even the best rewards-based credit cards.

While you may not be in line for the most affordable interest rates or the lowest fees, a 738 credit score still allows you to secure the funding you need, when you need it.

Reference the below details for even more information on the opportunities you’ve earned through a 738 credit score.

  • Personal loans help borrowers fund personal projects, anything from a destination honeymoon to a surprise medical bill.
    • A credit score of 738 is sufficiently high to secure a personal loan, and may even be enough to land an industry-leading interest rate, depending on your lender.
  • Rewards-based credit cards offer benefits for virtually every transaction, from hotel points and cash-back options to airline miles and rewards from popular retailers.
    • A credit score of 738 is not high enough to qualify for every card, though it can still earn you a wide variety of credit cards that feature 0% introductory financing and other incentives.
  • Apartment rentals are typically easy to secure with a credit score of 738.
    • A “Good” credit score is almost always enough to streamline an apartment application, no matter the apartment community you’re looking to call home.
  • Mortgage loans are also available to individuals with credit scores of 738.
    • While you’ll likely need a Very Good or “Exceptional” credit score to acquire the lowest possible interest rates, a 738 credit score can still help you take steps toward owning your next property through a no-hassle mortgage application.

A credit score of 738 can help qualify you for personal loans, mortgage loans, apartment rentals, and other financial opportunities, without compromising your financial health with lofty interest rates or unreasonable fees.

Even though your Good credit score isn’t sufficient to qualify for the lowest possible interest rates or fees, you’ll still be able to spend money in the ways you want to.

How to Improve a 738 Credit Score

With a credit score of 738, you’ve likely avoided serious credit mistakes like loans in default or debts owed to collections agencies. Improving a Good credit score means prioritizing important factors like your payment history and total debt, which will contribute to credit score increases over time.

Reserve appropriate portions of your monthly income specifically for paying down total debt, before interest begins to accumulate.

Allow disciplined spending habits to dictate how your wages are allocated each month. Without overly restricting monthly transactions, you’ll want to make sure that you preserve your credit score of 738 by paying down debts and limiting new credit.

If you notice errors or inconsistencies in any credit report, consider trusting one of the best credit repair agencies to help you deal with the issue before it lowers your credit score. And make sure to maintain full, on-time payments toward credit balances, to preserve a clean payment history.

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