How Good Is a Credit Score of 743?

FT Contributor
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A credit score of 743 is “Very Good,” according to Experian’s official classification. Those with 743 credit scores often have long credit histories and rarely miss payments. About 25% of Americans with credit have credit scores in the Very Good category. Experian’s official credit score rankings are:

  • 300 to 579: Poor;
  • 589 to 669: Fair;
  • 670 to 739: Good;
  • 740 to 799: Very Good;  
  • 800 to 850: Exceptional.  

Monitoring your credit score and looking for ways to improve it can help you improve your credit score and achieve the Exceptional category. This article will guide borrowers with 743 credit scores and help them understand how they can continue improving.

Table of Contents

Why Your Credit Score Is 743

Having a 743 credit score is no small feat. A 743 score is Very Good, and those with this credit score should feel accomplished. The Very Good category is the second-highest category, second only to Exceptional. This section helps you understand how you achieved a 743 credit score.

Few Late Payments

Having a Very Good or Good credit score means that you’re consistently paying off your debts before the deadline. According to Experian, one of the leading credit bureaus, only 23% of people with 743 credit scores have late payments listed in their credit history.

Missing multiple payments can affect up to 35% of your total score, making it imperative that you pay your debts on time whenever possible. A person with a high credit score who has a payment over 30 days past-due can see their credit drop by nearly 100 points.  

To maintain good credit, continue to pay your bills on time. Payment history is the biggest element making up your credit score. Credit agencies won’t report a late payment until after it is 30 days past due. Once 30 days pass, the late payment will hurt your credit score.

Long Credit History

Over time, your credit history naturally increases (if you’re maintaining good credit habits). Lenders appreciate long credit histories because it shows that the person has experience with credit.

The average credit score for people in their 20s is 662, while the average credit score for those older than 60 is 749. Someone with a Very Poor credit score can expect a substantial increase if they maintain good credit habits for several years in a row.  

The length of credit history is determined by totaling the age of all your credit accounts and then dividing it by the total number of accounts. Credit history length can make up 15% of your credit score.

Range of Debt Composition

Having a varied debt composition affects up to 10% of your credit score. Different types of credit include revolving credit and installment loans. Revolving credit refers to credit cards with spending limits and variable monthly payments; installment loans refer to car loans, student loans, and mortgages with set monthly payments and payback periods.  

Having multiple credit accounts and a mix of revolving credit and installment loans shows lenders that you’re responsible and know how to use credit wisely. However, those inexperienced with credit can easily drop their credit score if they utilize too much credit or cannot pay back their loans.

What Can You Do With a 743 Credit Score?

A 743 credit score is an amazing score; however, unless your score is in the 800s, you’re not guaranteed the best rates or best credit cards. That being said, a 743 credit score will still get you great credit card bonuses, low interest rates, and low auto loan rates. Here are five things you can get with a 743 credit score.

No-Annual-Fee Credit Card 

With a credit score of 743, you are entitled to some of the best credit cards, including cards that offer no annual fees. If you’re a low spender, having a card that doesn’t charge annually is an important feature.

Credit Card Rewards 

The best credit cards incentivize their borrowers to use their cards over other possible options. Some credit card rewards offer cash back at the end of the year, while others give points that can be redeemed for gift cards and travel deals.

Airline Credit Card 

Airline credit cards have high requirements for lenders. The lowest credit score considered for most airlines is 700. With a 743, you’re likely to be approved by your choice of an airline credit card.  

Auto Loan With 0% Interest 

Having an auto loan with 0% interest is one of the best loans available. This means that every penny paid towards the vehicle goes directly towards financing the vehicle. You must have at least a 720 credit score to be considered for an auto loan with 0% interest.

Good Personal Loan Rate 

A 743 credit score won’t give you the best rates on the market; however, you’re likely to get the second-best rates. Loan rates vary every year depending on the market, but most people with 743 credit scores can get a loan interest rate of 12.5% or lower. Loans for bad credit have higher interest rates, around 28.5%.

How to Improve a 743 Credit Score 

Although a 743 credit score is admirable, there’s still room for improvement. This section will show you three things you can do to increase your credit score and achieve Exceptional status.

Lower Your Utilization Rate

The average utilization rate for those with 743 credit scores is 31%, slightly higher than the recommended 30%. Credit experts recommend that borrowers maintain a utilization rate under 30% across all accounts to maximize their credit score.

Having a higher utilization rate (as long as it’s under 50%) won’t harm your credit score, but it could halt your progression.

Don’t Apply for Every Credit Card  

When you apply for a credit card, the creditor will request to look at your credit file to determine the risk of accepting your application. Their credit request shows up on your credit history as a hard inquiry and will stay on your credit history for two years, dropping your credit score by several points.  

If you apply for multiple cards, the hard inquiries can drop your credit by 10 or 20 points. When trying to increase your credit score from 743 to Exceptional, you’ll want to avoid hard inquiries as they can stall your progress.

Remember Time Is Your Ally

Time and good habits are the best allies for anyone with a high credit score looking to increase their score to the Exceptional category.

It may take several years of steady payment habits to push your score past 800, depending on what type of negative marks are currently on your credit history. The longer your accounts are open, the less a negative mark will affect your score, and the more your score will improve.

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