710 Credit Score

710 credit score - Is it good or bad?

A 710 credit score falls within the Good range, which spans from 650 to 749 according to the CIBIL scoring model. While this score is just below the national average of 715, it is still considered a solid credit score. Lenders often view consumers with a score in this range as acceptable borrowers and will typically offer a variety of credit products, although you may not always qualify for the lowest interest rates available. With a 710 credit score, you should be able to secure loans and credit cards, but you might not receive the most attractive terms offered to those with higher scores.

How to improve your 710 credit score?

Although a 710 credit score is considered Good, there is always potential to improve it. Boosting your score can open up better loan opportunities and more competitive interest rates. Here are some strategies to consider:

• Monitor your score regularly: Checking your credit report and score frequently will help you understand the factors affecting your score and identify areas for improvement.

• Make payments on time: Payment history plays a critical role in maintaining and improving your credit score. Always ensure that bills are paid on or before the due date.

• Keep credit utilisation low: Strive to maintain your credit utilisation ratio (the amount of credit you are using versus your total available credit) below 30% to boost your score.

• Limit new credit applications: Each new credit inquiry can slightly lower your score, so avoid applying for multiple credit products in a short span of time.

Since 710 is on the lower end of the Good range, carefully managing your credit behaviour can help you push your score even higher and prevent it from slipping into the Fair range (580 to 669).

What happens to a 710 credit score with a late payment?

Late payments can have a significant impact on a 710 credit score, potentially causing a noticeable drop. Missing a payment by 30 days or more is reported to credit agencies and can stay on your credit report for several years. This can push your score down, as late payments are one of the biggest factors influencing your credit score.

For individuals with a 710 credit score, a single late payment can reduce your score, making it harder to maintain or improve your creditworthiness.