Is 730 a good credit score?

Credit Card
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Is credit score of 730 considered good?

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My brother-in-law applied for a car loan with a credit score of 730 last week. And guess what the lender told him? 'You will get quick approval as you have a good credit score. ’

So, yeah! A 730 is a good credit score by most Indian lenders. It indicates that:

  • You know how to manage your money smartly.
  • You are responsible for your credit accounts.

And the best part? With a good score, you unlock some excellent financial opportunities, like:

  1. Quick approvals for credit cards, car loans (like my brother-in-law’s) and even home loans with faster processing.
  2. Comparatively, lower interest rates on credit cards and loans.
  3. Additional offers and perks, along with lower interest rates
  4. Get a chance to negotiate strongly when applying for loans.
  5. Higher credit card limits.

Which, in turn, helps you save money over the years. You become a low-risk borrower in the lender’s eye, just like my brother-in-law, and that opens more doors for you.

Now, if you want to push your score even higher, here are a few things that work:

  • Keep your credit utilisation as low as you can.
  • Request lenders about a credit limit increment (if your expenses stay the same).
  • Maintain a wonderful payment history.
  • Reduce debts with high interest rates.
  • Avoid applying for new credit too frequently.

These are proven tactics to boost your score. Apply them consistently, and seeing a leap from ‘Very good’ to ‘Excellent’ is not far.