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732 Credit Score: Is It Good Or Bad (+ Can I Fix It)?

  • A 732 credit score is good, but late payments and high utilization can hurt it.
  • Prioritize timely payments and monitor your credit reports for errors.
  • Call The Credit Pros for tailored advice to potentially improve your score and secure better financial opportunities.

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A 732 credit score puts you in the "good" category. This score opens doors to better mortgage rates and personal loans. You enjoy a solid standing, but you need to know what keeps you from that perfect score. Watch out for late payments or high credit utilization; these can hurt your score and increase your interest rates.

To boost your score by 50-100 points, prioritize timely payments and keep your credit utilization below 30%. Regularly check your credit reports for errors and think about becoming an authorized user on a responsible person’s account. Every step you take can significantly improve your financial opportunities.

Your best move? Call The Credit Pros today. We’ll evaluate your three-bureau credit report in a simple, no-pressure chat and provide advice tailored to your situation. Let's find the best strategies to improve your credit health and help you make the most of your good score.

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    Why Is My Credit Score Only 732 (And Not Perfect)?

    Your credit score of 732 is considered "Good," but not perfect. A perfect score is 850. Several factors explain why your score isn't higher.

    • Credit History Length: If your credit history is short, it may not have a favorable impact. Longer histories with consistent on-time payments typically boost your score.

    • Payment History: Even small late payments can lower your score. Review your credit report for any missed or delayed payments.

    • Credit Utilization: Using a high percentage of your available credit negatively affects your score. Aim to keep this below 30%.

    • Credit Mix: A diverse mix of credit types, like installment loans and revolving credit, positively influences your score. If you mainly have one type, consider diversifying.

    • New Credit Accounts: Opening many new accounts in a short time can lower your score due to hard inquiries, signaling risky behavior to lenders.

    To elevate your score, we advise you to explore our section on "5 best ways to boost a 732 credit score 50-100+ points." You'll find actionable steps to enhance your score. In short, focus on improving your credit history length, payment history, credit utilization, and mix to see significant gains. Monitor your credit reports regularly for ongoing improvements.

    5 Best Ways To Boost A 732 Credit Score 50-100+ Points?

    To boost a 732 credit score by 50-100+ points, you can follow these five effective strategies:

    1. Make On-Time Payments: Your payment history impacts your score significantly, accounting for 35%. You should set up autopay for at least the minimum amount due. This simple step ensures you make timely payments, which directly improves your score.

    2. Reduce Credit Utilization: Aim to keep your credit utilization below 30%. Pay down existing credit card balances to lower your utilization ratio. Bringing it down to the single digits yields the best results. Consider making payments more frequently or right before the billing cycle ends.

    3. Request a Credit Limit Increase: If you have a good payment history, request an increase in your credit limits. A higher limit reduces your utilization rate, provided your balances remain the same. This strategy positively impacts your score.

    4. Dispute Errors on Your Credit Report: Regularly check your credit reports for inaccuracies. You can request a free report annually from each of the three main bureaus. Dispute any errors you find, as these inaccuracies can hurt your score.

    5. Utilize Experian Boost®: This program allows you to earn credit for bills you already pay, like utilities and rent. Signing up can quickly enhance your credit score by including positive payment data that isn’t typically reported.

    These actions, when applied together, can lead to a significant increase in your credit score. To finish, focus on making timely payments, keeping your balances low, disputing errors, and utilizing programs like Experian Boost to maximize your credit-building efforts. Consistency is key, so make these habits a regular part of your financial management.

    How Long To Improve My 732 Credit Score 50-100+ Points?

    To improve your 732 credit score by 50-100+ points, you typically need a few weeks to several months, depending on your specific actions. Here are effective strategies you can implement:

    • Lower Your Credit Utilization: Keep your credit utilization below 30%. For the quickest score boost, aim to bring it down to close to zero.

    • Pay Bills on Time: Make on-time payments consistently, as payment history counts for 35% of your score.

    • Manage Debt: Focus on paying down existing debt. Reducing outstanding balances can significantly enhance your score.

    • Keep Old Accounts Open: The length of your credit history contributes 15% to your score. Keep old accounts open, even if unused, to positively impact your score.

    • Diversify Credit Types: A mix of different credit types (like installment loans and credit cards) can benefit your score.

    By following these steps diligently, you may see improvements within 30 days, especially with high utilization and payment history. However, significant changes might take a few months as credit bureaus update your report.

    In essence, focus on lowering your credit utilization, paying bills on time, managing debt, keeping old accounts active, and diversifying credit types to see your score rise.

    Can I Get The Best Mortgage Rates With A 732 Credit Score?

    Yes, you can get the best mortgage rates with a 732 credit score. This score is considered good, which boosts your chances of obtaining favorable mortgage options. However, achieving the lowest rates also depends on factors like your income, debt-to-income ratio, and the specific lender's requirements.

    Your 732 score is above the typical threshold accepted by many lenders. Since various credit agencies use different scoring systems, you should understand how your score compares with the lender you're considering. Some lenders might view your score more favorably than others.

    To secure the best interest rates, consider further enhancing your score. You can do this by:

    • Paying down existing debts
    • Making timely payments
    • Avoiding new credit inquiries just before applying for a mortgage

    To wrap up, focus on boosting your score further, while you explore lenders that appreciate your 732 credit score. With the right approach, you can confidently navigate your mortgage options.

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    Any Practical Benefits Of A 732 Credit Score

    A 732 credit score offers you numerous practical benefits. This score falls into the "good" category, meaning you qualify for various financial products. Lenders view you as a responsible borrower, boosting your chances of loan approvals.

    You can secure lower interest rates on loans and credit cards. This reduction results in lower monthly payments and helps you pay off debt faster. For example, you might pay significantly less in interest on a car loan than someone with a lower score.

    A 732 score enhances your credibility with lenders. They see you as a lower risk, giving you more leverage when negotiating terms. This can lead to better deals on loans, credit cards, and even insurance rates.

    Additionally, a good credit score eases the rental process. Many landlords check credit scores, and your score can highlight you as a responsible tenant. This makes it easier for you to secure the rental home you want without facing complications from poor credit history.

    On the whole, maintaining your 732 score opens doors to financial opportunities and saves you money in the long run.

    Can I Get Good Personal Loan Rates With A 732 Credit Score?

    Yes, you can get good personal loan rates with a 732 credit score. A score of 732 is considered "good," meaning lenders view you as a low-risk borrower. This enhances your chances of qualifying for personal loans with favorable terms.

    While you might not secure the best rates reserved for scores above 740, your score is solid enough to access a variety of loan products. Many lenders accept good credit scores, allowing you to negotiate better rates.

    To improve your chances of getting a good rate, focus on the following actions:

    • Correct any errors on your credit report. Mistakes can harm your score.
    • Keep your credit utilization low by paying down existing debt.
    • Always make your payments on time to build a positive payment history.

    Also, consider lenders where you already have a relationship; they may offer more lenient terms.

    Bottom line: With your 732 credit score, you’re in a great position. Take steps to maintain your credit health, and you can secure a personal loan with favorable rates.

    Can I Buy Or Lease A Car With A 732 Credit Score?

    Yes, you can buy or lease a car with a 732 credit score. This score is in the "good" category, helping you secure favorable lease terms and interest rates.

    Leasing companies see you as a low-risk borrower because your credit score shows timely payments and low credit utilization. With your score, you’re likely to qualify for lease agreements without needing excessive upfront payments. Keep in mind that leasing companies may consider other factors, such as your income and payment history.

    Your credit score impacts the interest rates you receive. A higher score often results in lower monthly payments, making leasing more affordable. Your lease payments will be based on the vehicle’s expected depreciation and your interest rate, both of which can work in your favor.

    If you’ve maintained a solid payment history without major negative marks, your chances of approval with favorable terms increase. Just remember, a credit check will assess your overall credit history, including late payments or debts. This thorough process helps leasing companies determine your reliability as a borrower.

    In a nutshell, with your 732 credit score, you have a great opportunity to lease or buy a car. Communicate with the leasing company to understand their specific credit criteria for the best possible terms.

    Credit Card (Secured Or Unsecured) Options With A 732 Credit Score?

    With a credit score of 732, you have several credit card options, both secured and unsecured. Secured cards require a cash deposit that serves as collateral. For example, the Capital One Platinum Secured card has a low refundable deposit starting at $49, providing a minimum credit limit of $200.

    For unsecured options, consider the Petal® 1 “No Annual Fee” Visa® Credit Card. This card doesn’t require a security deposit and is available even if you have little to no credit history.

    Your score of 732 positions you well for many credit cards, with interest rates typically ranging from 13.5% to 16.5%. While this is a good score, approval isn’t guaranteed, so you should review card terms carefully.

    You likely qualify for a variety of cards, which can help you boost your credit score further as you manage your credit responsibly. All in all, explore both secured and unsecured options to find the right fit for you, and remember to handle your credit carefully for continued improvement.

    Inaccuracies hurting your Credit Score?
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    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Become An Authorized User If I Want To Boost My 'Good' Credit Score

    Yes, you should consider becoming an authorized user to boost your 'good' credit score. When you join someone else's credit card account, you benefit from their positive payment history and credit utilization. This can enhance your credit score, especially if the primary account holder maintains on-time payments and low credit usage.

    Here are some key points to remember:

    • Credit Reporting: Most issuers report authorized user activity to credit bureaus, so this positive history impacts your credit score.

    • Stable Account Holder: Choose someone who manages their credit well. Their habits directly affect your score.

    • No Financial Responsibility: As an authorized user, you are not responsible for payments, allowing you to gain benefits without risking debt.

    • Potential Downsides: If the primary user misses payments or has high balances, these negatives can also harm your credit score.

    Before becoming an authorized user, check with the account holder’s lender to confirm they report authorized user activity to credit bureaus. This step is crucial for ensuring you achieve the credit score boost you want.

    The gist of it is this: If you want to improve your credit score, consider becoming an authorized user on a responsible person's credit card. Just make sure they manage their credit wisely, and be aware of the potential risks.

    Which Negative Marks On My Credit Report Affect My 732 Credit Score?

    Negative marks on your credit report that affect your 732 credit score include late payments, missed payments, accounts in collections, bankruptcies, and foreclosures. Each of these can impact your score differently.

    • Late Payments: If you make a payment 30 days or more past due, it gets reported to credit bureaus. A single late payment can drop your score by 60 to 130 points, based on your original score. Staying 60 days late can worsen the impact.

    • Missed Payments: Missing a payment significantly hurts your credit score, especially if you don't catch up quickly. Since payment history accounts for about 35% of your FICO score, missed payments can stay on your report for seven years.

    • Accounts in Collections: If a debt remains unpaid for too long, it may go to collections. This mark can drastically lower your score and stays on your report for seven years.

    • Bankruptcies: A Chapter 7 bankruptcy will remain on your report for ten years, severely damaging your score and making it hard to get credit later.

    • Foreclosures: Losing your home to foreclosure also leaves lasting negative effects. It stays on your report for seven years and impacts your creditworthiness.

    Your payment history is crucial. Consistently making on-time payments is vital for maintaining or improving your 732 credit score. To mitigate the effects of these negative marks, focus on bringing your accounts current and establish good payment habits going forward.

    Remember, by prioritizing timely payments and addressing any outstanding debts, you can gradually improve your credit score and regain financial stability.

    Should I Negotiate And Pay Off Debts To Improve My 'Good' Credit Score?

    Yes, you should negotiate and pay off debts to improve your 'good' credit score, but you need to understand the potential impact. While paying off debts lowers your overall debt load, negotiating a settlement can negatively affect your credit score. Here’s why:

    • Debt settlements usually appear as “settled” or “charged off” on your credit report, signaling to lenders that you didn't repay the full amount.

    • A settled debt stays on your credit report for up to seven years, affecting future lending decisions.

    • If you stop making payments during negotiations, this can lead to missed payments, which further hurts your score.

    However, if you're in a tough financial situation, negotiating can offer immediate relief and may be a better option than not paying at all. Your credit score may still improve over time after settling.

    At the end of the day, carefully assess your situation. We advise you to weigh the long-term impacts against the short-term relief you might achieve through negotiation.

    Best Site To Monitor My Credit Report?

    For monitoring your credit report, the best site is WalletHub. It offers your full credit report and updates it daily, giving you a clear view of your credit situation. This feature helps you address any issues quickly.

    You can also visit AnnualCreditReport.com, the only federally authorized site to access your credit reports from Equifax, Experian, and TransUnion for free once a year. This allows you to check your reports thoroughly and dispute any inaccuracies directly with the credit bureaus.

    Be cautious of other sites offering "free" credit reports. Many require you to sign up for additional services. Stick with WalletHub and AnnualCreditReport.com for reliable monitoring and information. Your credit report influences your credit score, which is crucial for loan applications and other financial decisions.

    Lastly, to effectively monitor your credit report, use WalletHub for daily updates and AnnualCreditReport.com for annual free reports. This proactive approach empowers you to stay informed and maintain your credit health.

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

    Should I Consider A Credit Builder Loan W/ 'Good' Credit?

    You should consider a credit builder loan even with a 'good' credit score like 732. These loans help individuals with limited credit history or lower scores, but they also benefit you by enhancing your credit profile.

    A credit builder loan requires you to make regular payments that are reported to credit bureaus. This improves your payment history, a crucial factor that makes up 35% of your credit score. By consistently making on-time payments, you strengthen your creditworthiness for future loans.

    Loan amounts are usually small, ranging from $300 to $1,000. They allow you to build a positive credit history without needing a perfect score for approval. This opportunity can help you boost your score further or prepare for larger loans down the line.

    Before applying, consider these key points:

    • You demonstrate reliability through on-time payments.
    • Completing the loan lets you access funds, acting as a forced savings plan.
    • Choose a loan that reports to all three major credit bureaus (Experian, TransUnion, and Equifax) for maximum impact on your credit score.

    Finally, ensure you can comfortably manage the monthly payments to avoid any negative impact. If you're curious about other ways to build on your good credit, explore our section on secured credit cards for additional options.

    Is A 732 Credit Score Different Between Fico And Vantage?

    A 732 credit score can differ between FICO and VantageScore systems. Both use similar data to calculate scores, but they do so in unique ways.

    FICO scores range from 300 to 850. With a score of 732, you typically fall into the "good" category, meaning lenders see you as a relatively low credit risk. VantageScore also operates on the same scale but defines "good" slightly differently, categorizing scores from 661 to 780 as good.

    The differences mainly stem from how each model weighs factors. FICO emphasizes payment history, credit utilization, and length of credit history. In contrast, VantageScore considers additional factors such as utility and rent payments and may weigh late mortgage payments more heavily than other late payments.

    Even with a 732 score, lenders might assess your creditworthiness based on the scoring model they prefer. Understanding these distinctions helps you navigate your financial decisions more effectively.

    Big picture—both scoring systems evaluate your credit differently, so knowing the distinctions allows you to make informed decisions regarding your financial health and improve your credit situation.

    Does My 732 Credit Score Affect My Chance To Rent An Apartment?

    Yes, your 732 credit score affects your chance to rent an apartment. Although landlords mainly check your credit history rather than just the score, a score of 732 usually places you in the 'good' category. This means you generally qualify for rental applications more easily than those with lower scores. However, keep in mind that landlords have different criteria and might request additional information if they have concerns.

    Landlords typically prefer applicants with scores above 670, as this suggests you manage financial responsibilities well, potentially leading to on-time rent payments. A score of 732 indicates that you generally pay your bills on time, which is a positive factor for you.

    If you're worried about your chances, remember that each landlord has unique standards. Some might require higher scores, especially in competitive rental markets. To enhance your application, consider showcasing stable income and a positive rental history.

    If challenges arise due to your credit score or history, think about options like having a co-signer or offering a larger security deposit. These strategies can strengthen your application when renting an apartment.

    Overall, you benefit from having a 732 credit score, which positively influences your chances to rent. By presenting stable income and considering co-signing or larger deposits, you can further enhance your rental prospects.

    Can A Credit Repair Company Actually Boost My 'Good' Score Any Further

    A credit repair company cannot significantly boost your already good credit score of 732. While they can help you dispute inaccuracies on your credit report, the impact is often minimal. If your credit report contains accurate information, they cannot change that, and you can dispute errors yourself for free.

    Legitimate credit repair companies can assist you in identifying and addressing inaccuracies. However, they typically charge fees ranging from $50 to $150 per month, which may not yield significant results. Most actions they take, like disputing negative items, you can do independently. It’s essential to be cautious of scams; some companies promise results they cannot deliver.

    You can take proactive steps to maintain or slightly improve your credit score without hiring a credit repair service. Regularly engage with your credit report, ensure timely bill payments, and manage your debt responsibly. These strategies often prove more effective than relying solely on a credit repair company.

    As a final point, focus on understanding your credit report, disputing errors, and consistently managing your finances to maintain or improve your credit score. You have the power to take control of your credit journey!

    Inaccuracies hurting your Credit Score?
    Securely review your full 3-bureau Credit Report (with a real expert).

    By clicking ‘Get Started’ I agree by electronic signature to: (1) be contacted by The Credit Pros by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer even if my phone number is on a do-not-call registry (consent to be contacted is not a condition to purchase services); and (2) the Privacy Policy and Terms of Use.

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