Once you consider the economy and the CARD Act, you have to consider what you need your credit score for. If your shopping for a mortgage, the rates listed on MyFico.com (via Informa Research Services) show that the cutoff for the best rate is 760. With a score between 760 and 850, you get a 4.575 percent APR that results in a $1.533 mortgage payment.
The next range of scores is 700-759. So with your 723 score, you'd get an 4.797 percent APR and a monthly mortgage payment of $1,573. It might not seem like much of a difference, but over 30 years that's an additional $14,400 you'll pay for your home.
So the answer is that while 723 is not an excellent score, it's a very good score. To improve your score, pay your credit card bills on time and keep your utilization rate (the ratio of your credit card balances to your total credit card limits) low.
It's also important to note that there are various scoring models. The most common models are FICO and Vantage. The FICO scoring model ranges from 300 to 850 whereas the Vantage model ranges from 501 to 990. So, if your score of 723 is not a FICO score, your FICO score could be lower.
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