On the most often used credit score range, which goes from 300 to 850, a 700 credit score is regarded as an excellent one.
In relation to others, how does your score stand?
Your credit score falls between 690 and 719, in the decent range.
Credit rating business FICO reports that your 700 score exceeds roughly 36% of consumers as of April 2023.
FICO reports that in 2023, 16.4% of consumers scored between 700 and 749.
Ways to Raise Your 700 Credit Score
Although you probably already have strong credit practices to get your 700 score, there are methods you may improve.
The best rates come from an outstanding score—720 and above. The good news is that, given your current good range, you need not do anything to raise your credit score.
Watch These Elements of Credit Score:
Payment Pattern
One late payment might seriously lower your score. To help you avoid late payments, think about configuring autopay on your credit cards and other obligations.
Credit Usage
Credit use is the extent of your credit limits currently in use. Lower is better; try to use 30% or less of the credit limit on any card. According to VantageScore, the biggest rival to FICO, users with the highest ratings often have a usage below 10%.
You might open a new credit card or ask your credit card company for a greater limit. In either scenario, avoid raising your expenditure; else, you will miss the advantage of a larger overall limit reducing your usage.
Credit History’s Length
Your score usually runs better the longer you have been using credit and the longer your average age of accounts. Recall that credit scores are supposed to project your risk as a consumer; so, a longer history provides more information to project.
Unless there is an urgent need—like a large yearly fee—avoid closing credit cards. You could also investigate a product swap to a better fit card from the same issuer.
Applications for Credit
Every time you request for credit, your credit is probably under heavy examination. Each of those can momentarily deduct some points from your score; hence, space out applications around six months apart.
Credit Balance
Your score will be better if you mix revolving credit like credit cards with fixed payments for a specified period on installment loans.
With a 700 Credit Score, What Opportunities Abound?
Lenders use your credit score to determine if you qualify for financial goods and to set the interest rate you would pay.
Having a 700 credit score, you have moved over into the “good” credit area, where loan and credit card rates are lower.
Auto Loans
A credit agency Experian analysis shows that around 71% of cars financed in the fourth quarter of 2024 were for consumers with scores of 661 or above. For buyers in the 661–780 range, the average financing rate on a new automobile was 6.4% and on a used car was 9.95%.
Home Loans
Also sufficient to buy a house is a 700 credit score. Even lenders looking for higher-value properties needing “jumbo” mortgages will take you under consideration. Among several elements influencing mortgage interest rates is your credit score. Over the course of your loan, a decent rate will help you save many thousands of dollars.
Credit Notes
Pay close attention to the score needed while you investigate the ideal credit card for your circumstances. You want to be confident you’ll probably be authorized since every application can momentarily deduct some points from your score. For a 700 score, you should, however, find a lot of credit card options.
Personal Loans
Like with other loans, a better interest rate will be yours depending on your credit score. See the minimal credit score for any personal loan you are thinking about.
Use NerdWallet to achieve more financial clarity.
Given a Late Payment, What Happens to a 700 Score?
Paying a day or two late, past the due date, is not a calamity, nevertheless. You can pay a late charge or have your credit card company hike your interest rate.
Still, allowing a debt to linger thirty days past due or more will cause your score to drop. Particularly on an excellent credit score, one missing payment can deduct 100 points.
Many elements in your credit profile will determine the exact score drop you may experience; so, pay close attention to this important scoring element since it will probably hurt.
Often Asked Questions
With a 700 Credit Score, How Much Might I Borrow?
Credit score is only one of several criteria used by lenders in decision-making; so, it is hard to estimate how much you could borrow.
Lenders seek your salary, current debt level, specifics of your credit history, and more information about you.
Discover further about:
- Eligibility for a personal loan.
- The maximum mortgage you could borrow.
- Getting a loan for an automobile.
How Can I Surpass 700 in My Score?
Generally speaking, treat your credit according to the fundamental “recipe”:
- Give paying every bill on time top priority.
- Use 30% or less of your credit limitations.
- Your score suffers most from these two elements.
You can also experiment with several quick credit improvement techniques:
- Either make multiple smaller payments over the billing cycle or pay credit cards before it finishes.
- Request bigger credit limits.
- Review your records at all three credit bureaus often to look for errors possibly lowering your score. Verify any mistakes you come across.
Find out more about the good credit range:
- 690 Credit Score
- 695 Credit Score
- 705 Credit Score
- 710 Credit Score
- 715 Credit Score
- 720 Credit Score: How Can One Go Over Into the Outstanding Range?