700 Credit Score: Is It Good or Bad?

A 700 credit score falls into the good range. You can expect low rates on credit cards and loans.
Nov 16, 2021

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A 700 credit score is considered a good score on the most common credit score range, which runs from 300 to 850.

How does your score compare with others?

  • You're within the good credit score range, which runs from 690 to 719.

  • Your 700 score is better than 37.2% of consumers, according to credit scoring company FICO.

  • FICO says 16.4% of consumers had scores from 700 to 749 in 2021.

Strategies to build your 700 credit score

You likely already practice good credit habits to earn your 700 score, but there are ways to take it higher.

An excellent score (720 and above) can get you the best rates. The good news is that it doesn’t take much to improve your credit when you're already in the good range.

Pay attention to these credit score factors:

Payment history

A single late payment can be devastating to your score. Consider setting up autopay on your credit cards and other bills to avoid the risk of a late payment.

Credit utilization

Credit utilization refers to how much of your credit limits you have in use.

Aim to use 30% or less of any card's credit limit, and lower is better. Utilization below 10% is a hallmark of consumers with the highest scores, according to VantageScore, the main competitor to FICO.

You could ask your credit card issuer for a higher limit or consider opening a new credit card. In either case, don't increase your spending or you'll lose the benefit of a higher overall limit bringing down your utilization.

Length of credit history

The longer you've been using credit — and the longer your average age of accounts — the better it tends to be for your score. Remember, credit scores are meant to estimate your risk as a customer, and a longer history gives more data to estimate with.

Avoid closing credit cards unless there's a pressing reason, like a high annual fee. You can also look into doing a product switch to a more suitable card from the same issuer.

Credit applications

Each time you apply for credit, there's likely to be a hard inquiry on your credit. Each of those can take a few points off your score temporarily, so space out applications by about six months.

Credit mix

Having a mix of installment loans, with fixed payments for a set time, and revolving credit like credit cards is better for your score.

What a 700 credit score can get you

Your credit score is used by lenders to see if you qualify for financial products and to set the interest rate you'll pay.

With a 700 credit score, you've crossed over into the "good" credit range, where you can get cheaper rates on financial products like loans and credit cards.

Car loans

According to a 2021 report released by credit bureau Experian, nearly 65% of cars financed were for borrowers with scores of 661 or up. The average interest rate on a new car was 3.48% and the average rate for a used car was 5.49% for buyers in the 661-780 range.

Home loans

A 700 credit score is also good enough to buy a house. You can even find lenders that will consider you for higher-value homes requiring “jumbo” mortgages. Your credit score is one of many factors that determine mortgage interest rates. Getting a good rate can save you many thousands of dollars over the life of your loan.

Credit cards

As you research the best credit card for your needs, pay attention to the score required. Since each application can temporarily nip a few points off your score, you want to make sure you're likely to be approved. But you should find plenty of choices of credit cards for a 700 score.

Personal loans

As with other loans, a better credit score will help you get a better interest rate. Check out the minimum credit score for any personal loan you're considering.

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What happens to a 700 score with a late payment?

It's important to note that paying a day or two late — past the due date — is not a disaster. It may cost you a late fee, or your credit card issuer could raise your interest rate.

However, letting a bill go 30 days past due or more can send your score plummeting: A single missed payment can take 100 points off a credit score, especially a good one.

The exact score loss you might suffer depends on many factors in your credit profile — but it's likely to hurt, so pay attention to this crucial scoring factor.

Frequently asked questions
How much can I borrow with a 700 credit score?

Lenders make decisions on several factors, and credit score is only one of them, so it's impossible to say how much you could borrow.

Lenders want to know your income, how much debt you already have, details of your credit history and more.

Learn more about:

How do I get my score above 700?

In general, follow the basic "recipe" for managing your credit: Pay the most attention to paying every bill on time and using 30% or less of your credit limits. Those two factors have the biggest effect on your score.

You can also try some strategies to improve your credit fast:

  • Pay credit cards before the billing cycle ends, or make several smaller payments throughout the billing cycle.

  • Ask for higher credit limits.

  • Check your reports at all three credit bureaus regularly to watch for mistakes that may be holding your score down. Dispute any errors you find.

Learn more about the good credit range

720 Credit Score: What it means to cross over into the excellent range