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700 credit score

Modified on March 8, 2024

A 700 credit score is considered a good score. In fact, according to the credit bureau, Experian, approximately 21% of consumers in the United States have a credit score that falls within the “good credit” category.¹

While this credit score is considered good and can come with plenty of benefits, there is still room for improvement.

Keep reading to learn about some of the perks that can come with having a 700 credit score, and how you can improve your score to unlock even more advantages!

Key Takeaways for a 700 Credit Score

Overview of Your
Credit Rating

700 is generally considered a good credit score.

Borrowing Options With a 700 Credit Score

Most financial products and services are available, usually with preferable terms and rates.

Improving a 700 Credit/FICO Score

Pay off existing debts, try to keep your credit utilization low, and perhaps consider diversifying your credit mix.

Is a 700 Credit Score Good?

Yes! Scores that fall between 670 and 699 are generally considered to be in the good credit range. The next ranges up are credit scores between 740 and 799 (considered very good credit), and scores between 800 and 850 (considered excellent, or perfect credit).

What Can You Get Approved for with a 700 Credit Score?

Personal Loans

A personal loan, sometimes called installment loans, is a type of funding borrowers can use for just about any expense. According to U.S. News, about 9%, or 23.2 million, adults in the United States have an unsecured personal loan.² Terms, rates, and funding amounts can vary widely depending on the specific loan type and the borrower’s creditworthiness. Different lenders who usually offer personal loans may include banks, direct lenders, or credit unions.

Bank Loans

Banks also offer several types of financial products, including long-term installment loans, short-term loans, secured loans, and more. However, the best interest rates, loan amounts, and repayment terms are usually reserved for consumers with very good, or excellent credit. While it’s possible for consumers with 700 credit scores to get a bank loan, they should definitely compare offers to make sure they are getting the best deal.

Auto Loans

Auto loans are installment loans designed to help consumers buy a car. During the terms of the car loan, the vehicle itself is considered collateral. That means if the borrower defaults on their auto loan, they run the risk of having their vehicle repossessed by the lender.

Credit Card Options

Credit card issuers will look at your credit score and credit history before they approve you for a line of credit. They will also use your credit history when establishing your interest rate, APR, credit limit, etc.

Some types of revolving credit accounts you may have access to as a consumer with a 700 credit score include:

0% Intro APR Credit Cards

These types of credit accounts come with an introductory interest rate, sometimes as low as 0%. According to U.S. News, one of the best 0% intro APR credit cards for consumers with good credit is the Discover it® Balance Transfer credit card.⁴

However, keep in mind that the introductory interest rate is temporary, so you will want to make sure you have all or most of your balance paid off by the time your introductory period ends.

Rewards Credit Cards

Many credit cards come with reward perks like cashback or special discounts. With cashback, a certain percentage of your purchases will be applied back to your account, essentially earning you money for using your credit card. Sometimes, you can even use your cash-back balance to purchase gift cards or other types of credit at a discounted rate.

U.S. News suggests that some of the best rewards credit cards for people with good credit are:⁴

Discover it® Cash Back
Chase Freedom Unlimited®
Capital One Quicksilver Cash Rewards Credit Card
The Platinum Card® from American Express
Capital One Venture Rewards Credit Card
Capital One VentureOne Rewards Credit Card

Travel Credit Cards

Travel credit cards are a special type of reward credit card where cardholders can earn points towards airplane rides, hotel stays, or unique experiences in or out of the country. U.S. News suggestions for travel credit cards for good credit include:⁴

Hilton Honors American Express Card
Delta SkyMiles® Blue American Express Card
IHG One Rewards Traveler Credit Card

What Else Can I Get With a 700 Credit Score?

As long as you maintain good credit habits like keeping up with your monthly payments and prioritizing your payment history, watching your debt-to-income ratio, etc., you should find you’re able to find approval for a wide variety of loan products, such as:

Credit Product	Likelihood of Approval
Personal Loan	High
Auto Loan	High
Cash Advance	High
Credit Cards	High
Home Loan	High

Disclaimer: The/chart provided is for informational purposes only and represents an estimated likelihood of approval for various financial products based on current market trends and conditions. It should not be construed as a guarantee of approval, as individual circumstances, and lender criteria vary. Users are advised to conduct their own research and consult with financial experts before making any decisions based on this information.

Products to Help Maintain a 700 Credit Score

Thankfully, there are plenty of loan options available to consumers with a 700 credit score. There are also products and services available specifically designed to help monitor your credit report and keep your finances on track.

A few services that can help you keep your FICO scores on track are:

Credit Monitoring Services

Credit bureaus Experian and TransUnion both have credit monitoring services available to all consumers. Some perks that can come with Experian’s credit monitoring are:

Updated credit report/credit scores every 30 days
Get updates every time your spending fluctuates and when there is a change in your credit utilization ratio
Free online dispute services
Programs like Experian Boost that can help you raise your score instantly

A few advantages of TransUnion’s credit monitoring services are:

Frequent access to credit history and credit reports
Notifications for critical changes (new accounts opened in your name, credit card balance fluctuations, late payments/payment history, etc.)
Mobile app available

Budgeting Apps

Budgeting apps can be a great tool for tracking your spending/credit reports, identifying unused subscriptions or other unnecessary expenses, and receiving assistance in reaching your overall financial goals. According to The Wall Street Journal, the five best budgeting apps are:³

Monarch Money (no free version available)
YNAB (no free version available)
PocketGuard (free version available)
Honeydue (free version available)
NerdWallet Money Tracker (free version available)

Benefits of a 700 Credit Score

Approval for a Wide Variety of Financial Products

Borrowers with a higher credit score usually have no problem finding approval for loans, lines of credit, and other financial products or services. For many lenders, the minimum credit score requirement for loan approval falls within the good or fair credit score ranges, so borrowers with a 700 credit score will usually meet the standards.

Higher Probability of Receiving Better Rates and Terms

Consumers with a 700 credit score are usually considered a low credit risk since it takes quite a bit of financial responsibility to reach this credit tier. Therefore, lenders are often willing to reward these types of borrowers with lower interest rates, and more convenient repayment terms.

How To Maintain a 700 Credit Score

With all the benefits that can come with having a good credit score, it’s important to make sure your score doesn’t drop. Check out some tips below on how you can maintain your 700 credit score.

Maintain a Clean Credit History

The most important factor that contributes to your credit score is your payment history. Making on-time payments for bills, loans, and other financial responsibilities is essential for consumers to maintain or improve their credit scores. In fact, just one late or missed payment has the potential to negatively affect your credit history for up to seven years!

To make sure you never miss a due payment, consider setting up reminders on your personal computer or phone or signing up for autopay. With autopay, your payments will be withdrawn from your account automatically, so you don’t have to worry about remembering to manually submit each payment.

Review Your Credit Report Regularly

It’s important to review your credit reports regularly for several reasons. First, you can see how your financial habits are affecting your credit history in real time. If you start to develop habits that negatively affect your credit, you can catch the problem and adjust quickly before things get out of hand.

Second, you can easily identify errors or inconsistencies. For example, if your identity gets stolen and the thief starts taking out multiple credit cards in your name, you will see this activity in your credit reports. The sooner you report incorrect information, the sooner you can ensure your credit score is safe and accurate.

Consumers generally have access to at least one copy of their official credit report from each major credit bureau every year. This report will show you your credit score, sometimes referred to as a FICO score, and the categories that make up your overall score. Those categories include:

Payment history
Credit mix
Length of credit history
Debt-to-income ratio
Recent credit inquiries

FAQs About 700 Credit Scores

What is the minimum credit score required for premium credit cards?

While a 700 credit score is generally good, premium credit cards often require a higher score. The minimum credit score for such cards typically ranges from 720 to 750. These cards offer exclusive benefits like extensive travel rewards, higher credit limits, and additional perks not available with standard credit cards.

How does a 700 credit score impact my eligibility for small business loans?

A 700 credit score can positively influence your eligibility for small business loans, since it’s considered a good credit score. Lenders view this score as an indicator of reliable creditworthiness, potentially leading to more favorable loan terms. However, other factors like business revenue and financial history also play a significant role in the approval process.

Can a 700 FICO score help in negotiating lower interest rates on existing debts?

Yes, a 700 FICO score positions you well for negotiating lower interest rates on existing debts, such as credit card balances or personal loans. Lenders are often open to renegotiation when they see a consistent track record of responsible credit management, as indicated by a score in this range.

What strategies can improve my credit utilization ratio with a 700 credit score?

To improve your credit utilization ratio and debt-to-income ratio, consider paying down existing balances and avoiding maxing out your credit lines. Keeping your credit utilization below 30% of your available credit is ideal. Even with a 700 score, a lower utilization ratio can positively impact your credit standing.

Are there specific mortgage products more accessible with a 700 credit score?

Consumers with good credit scores like 700 are likely to have access to a wider range of mortgage products, including conventional loans with competitive interest rates. While this score may not qualify for the absolute lowest rates, it does open doors to various mortgage options that might be less accessible with a lower score.

What Interest Rate Can I Get With a 700 Credit Score?

As discussed, lenders usually favor borrowers with higher credit scores by granting them access to lower interest rates, more convenient repayment options, and other loan benefits. However, when it comes to the interest rates you are likely to receive, that may vary depending on the financial product you’re considering. Check out a breakdown of the average interest rates you may come across when researching different loan types below.

Financial Product	Average Interest Rate (%)
Personal Loan	6% – 36%
Car Loans	3% – 15%
Credit Cards	15% – 25%
Payday Loans	300% – 500% (annual rate)
Cash Advances	24% – 26%
Home Mortgage	3% – 7%
Student Loan	3% – 8%
HELOC (Home Equity Line of Credit)	3% – 6%

Disclaimer: These figures are averages and can vary widely. It’s important to research and compare specific offers from different lenders to find the most favorable rates and terms for your situation.

Can I Buy a House With a 700 Credit Score?

Chances of getting approved for a mortgage loan when you have a good credit score are likely. When granting extremely large loans, such as a mortgage loan, lenders will rely heavily on the applicant’s credit report and FICO scores to let them know how much of a risk the loan may be. Applicants with higher scores are generally considered less of a risk and are therefore more likely to receive approval.

Another financial product homeowners with good credit may be able to take advantage of is a home equity line of credit. A home equity line of credit is a type of revolving credit that uses the account holder’s home as collateral. Since the value of real estate is generally quite high, credit limits for home equity lines of credit may also be higher compared to traditional unsecured credit cards. But, it’s important to remember that the borrower’s home is at risk should they default or fail to repay their balance.