Credit 700 Guide & FAQ (Updated)

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Credit 700 Guide & FAQ

Your credit score affects your financial life in more ways than one can imagine. When you apply for a loan or credit 700 card, lenders base approval decisions in part on your credit health. Not only that, but your credit score can also influence the interest rates you’ll pay for credit cards, car loans, mortgages and other lines of credit. The difference between a fair credit rating and a good credit 700 score may be just a few points but it can make a world of financial difference when it’s time to borrow. Here’s everything you need to know about the good, the bad and the excellent when it comes to credit scores.

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Is 700 a good credit score?

FICO and Vantage Score calculate credit scores, but it’s the lender who decides whether a credit 700 score is excellent, good, fair, poor or bad. What constitutes a good or excellent score ultimately depends on where the lender sets its cutoffs.

Broadly speaking, credit score ranges can be broken down along these lines:

Most lenders consider a credit score between 700 and 749 to be good, but the lower cutoff can be anywhere from 680 to 720. If the cutoff is 700, a drop of just one point can push you into more expensive financing.  That’s why it’s imperative to know your credit standing and whether you’re near the border to the next category, lower or higher.

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Remember that credit scores are fluid, not fixed. The information on your credit report is what shapes your credit score calculations, and that information changes every time new data is reported (every payment, every monthly balance, every account). You have credit 700 reports at each of the three main credit bureaus: Equifax, Experian and TransUnion. The credit score calculated for each report can be different, because not every creditor reports to all three.

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Each bureau calculates your credit score. Your score from each bureau is likely can change from month to month, based on factors like your payment history, the amount of available credit you have and use, whether you’ve recently applied for or opened any new credit accounts, the types of credit 700 you use and the overall age of your credit history.

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What a credit score of 700 will get you:

Knowing whether 700 is a good credit score is important but the better question is what can it do for you? The short answer is that a credit score of 700 or better can make it easier to get approved for credit cards, loans and lines of credit. A score in this range suggests that you know how to use credit responsibly. You pay your bills on time and you don’t take advantage of all of the credit 700 that is available to you.

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A credit 700 score will also influence the interest rates offered to you, and the perks you may be able to take advantage of. For example, if you’re interested in getting a new credit card, a 700 credit score could make it easier to qualify for a card with a 0 percent introductory annual percentage rate or one that offers upper tier rewards.

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A good credit 700 score can also impact your ability to rent an apartment. If a future landlord includes a credit check as part of the pre-screening process, your 700 or better score could put you in a more favorable light over other prospective tenants.

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In conclusion, Constant checking of errors such as payments improperly reported or a paid account that still shows a balance could drag your score down unfairly. Checking for and disputing credit report errors may take a little time and effort, keep your credit balances low for a positive effect on your credit 700 score. Low utilization and on-time monthly payments are strong indicators that your score is likely to rise over time. Regularly check your credit through Credit Sesame’s free credit monitoring service to keep track of progress, and to maintain your score once you break into the 700 club.

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